March 31, 2020

Power System Analysis Software Market drivers, trends and opportunities to 2027 interpreted by a new report

The global market for power system analysis software was valued at US$ 4.34 billion in 2018 and is set to grow with a CAGR of 9.8 per cent during the forecast period.

Growing adoption of smart power technology and advancements in Big Data Analytics to boost the market demand for power system analysis software worldwide. The global market for Big Data Analytics was valued at around US$ 33.5 billion in 2018 and the market will grow by almost 14 per cent in the coming years. The increasing need for global system analysis software and advancements in the Internet of Things (IoT) are some of the other key factors driving the market growth. Minimizing energy loss, optimizing operating efficiency and others are some of the benefits of software that companies are shifting to power system analysis software. Subsequently, we assume that there will be a huge increase in the market during the forecast period 2019-2027.

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Based on the deployment model, the market for power system analysis software is divided into cloud-based and on-premise. The on-premise segment will have a major share in 2018. The segment referred to above has almost 75% of the market share of revenue in the same year. The on-site segment is dominated by maintenance at power utility buildings and better system uptime. The increasing number of data centres worldwide is also a key factor in the growth of the segment. We, therefore, expect the on-premise segment to continue to dominate over the forecast period. On the other hand, we project that the cloud-based segment will show the fastest growth during the forecast period due to rising internet penetration worldwide.

Regionally speaking, North America is the leading contributor to the market for software analysis of power systems. In 2015, the region held almost 33.0% of revenues on the global market. This is mainly due to the massive investment in smart grid systems. In addition, ongoing efforts in Canada to upgrade its electricity infrastructure with a view to minimizing energy losses during production and transmission are expected to have a positive impact on the market for software analysis of power systems in the coming years.

However, rapid urbanization in Asia Pacific’s emerging economies is expected to bode well for the growth of this regional market. In the Asia Pacific, countries such as China, India, Japan, South Korea and Australia are the leading domestic markets with large populations and high energy needs not met.

Key questions answered in this report

  • What was the market size of power system analysis software in 2018 and forecast up to 2027?
  • Which is the largest regional market for power system analysis software?
  • What are the major trends followed in overall power system analysis software across different regions?
  • Who are the key power system analysis software companies leading the market?
  • What are the key strategies adopted by the leading power system analysis software companies in market?

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