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Power system analysis software measures the behavior and performance of the power systems under different operating conditions. The rapidly growing and changing power industry requires advanced tools and software to accurately determine power infrastructure equipment life. With efficient planning and measurement tools, the industry can increase productivity, lower equipment repairs, and low investment. The power system analysis software helps in reducing energy loss during electricity generation, distribution, and transmission. The increasing awareness regarding energy consumption is expected to drive the power system analysis software market. The software helps the energy provider with improved services in transmitting and distributing the power. This is likely to boost the demand for power system analysis software.
The growing population and industrialization are surging the demand for power. To cater to the rising need for power, the suppliers are focusing on detecting and monitoring energy loss. This is likely to drive the demand for power system analysis software. The increasing adoption of smart meter, smart grids, and other smart power technologies is likely to drive the software demand. Further, the rising government policies and regulations for energy management is expected to propel the growth of power system analysis software market during forecast period.
Key Market Driver -
• Shift towards Industry 4.0 is likely to drive power supply analysis software market growth • Increasing adoption of smart power technology to boost the demand for power system analysis software
Key Market Restraint -
• High cost to build a simulation model is likely to hamper the market growth
Some of the key players in the global power system analysis software market are ABB Ltd., General Electric Company, Siemens AG, ETAP/Operation Technology Inc., PSI AG, Eaton Corporation plc, Unicorn Systems, Electricity Coordinating Center Ltd., Open Systems International Inc. Neplan AG, Electrocon International Inc., Schneider Electric DMS NS, Artleys SA, Energy Exemplar, Atos SE, Nexant Inc., Pöyry, PowerWorld Corporation, DIgSILENT GmbH among others. The key companies are expanding business with strategic partnership and collaboration. The players are highly investing in research and development for advancing the power supply systems.
Asia Pacific is expected to gain rapid growth during the forecast period owing to increasing urbanizations in the leading countries such as China, India, Australia and Japan. The highly populated countries such as China and India are witnessing significant surge in the power supply demand. This is driving the demand for the adopting the solutions to reduce energy losses. China is expected to dominate the region during the forecast period. The significant presence of industries such as manufacturing, automotive, chemical and more are driving the demand for power supply analysis software. India is expected to gain growth during the forecast period owing to increasing adoption of smart city projects across the country. According to India Macro Adviser’s 2019 report Power in India, almost 20% of energy is lost while power distribution. This is likely to drive the demand for the power supply analysis software.
North America to dominate the market share during the forecast period. The increasing implementation of smart electricity solutions is likely to accelerate the demand for the software. The US is likely to gain traction owing to increasing investments in energy saving solutions. The government of Canada has invested USD 182 million on Energy Efficient Buildings Program. Such investments by government would fuel the growth of the power supply analysis software market. Similarly, the Middle East & Africa and Latin America are expected to exhibit steady growth during the forecast period.
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