Power System Analysis Software Market (Implementation Model - On- premise and Cloud-based; Application - Distribution and Transmission) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 03/16/2017 -- Rising demand for electric power and growing smart power technologies have led to increased demand for power systems analysis software. The market for power system analysis software is anticipated to expand at a CAGR of 12.6% during the forecast period from 2016 to 2024. The global power system analysis software market was valued at US$ 3,540.4 Mn in 2015. The most significant factor fuelling the market is the rising level of investment on smart grid systems. Due to the ever-increasing demand for electricity, utility providers are seeking reliable solutions to optimize the efficiency of their power system analysis. Another significant factor boosting the power system analysis software market's growth is the rising advancement in Big Data analytics and the Internet of Things (IoT). Thus, with the increasing penetration and advancements of these solutions, the market for power system analytics software is predicted to witness strong growth in the coming years.
Power system analysis software enables utility providers to optimize their efficiency and minimize losses occurring in electricity generation and distribution. Thus, power system analysis software plays an important role in the energy and utilities sector. Moreover, government encouragement for the use of power system analysis software in different countries is expected to boost the adoption of these systems worldwide. This is another promising driver for the growth of the power system analysis software market during the forecast period. The growing energy and utility sector in Asia Pacific is also expected to substantially drive the market in the coming years. Countries such as China and India are expected to show strong growth during the forecast period.
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The market for power system analytics software is segmented on the basis of implementation models and applications. On the basis of implementation models, the market is segmented into on-premise and cloud-based software segments. In 2015, the on-premise software segment was the most preferred, and accounted for around 82% of the revenue of the overall power system analysis software market. Moreover, this segment is expected to expand at a CAGR of 12.3% from 2016 to 2024.
On the basis of application, the power system analysis software market is classified into distribution and transmission. In 2015, distribution segment held the largest revenue share of around 62% of the overall power system analysis software market. Moreover, this segment is expected to expand at a CAGR of 12.9% from 2016 to 2024.
Geographically, North America is the largest market for power system analysis software, globally. In 2015, the region accounted for around 33% of its revenue. Furthermore, Asia Pacific is expected to witness the fastest growth during the forecast period. China, India, Japan, Australia, and South Korea are among the major markets for power system analysis software in this region.
The power system analysis software market is highly fragmented and a few companies, including General Electric Company, ETAP, Siemens AG, and ABB Ltd., have established themselves. A large number of other regional players are located across different geographies. These players are well established in regional markets but have limited global presence. New product development in turn to increase the efficiency of the software has fueled demand and created greater opportunities. Therefore, all the leading players are focused on bringing product advancement to power system analysis software. Moreover, companies also focused on strengthening their positions through acquisitions and partnerships. For instance, in February 2016, General Electric Company (GE) completed the acquisition of Alstom which it had begun in 2014. GE has expanded its presence in vital and emerging markets; for example, in India it has nearly doubled its revenue after acquiring Alstom. Moreover, in September 2014, ETAP/Operation Technology, Inc. partnered with the U.S.-based OSIsoft, LLC to provide power management solutions for continuous monitoring, optimization, automation, and control of electrical power systems for utilities, smart cities, process industries, mission critical facilities, micro-grids, and government operations.
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Some of the major players in the global power system analysis software market are ABB Ltd., Siemens AG, General Electric Company, Schneider Electric DMS NS, ETAP/Operation Technology, Inc., Atos SE, Artelys SA, PSI AG, Operation Simulation Associates, Inc., Unicorn Systems, Energy Exemplar, Electricity Coordinating Center Ltd., PowerWorld Corporation, Open Systems International, Inc., Nexant Inc., Electrocon International Inc., Pöyry, DIgSILENT GmbH, Eaton Corporation Plc, and Neplan AG.