The power system analysis software market is projected to grow from US$ 7844.15 million in 2022 to US$ 15375.95 million by 2028; it is estimated to record a CAGR of 12.1% from 2023 to 2028.
A power system analysis software includes solutions and services that allow businesses to boost their sales with automated, efficient power management and reduce energy costs. With the help of automation and analytics, the power system analysis software aims to perform data analysis, modeling, and simulation of an electric system. This software helps detect and diagnose any abnormalities in the electrical system. It also helps enhance safety by informing the operator of irregularities in the electrical system. This software system integrates and analyzes historical and present data for accurate forecasting and better operational efficiencies. It continuously analyzes the circuits and voltage load to reduce the utilities' operational faults. It improves the workflow and prevents energy loss during power generation, transmission, and distribution of the electrical system.
The power system analysis software market in North America is segmented into Canada, the US, and Mexico. The US power system analysis software market share accounted highest in the North America. The high internet penetration across the region is the main factor catalyzing the adoption of digital solutions across industries such as manufacturing, oil & gas, and transportation. There is a rise in demand for constant power supply from these industries for efficient production output, which can be obtained with the help of power system analysis software. Therefore, several players, such as EasyPower and SKM Systems Analysis, Inc., operating in the US power system analysis software market, are engaged in providing advanced solutions to meet the demand from industrial sectors. For instance, in February 2023, PowerWorld Corporation, a US-based company, launched PowerWorld Simulator version 23, which offers new features to improve the performance and convenience of the software package. The added new features include present and historical weather data with the help of Power Flow Weather (PFW) generator models. Thus, the introduction of new features in power system analysis software by the market players is expected to contribute to the power system analysis software market growth in the US.
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Power System Analysis Software Market: Strategic Insights
Power System Analysis Software Market
-
CAGR (2022 - 2028)
12.1%
-
Market Size 2022
US$ 7.84 Billion
-
Market Size 2028
US$ 15.38 Billion
Market Dynamics
GROWTH DRIVERS
- Increasing power outage cases
- Increasing demand for electric power
FUTURE TRENDS
- Rising government initiatives for energy management
OPPORTUNITIES
- Rising smart grid technology
Key Players
- Operation Technology, Inc.
- ALPI International Software
- PowerCad Software Pty. Ltd.
- Trimble Inc.
- NEPLAN AG
- ABB Ltd.
- DIgSILENT GmbH
- Siemens
- GENERAL ELECTRIC
- RINA S.p.A
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Deployment Model
- Cloud and On-Premise
Application
- Electric Power Generation
- Electric Power Distribution
- Electric Power Transmission
Voltage Type
- Low Voltage
- Medium Voltage
- High Voltage
Industry Vertical
- Oil & Gas
- Manufacturing
- Transportation
- Mining
- Renewables
- Non-Renewables
- Others
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Power System Analysis Software Market: Strategic Insights
-
CAGR (2022 - 2028)12.1% -
Market Size 2022
US$ 7.84 Billion -
Market Size 2028
US$ 15.38 Billion
Market Dynamics
- Increasing power outage cases
- Increasing demand for electric power
- Rising government initiatives for energy management
- Rising smart grid technology
Key Players
- Operation Technology, Inc.
- ALPI International Software
- PowerCad Software Pty. Ltd.
- Trimble Inc.
- NEPLAN AG
- ABB Ltd.
- DIgSILENT GmbH
- Siemens
- GENERAL ELECTRIC
- RINA S.p.A
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Deployment Model - Cloud and On-Premise
Application - Electric Power Generation
- Electric Power Distribution
- Electric Power Transmission
Voltage Type - Low Voltage
- Medium Voltage
- High Voltage
Industry Vertical - Oil & Gas
- Manufacturing
- Transportation
- Mining
- Renewables
- Non-Renewables
- Others
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Impact of COVID-19 Pandemic on North America Power System Analysis Software Market
North America was severely impacted due to the COVID-19 pandemic. The state and federal government bodies across the region implemented lockdowns and travel restrictions to curb the spread of the virus, which impacted manufacturing and other industries. These factors led to declining production output from these industries, forcing them to adopt digital solutions to run their businesses. With the normalization of economic activities, the requirement for digital solutions increased to reduce the number of individuals involved in business processes during the pandemic and bring energy-efficient management solutions. As a result, the demand for power system analysis software grew in 2021 as there was a rise in the adoption of power system analysis software contributing to the power system analysis software market growth.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights – Power System Analysis Software Market
Rising Adoption of Smart Grid Technology to Drive Power System Analysis Software Market Growth in Coming Years
Smart grid technology uses electricity networks to distribute, monitor, and manage the electricity from production sites to the end user. It is a smart integration of connected devices and units that gives a robust electric supply to electric utility companies and end users. It runs on a smart control system, communication, and intelligent distribution of electric supply. In addition, the global initiative to use this technology is rising to address environmental concerns such as CO2 emission. According to the IEA in September 2022, the investment in smart grids should double by 2030 for the Net Zero Emissions by 2050 Scenario, mainly in emerging markets and developing economies. Such initiatives will boost the demand and adoption of smart grid technology, further propelling the power system analysis software market growth. Governments and industry players are introducing various technologies and additions to existing technologies to ease workflow and boost the productivity of power systems by introducing power system solutions. The growing population worldwide is remarkably impacting the demand for outputs from oil & gas, manufacturing, mining, and many other industries. Industry players will adopt smart grid technology to cater to this enormously increasing demand for outputs from these industries, propelling the power system analysis software market growth.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Application-Based Power System Analysis Software Market Insights
Based on application, the power system analysis software market is segmented into electric power generation, electric power distribution, and electric power transmission. The use of power system analysis software for electricity generation provides a reliable, efficient, and stable operation of power plants. The power system analysis software analyzes the electrical and mechanical behavior of AC and DC generators to convert mechanical energy into electrical energy. It aids in appropriate electrical designing and operation planning of a power plant. DIgSILENT's PowerFactory solution provides power plant energy analysis to evaluate the economic viability of wind or solar power parks. Thus, the power system analysis software plays a major role in various operations of power stations during electric power generation, which is increasing its demand.
Market players operating in the power system analysis software market mainly adopt inorganic growth strategies to stay competitive in the power system analysis software market ecosystem.
- In February 2023, Digsilent released new service packs for PowerFactory 2023, 2022, and 2021. PowerFactory is the power system analysis software of DigSILENT that covers all the features ranging from the standard ones to the highly sophisticated ones. The pack supports localization of the user interface for languages such as English, German, Spanish, Turkish, French, and Chinese. The company launched a preview version of PowerFactory 2023.
- In April 2021, Siemens Energy launched the world's first power transmission solution with holistic cloud connectivity and a designated web application suite at Hannover Messe, Germany. The solution enables the secure transmission of substation data to the cloud, allowing for valuable real-time analyses and monitoring, supporting system operation and availability.
Market players profiled in the power system analysis software market report are:
- Operation Technology Inc
- Alpi International Software SAS
- PowerCad Software Pty Ltd
- Trimble Inc
- Neplan AG
- ABB Ltd
- DIgSILENT GmbH
- Siemens AG
- General Electric Co
- RINA SpA
Power System Analysis Software Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 7.84 Billion |
| Market Size by 2028 | US$ 15.38 Billion |
| Global CAGR (2022 - 2028) | 12.1% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Deployment Model
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Deployment Model, Application, Voltage Type, and Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Kuwait, Mexico, Oman, Qatar, Russian Federation, Saudi Arabia, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Operation Technology Inc; Alpi International Software SAS; PowerCad Software Pty Ltd; Trimble Inc; Neplan AG; ABB Ltd; DIgSILENT GmbH; Siemens AG; General Electric Co; and RINA SpA are the leading companies in the Power System Analysis Software market.
1. Rising Adoption of Smart Grid Technology is one of the major trends in the Power
2. System Analysis Software market
Asia Pacific (APAC) dominated the Power System Analysis Software Market in 2022. Growth prospects in industrial automation drive the power system analysis software market in Asia Pacific. The adoption of the cloud has increased across industries in Asia Pacific.
The strong electrification rate and growing demand for power augments the growth of the Power System Analysis Software market.
Rise in government initiatives and increase in R&D activities to promote energy efficiency and energy conservation creating growth opportunity for the market players operating into the market.
The List of Companies - Power System Analysis Software Market
- Operation Technology, Inc.
- ALPI International Software
- PowerCad Software Pty. Ltd.
- Trimble Inc.
- NEPLAN AG
- ABB Ltd.
- DIgSILENT GmbH
- Siemens
- GENERAL ELECTRIC
- RINA S.p.A
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
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Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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