Power system analysis software is a crucial part of smart grids and other automated electricity distribution models. The software allows providers of electric power to analyze the supply of power and losses occurring throughout the grid. This enhances the efficiency of the power supply, benefitting the consumers in the long term and allowing suppliers to make full use of the available power.
The global power system analysis software market has witnessed a steady rise in demand over the last few years owing to the rising utilization of smart grids. Government support to automating their power supply networks has been of massive help to the power system analysis software market. According to a report recently added to the vast database of Market Research Reports Search Engine (MRRSE), the global power system analysis software market was valued at more than US$3.5 bn in 2015. Exhibiting a robust 12.6% CAGR from 2016 to 2024, the market is expected to be worth US$10.2 bn by the end of the forecast period.
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North America Leads Global Power System Analysis Software Market, APAC to Rise to the Fore
The global market for power system analysis software is dominated by North America, which accounted for 33% of the global market in 2015. The high level of technological sophistication seen in utilities infrastructure in countries such as the U.S. and Canada has allowed utility suppliers to easily upgrade the system to include power system analysis software, driving the regional market for the same. The production of renewable energy in American households has also been boosted by the incorporation of power system analysis software, which enables consumers to get fair concessions for utilities usage depending upon the amount of energy they produce domestically.
Canada has also emerged as a major regional player in the power system analysis software market in recent years and is expected to play a crucial role in the market’s development in the near future. However, the future of the global power system analysis software is set to be dominated by Asia Pacific. The rapid rate of urbanization in Asia Pacific, allied to the increasing spending power of APAC consumers, has seen smart grid infrastructure being promoted by various governments in the region, including but not limited to China, India, Australia, Japan, and South Korea. Demand from Asia Pacific is sure to remain high in the coming years owing to the varied long-term benefits of large-scale installation of power system analysis software.
On-premise Power System Analysis Software Dominates Global Market
Two types of power system analysis software are sold in the global market: on-premise and cloud-based. Of these, on-premise installation of power system analysis software has been overwhelmingly popular, with 82% of the global market consisting of on-premise installations of power system analysis software in 2015. The segment is also expected to retain its dominance in the coming years, with a robust 12.3% CAGR expected for on-premise installations in the aforementioned forecast period.
The two major applications of power system analysis software are distribution and transmission. Usage of power system analysis software for distribution is the dominant segment of the global market. The segment held 62% of the market in 2015 and is further expected to exhibit a strong 12.9% CAGR in the coming years.