Power system analysis software is, as the name suggests, utilized in smart grids to keep track of the distribution of electricity and to minimize and eliminate transmission losses. With smart city infrastructure springing up all over the world, power system analysis software has become an important aspect of establishing a smart utilities network that recognizes weak spots in the link and adapts accordingly.
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The rising awareness about the importance of conservation of power and the increasing government support for the same across the world have been the major factors propelling the global power system analysis software market. The global market was valued at US$3.5 bn in 2015 and is expected to be worth more than US$10.2 bn by 2024, with a 12.6% CAGR projected for the market between 2016 and 2024.
The increasing implementation of smart grids and the consequent demand for power system analysis software in Asia Pacific and Middle Eastern countries is set to be a major factor shaping the growth trajectory of the global power system analysis software market in the coming years.
‘Digital India’ Campaign Just What Power System Analysis Software Market Needs in India
The current Indian government has been proactive about implementing smart city infrastructure across India, with 20 cities, including the national capital, New Delhi, and several state capitals such as Ahmedabad, Bhubaneshwar, Chennai, and Jaipur, being announced as the first in line to receive state support for automation of various processes. This will boost the power system analysis software market in India in the coming years. Many regions in India have already started incorporating smart grids, which, in a country with more than 200 million consumers of electricity, could result in significant savings for the government and ensure a continuous power supply to the populace.
However, the security risks of having a massive interconnected system have slowed down the growth of the smart grid market in developing countries. Thus, developing a secure way of automating electricity supply and incorporating power system analysis software into the grid has emerged as a promising opportunity for players in the power system analysis software market.
Apart from India, China, Japan, and South Korea have also emerged as major markets for power system analysis software in Asia Pacific and are expected to remain major regional players in the coming years.
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North America Dominates despite Growing Demand from Asia Pacific
Though Asia Pacific is set to become the dominant regional segment of the global power system analysis software market in the coming years, North America held a dominant 33% share in the global market in 2015. The early incorporation of smart grids in the U.S. and the rising demand from Canada are responsible for the promising performance of the North America power system analysis software market. The need to incorporate renewable energy into the main grid has also resulted in rising demand for power system analysis software. North America will remain a dominant force in the global power system analysis software market in the coming years due to the steady government support to smart grid infrastructure in this region and the presence of promising R&D avenues.