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, modelling, and simulation of an electric system. This software helps to 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 analyses the information of historical data and present data for accurate forecasting and better operational efficiencies. It continuously analyses 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.
ABB, Schneider Electric, GENERAL ELECTRIC, Siemens AG, Operation Technology, Inc. and Neplan – Prominent Market Participants in Power System Analysis Software Market
There has been a growing demand for optimizing power management in recent years. Business operations are becoming increasingly dependent on the cloud and advanced automation systems. Thus, the rising adoption of software solutions in the power sector is driving the power system analysis software market. In addition, power system analysis software helps to provide better electrical flow analysis and minimize risks. It helps to overcome or reduce challenges such as short circuits and irregular loads during power generation, transmission, and distribution. Moreover, the rising demand for electric power due to the increasing industrialization is the key driver for the power system analysis software market. The rise in power outage cases worldwide has pushed industry players to adopt power system analysis software to optimize the use of generated power and its efficient distribution.
Governments worldwide took several initiatives to maintain social distancing and temporarily closed domestic and international borders to combat the rapid spread of SARS-CoV-2 in 2020. The workflow and production of industries such as oil & gas, manufacturing, transportation, mining, and other industries slowed down during the pandemic due to travel restrictions and social distancing norms. Hence, industry players adopted digital solutions to revive production levels and to monitor the power systems remotely in lockdown scenario. According to the Organization for Economic Co-operation and Development (OECD), in Digital Economy Outlook 2020, many industries started adopting digital solutions for fast and reliable connectivity to maximize the industry output. The demand for several digital solutions, such as power system analysis for reducing the human errors in their operations, increased in industries. The increased demand for energy-efficient solutions boosted the market growth. Hence, the need for power system analysis software grew significantly during the pandemic.
The top five companies in the market ABB, Schneider Electric, GENERAL ELECTRIC, Siemens AG, Operation Technology, Inc. and Neplan. The above listing of key players is derived by considering multiple factors such as overall revenue, current well completion equipment and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry are mentioned below:
