The power system analysis software market size is projected to reach US$ 22.00 billion by 2031 from US$ 8.42 billion in 2023. The market is expected to register a CAGR of 12.8% during 2023–2031. Increasing number of cases of power outages, rising demand for electricity. Moreover, rising government initiatives for energy management and rising adoption of smart grid technologies are likely to be key drivers and trends in the power system analysis software market.
Power System Analysis Software Market Analysis
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.
Power System Analysis Software Market Overview
A power system analysis software comprises solutions and services that enable businesses to improve their sales with efficient power management, reduced energy costs, and automation. With the help of automation and analytics, the power system analysis software objectives to perform data analysis, modeling, and simulation of an electric system. This software helps to analyze and diagnose any malfunctions in the electrical system. It also helps increase safety by informing the operator of irregularities in the electrical system.
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Power System Analysis Software Market: Strategic Insights
Market Size Value in US$ 7844.15 million in 2022 Market Size Value by US$ 15375.95 million by 2028 Growth rate CAGR of 12.1% from 2023 to 2028 Forecast Period 2023-2028 Base Year 2022
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Power System Analysis Software Market: Strategic Insights
| Market Size Value in | US$ 7844.15 million in 2022 |
| Market Size Value by | US$ 15375.95 million by 2028 |
| Growth rate | CAGR of 12.1% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2022 |
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Power System Analysis Software Market Drivers and Opportunities
Increasing Number of Power Outages to Favor Market
People and organizations are highly dependent on electricity for nearly all operations. Thus, there is a requirement for a constant and endless power supply. However, there is an increase in the number of power outages worldwide because of changing weather conditions, storms, and aging power infrastructure. Power system analysis software can assist in foreseeing the outage situation due to bad weather. It instantly analyzes the location of the damaged network and the extent of the damage. It observes the damage situation and indicates the necessary actions. It suggests resource needs, dispatches the repair crews, and communicates key damage and renewal information externally and internally.
Rising adoption of smart grid technology
The energy demand is rising every day with the rise in living standards, urbanization, disposable income, and adoption of advanced technologies. There is a rise in utilization of electricity due to the surge in demand from the residential and business sectors worldwide, which creates complexity in power grids. With the rise in complexity of power grids, there is a rise in the need for sustainable, efficient, reliable, and secure power production and distribution. With the emergence of electricity consumption and demand, its production and distribution are becoming difficult. To address this challenge, the power grids are made smarter, and this concept is called Smart Grid.
Power System Analysis Software Market Report Segmentation Analysis
Key segments that contributed to the derivation of the power system analysis software market analysis are deployment model, applications, voltage type, and industry verticle.
- Based on the deployment model, the power system analysis software market is divided into cloud and on-premise. The cloud segment is anticipated to hold a significant market share in the forecast period.
- Based on application, the power system analysis software market is divided into electric power generation, electric power distribution, and electric power transmission. The electric power generation segment is anticipated to hold a significant market share in the forecast period.
- By voltage type, the market is segmented into low voltage, medium voltage, and high voltage. The medium voltage segment is anticipated to hold a significant market share in the forecast period.
- By industry verticle, the market is segmented into oil & gas, manufacturing, transportation, mining, renewables, non-renewables, and others. The oil & gas segment is anticipated to hold a significant market share in the forecast period.
Power System Analysis Software Market Share Analysis by Geography
The geographic scope of the power system analysis software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the power system analysis software market. The North American power system analysis software market is segmented into the US, Canada, and Mexico. The US and Canada are pioneers in adopting new technologies and automation across their businesses. The high penetration of the internet across the region, coupled with government initiatives to promote the adoption of digital technologies for smooth and seamless business operations and minimizing human errors, is catalyzing the adoption of power system analysis software across North America. All these factors contribute to the region's growth of the power system analysis software market.
Power System Analysis Software Market Report Scope
Power System Analysis Software Market News and Recent Developments
The power system analysis software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the power system analysis software market are listed below:
- Digsilent releases new service packs for Powerfactory. Digsilent released new service packs for PowerFactory 2023, 2022, and 2021. PowerFactory is the power system analysis software of DigSlLENT that covers all the features ranging from the standard ones to the highly sophisticated ones. The pack supports localization of the user interface to languages such as English, German, Spanish, Turkish, French, and Chinese. The company launched a preview version of PowerFactory 2023. (Source: Digsilent Company Website, January 2023)
- Solution providers working with IBM’s Power Systems are looking forward to at least three growth drivers for the family of server computers – SAP HANA, banking and industry optimization, and everything-as-a-service – with Power seeing double-digit growth through the ecosystem six out of the last eight quarters. (Source: IBM, Company Website, January 2024)
Power System Analysis Software Market Report Coverage and Deliverables
The “Power System Analysis Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Power system analysis software market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Power system analysis software market trends as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST/Porter’s Five Forces and SWOT analysis.
- Power system analysis software market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the power system analysis software market.
- Detailed company profiles.
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
North America is anticipated to dominate the power system analysis software market in 2023.
An increasing number of cases of power outages and rising demand for electricity are some of the factors driving the power system analysis software market.
The increasing adoption of smart grid technology is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global power system analysis software market are ETAP., ALPI International Software, PowerCad Software Pty. Ltd., Trimble Inc., NEPLAN AG, ABB Ltd., DlgSlLENT GmbH, Siemens, GENERAL ELECTRIC, RINA S.p.A.
The global power system analysis software market is expected to reach US$ 22.00 billion by 2031.
The expected CAGR of the power system analysis software market is 12.8%.
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
- Develops the analysis team’s expertise and market understanding
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
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
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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