by Market Overview:
Power system analysis software is used for modeling, analyzing, simulating, and optimizing power systems, including transmission and distribution systems. It helps in planning, operating and optimizing complex power systems to meet growing electricity demand safely and reliably.
Market key trends:
One of the key trends in the power system analysis software market is the growing adoption of cloud-based services. Cloud-based analysis software as a service (SaaS) model offers advantages such as low upfront costs, easy deployment and minimal IT infrastructure requirements. It allows users to access applications remotely via the internet from any device. This flexible delivery model is gaining popularity among small and medium enterprises due to affordability. Major players in the market such as GE and ETAP are offering cloud-based power system analysis software to tap into this growing demand.
The global Power System Analysis Software Market is estimated to be valued at US$ 8,902.29 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Power system analysis software aids in accurate modeling and simulation of power systems for transmission and distribution planning. This helps utilities improve grid reliability and efficiency.
Weakness: High costs associated with implementation and training on specialized software. Small utilities may find it difficult to invest in such solutions.
Opportunity: Growing infrastructural investments in T&D networks globally due to capacity expansion needs. Utilities are increasingly adopting analytic solutions to modernize aging infrastructure.
Threats: Open-source and low-cost alternatives pose pricing pressure on major vendors. Cyber threats on grid infrastructure also challenge secure usage of such software.
Key Takeaways
The global power system analysis software market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing investments in transmission and distribution infrastructure worldwide. Utilities are adopting these solutions for network planning, operations and control to support renewables integration into the grid.
Regional analysis: North America dominated the power system analysis software market in 2023 with over 30% share, owing to large-scale infrastructure modernization programs underway in the US. Asia Pacific is expected to grow at the fastest rate during the forecast period, driven by renewable energy development and smart grid investments across China, India and ASEAN countries.
Key players operating in the power system analysis software market include ABB Ltd., Electricity Coordinating Center Ltd., Siemens AG, Energy Exemplar, Atos SE, General Electric Company, Unicorn Systems, ETAP/Operation Technology, Inc., Operation Simulation Associates, Inc., Schneider Electric DMS NS, PSI AG, and Artelys SA. These companies are focusing on product innovations and partnerships with utilities to strengthen their positions in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
