Published On:June 28, 2017, 3:23 pm
Power system analysis software is a crucial characteristic of the successful functioning and managing of electricity networks. These are omnipresent in electrical engineering practice. Real-time and operational modelling software is the key process of interaction for control engineers in their administrative and managing role.Long term planning models and software assist in rendering a platform wherein several tests could be performed and outcomes can be verified in an offline mode such that the functioning of the networks are planned and optimized suitably.
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Primarily, power system analysis software were used to swiftly solve the non-linear load flow issue and determine short circuit currents, however presently the use of these software has been broadened to several other areas like protection and coordination, power system stability, economic modelling, reliability/contingency, etc. Utility companies use power system analysis software to reduce energy loss at the time of electricity generation and distribution. Therefore, it optimizes operational efficiency. Because of unremitting consumption of energy coupled with challenges faced in production of energy, utility providers are majorly channeling towards power system analysis software to evaluate data which has been gathered form smart power systems.
In 2015, the global power system analysis software market was evaluated at USD 3,540.4 million and is predicted to reach USD 10,245.6 million by the end of 2024, while registering itself at a substantial compound annual growth rate of 12.6% during the forecast period. One of the major factors accountable for the lucrative growth of this market industry on a global level is rising investment in smart power technologies. Besides, technological enhancements in Internet of Things and Big Data analytics is also a primary factor promoting the need for power system analysis software. Moreover, governments across the globe are intrigued towards energy conservancy property of the software for the purpose of prolonged security, this is another factor propelling the growth of this market industry.
The global market of this industry is extremely fragmentized with the existence of many local market players. Nevertheless, a few companies such as ABB Ltd., General Electric Company, and Siemens AG have instituted themselves through many mergers and acquisitions and strategic alliances with domestic market manufacturers. For instance, in 2016, Alstom was acquired by General Electric Company and has ever since been garnering great investments in India to construct smart cities, process industries, government operations, and mission critical facilities.Based on the various implementation, the global power system analysis software market is categorized into cloud-based and on-premise models.In 2015, the on-premise segment dominated the market and was accountable for 82% market revenue share of the entire market.
This particular segment is predicted to register itself at a substantial CAGR of 12.3% during the forecast period.Nevertheless, cloud-based application segment is also predicted to intensify with a steady pace owing to the far reach potentials of the Internet.The application segment of this market industry is segmented into distribution, application and transmission. Out of these, distribution segment led the market by garnering 62% of the entire market and is predicted to dominate the market through the forecast period.
The major market manufacturers of the global power system analysis software market are Operation Simulation Associates, Inc., ETAP/Operation Technology, Open Systems International, Inc., Siemens AG, Schneider Electric, Artelys SA, Electrocon International Inc., General Electric Company, Atos SE, Eaton Corporation Plc, Energy Exemplar, Unicorn Systems, DIgSILENT GmbH, Electricity Coordinating Center Ltd, Neplan AG, PowerWorld Corporation, Poyry, and Nexant Inc., PSI AG. Geographically, North America dominated this industry’s market and held nearly 33.0% of the revenue share in the global platform in 2015. This is primarily owing to huge investments in smart grid systems. Additionally, enduring efforts in Canada to improve infrastructure pertaining to electricity with the aim to reduce loss of energy at the time of transmission and production is predicted to have a lucrative effect on this market. But, fast moving urbanization in developing regions of Asia Pacific is estimated to serve well for the positive growth of this market. Countries like India, China, Australia, Japan and South Korea are leading the domestic markets with huge population base and extremely unmet energy needs.
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