Pune, India, May 12, 2022 (GLOBE NEWSWIRE) -- The global power system analysis software market size is projected to develop in the forthcoming years due to the increasing adoption of smart power technology. This information is published by Fortune Business Insights in its report, titled "Power System Analysis Software Market, 2022-2029". The software is utilized for increasing efficiency during electricity transmission, distribution, and generation. The rising concern for energy efficiency and carbon footprint is anticipated to propel market growth. The expanding industrialization of several regions and the development of the construction and building industry is likely to aid product sales.
Pandemic Induced Sales Owing to Increasing Hospital Establishments
The market experienced increased demand for the power system analysis software during the pandemic. This is due to a large number of hospitals and healthcare centers established to manage the large number of coronavirus patients across the globe. These establishments required electric supplies for various hospital equipment. In addition to this, the lockdown resulted in worldwide awareness of climate change which resulted in stringent energy efficiency regulations in several nations. This is also projected to boost product demand.
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Market Segmentation
Based on deployment, the market for power system analysis software is bifurcated into the cloud and on-premises. On the basis of application, the market is segmented into electric power distribution, electric power transmission, electric power generation, and others. Based on geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What Does the Report Contain?
The Power System Analysis Software Market report has details on all the latest technology available in the power system analysis software industry. The technological advances made in the industry has been highlighted and the potential opportunities associated with that. The report establishes the challenges of the market and advices various solution to them. It also mentions the growth stimulating factors, the restraints, consumption pattern, distribution channels, and all other vital information associated with the Power System Analysis Software Market.
Drivers & Restraints
Increasing Investment in Smart Power Technologies to Favor Market Growth
The increasing investment in smart power technologies is one of the primary factors boosting the power system analysis software market growth. The advancement made in Big Data Analytics and the Internet of things is substantially powering the market growth proportionately. In addition to this, energy efficiency and conservation regulations imposed by the various government are anticipated to propel the market growth. For example, the Government of Canada has already invested a whopping USD 182 million in Energy Efficient Buildings Program.
The growing population and Rapid industrialization of certain regions are advancing innovation and product sales. This is also expected to increase the adoption of smart meters, smart grid, and associated smart power technologies.
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Regional Insights
Widespread in Urbanization in Asia Pacific to Augment Demand
Asia Pacific is anticipated to hold a major power system analysis software market share in the foreseeable future. This is due to the increasing urbanization in highly populated countries such as India and China. These countries are experiencing massive demand for power supply across the nations. The supply to such big networks requires energy efficiency. For example, in 2019, as per the data of the India Macro Adviser 20% of energy is lost due to power distribution.
North America is likely to be a significant contributor to the market in the foreseeable future. This is due to the increasing implementation of smart electricity solutions in the region.
Competitive Landscape
Key Players Concentrate on Technological Investment to Facilitate Revenue Generation
The competitive landscape of the power system analysis software industry enlightens us with details on prominent players of this industry. Technological advancement by key players is being researched to gain traction in the market. Several market giants are also collaborating on production facilities to expand their business horizons. Some companies are also using awareness campaigns to strategically introduce their products in regions with minimal awareness to expand their horizons. Several more strategic collaborations, acquisitions, partnerships, product launches, technological advancement, and others are spread across the market horizon of this product.
Comapnies Profiled in the Power System Analysis Software Market:
- ABB Ltd.
- General Electric Company
- Siemens AG
- ETAP/Operation Technology Inc.
- PSI AG
- Eaton Corporation plc
- Unicorn Systems
- Electricity Coordinating Center Ltd.
- Open Systems International Inc
- Neplan AG
- Electrocon International Inc.
- Schneider Electric DMS NS
- Artleys SA
- Energy Exemplar
- Atos SE
- Nexant Inc.
- Pöyry
- PowerWorld Corporation
- DIgSILENT GmbH
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