Pune, India., April 05, 2023 (GLOBE NEWSWIRE) -- According to our latest study on "Global Power System Analysis Software Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Deployment Model, Application, Voltage Type, and Industry Vertical," the market is projected to grow from US$ 7,844.15 million in 2022 to US$ 15,375.95 million by 2028; it is estimated to record a CAGR of 12.1% from 2023 to 2028.
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Power System Analysis Software Market Growth Drivers:
- Increasing Demand for Reliable Power Supply: With the rising global population and increasing industrialization, the demand for reliable power supply is on the rise. Power system analysis software helps utilities and power generation companies to optimize their operations and ensure uninterrupted power supply.
- Growing Adoption of Renewable Energy: The adoption of renewable energy sources such as solar, wind, and hydropower is increasing rapidly. Power system analysis software helps to integrate these renewable energy sources into the grid and manage their variability and intermittency.
- Aging Power Infrastructure: The power infrastructure in many countries is aging, leading to higher incidences of blackouts and brownouts. Power system analysis software helps utilities to monitor and maintain their power infrastructure, reducing the risk of outages and improving the reliability of the grid.
- Increasing Focus on Energy Efficiency: Governments and businesses are increasingly focused on improving energy efficiency and reducing carbon emissions. Power system analysis software can help to identify areas where energy efficiency can be improved, leading to cost savings and reduced environmental impact.
- Advancements in Technology: Advancements in technology, such as artificial intelligence, machine learning, and big data analytics, are enabling more sophisticated power system analysis. This is leading to more accurate forecasting, better asset management, and improved grid stability.
Power System Analysis Software Market Recent Developments:
- Integration with Cloud Computing: Many power system analysis software providers are now offering cloud-based solutions, enabling users to access the software from anywhere and collaborate in real-time.
- Use of Artificial Intelligence and Machine Learning: Power system analysis software providers are increasingly integrating artificial intelligence and machine learning capabilities into their software, enabling more accurate forecasting, improved fault detection, and better asset management.
- Increased Focus on Cybersecurity: With the growing use of digital technologies in the power industry, cybersecurity has become a critical concern. Power system analysis software providers are now offering enhanced cybersecurity features to protect against cyber threats.
- Adoption of Open-Source Software: The adoption of open-source software is on the rise in the power system analysis market, as it offers greater flexibility and cost savings compared to proprietary software.
- Use of Advanced Visualization Techniques: Power system analysis software providers are now offering advanced visualization techniques, such as 3D modeling and virtual reality, to enable users to better understand the behavior of the power system and make more informed decisions.
Overall, these recent developments are driving innovation in the power system analysis software market, enabling utilities and power generation companies to optimize their operations, improve grid stability, and ensure reliable power supply.
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Rising Government Initiatives for Energy Management to Provide Lucrative Opportunities for Power System Analysis Software Market Growth During Forecast Period:
Governments play an important role in the introduction of solutions for energy management. Rise in government initiatives and increase in R&D activities to promote energy efficiency and energy conservation will provide ample opportunities for the power system analysis software market growth.
Some government initiatives are as follows:
- The National Action Plan on Climate Change (NAPCC) of the Indian Ministry of Environment, Forest and Climate Change aims to bring innovative and sustainable robust solutions and models to enhance the energy efficiency sector.
- The US Center for Energy, Environmental, and Economic Systems Analysis (CEEESA) is a government body focused on providing solutions to clients such as utility companies and government bodies. CEEESA conducts power systems studies for clients by providing information regarding power system expansion and power system solutions.
- The Indian government is emphasizing on educating people regarding the power system. For instance, National Power Training Institute conducts a course on "Energy Efficiency Management in Power System" with a focus on present and upcoming technologies for energy efficiency and energy management.
Thus, the increase in government initiatives and R&D activities for energy management will create ample opportunities and awareness, thereby contributing to the power system analysis software market growth.
Global Power System Analysis Software Market: Industry Overview
The power system analysis software market is segmented based on deployment model, application, voltage type, industry verticals, and geography. Based on deployment type, the power system analysis software market is bifurcated into on-premise and cloud. Based on application, the power system analysis software market is segmented into electric power generation, electric power distribution, and electric power transmission. Based on voltage, the power system analysis software market is segmented into low voltage, medium voltage, and high voltage. In terms of industry verticals, the power system analysis software market is segmented into oil and gas, manufacturing, transportation, mining, renewables, non-renewables, and others. By geography, the power system analysis software market is segmented into North America, Europe, Asia Pacific, the Middle East, South America, and Africa.
The power system analysis software market in North America is projected to witness significant market growth from 2022 to 2028. North America is one of the fastest-growing economies in the world, with a well-established IT industry that continues to attract investment and support innovation. In addition, there is a rise in energy demand in the region, contributing to the growth of the power system analysis software market in North America. Moreover, a surge in the adoption of digital technologies and cloud infrastructure for the power sector is contributing to the power system analysis software market growth. Furthermore, government initiatives such as Net Zero Emissions by 2050 aim to adopt new technologies that can reduce CO2 emissions, which is fueling the demand for power system analysis software for better power management. The increased adoption of power system analysis software in countries such as the US and Canada is driving the power system analysis software market in North America.
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Global Power System Analysis Software Market: Competitive Landscape and Key Developments
Operation Technology Inc, Alpi International Software SAS, PowerCad Software Pty Ltd, Trimble Inc, Neplan AG, ABB Ltd, DIgSILENT GmbH, Siemens AG, General Electric Co, and RINA SpA are among the leading market players profiled in the power system analysis software market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few developments are mentioned below:
In 2022, Digsilent established a new office in Aachen, Germany. The new business location will support the sustained demand growth for power system simulation solutions and engineering consulting services in the German and European markets.
In 2022, Neplan released a new version of the network calculation tool 10.8.3 for the product Neplan V 10/360. This new version includes many new functionalities, standards, and improvements for the gas, water, and district heating modules, as well as for the power system analysis modules.
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