The power system analysis software market is expected to witness robust growth in the near future. The market is expected to reach an evaluation of US$10,245.6 mn by 2024, clocking a tremendous 12.6% CAGR during 2016-2024.
The rising demand for energy consumption, challenges related to regular maintenance of networks, and ability to predict growth in real-time are expected to drive growth. Major trends like intelligent transportation systems are expected to create new opportunities for revenue generation for players in the power system analysis software market.
Key Trends in the Power System Analysis Software Market
- Rising demand for energy generation, and inefficiencies in current supply are expected to plague growth of the global economy in the near future. The global demand for energy is expected to peak around 778 Etta Joule by 2035. Additionally, governments like EU are tightening regulations to put more pressures on various industries to meet sustainable energy goals. For example, EU countries are expected to generate 20% of final electricity from renewables by 2023. EU countries had achieved 16% share of renewables in 2014.
- Some sectors are more under pressure than others. For example, the gas and oil industry is the largest consumer and producer of energy. Additionally, the rising shifts like green energy, electric cars are expected to add to the energy woes of the sector in the near future. For example, currently there are over 65,000 oil and gas fields around the world. Moreover, 33% of these are off-shore sites. The remote location of these sites are detrimental to the cost of production as generating energy and transporting it to new locations is significantly high. This is expected to be a major boon for the power system analysis software market.
- Rising demand for sustainable energy are also expected to drive growth of the power system analysis software market. The rising investment in new energy, and challenges like carbon emissions are expected to drive government push towards sustainable creation and use of energy. The long energy-security is a major challenge around the world. And, technologies like Big Data are expected to aid efficient use of energy in the near future. Big data not only promises to improve efficiency of energy use but also provide major insights on how to implement strategies for cost-savings, better energy use among others.