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 2020. 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.
- The highly fragmented nature of the power system analysis software market is expected to create new opportunities for players. While companies like GE, Siemens AG, and ABB Ltd have established a firm lead in the market over many others, the large present of small players continue to cater to a competitive and innovative field. The recent acquisition of GE of Alstom promises to cater to high energy demands of energy-hungry Asian giants like India in the near future. Countries like India and China are expected to drive growth of the power system analysis software market, thanks to large presence of IT industry in the region and large investments in infrastructure. Projects like smart cities, increased investment in intelligent transport networks, and government operations are expected to aid growth of the power system analysis software market in the near future.
- Cloud technology is also expected to bring costs down significantly in the power system analysis software market, which is expected to witness higher profit margins for players in the near future. Stiff competitions between major tech giants is expected to keep costs down for cloud adoption in the near future. This in turn is likely to boost adoption for cloud and drive growth of the power system analysis software market in the near future.
The review presented is based on the findings of Transparency Market Research report, titled “Power System Analysis Software Market (Implementation Model – On- premise and Cloud-based; Application – Distribution and Transmission) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”
For the study, the power system analysis software market has been segmented as follows:
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