Saturday, 27 July 2024
According to our latest study on “Power System Analysis Software Market 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.
People and businesses are highly dependent on electricity for almost all operations. Therefore, there is a need for constant and uninterrupted power supply. However, there is a surge in power outages worldwide due to changing weather conditions, storms, and aging power infrastructure. For instance, there is rise in power outage cases in due to the extreme weather condition, storm and snow in US. According to the Climate Central report in September 2022, 83% of power outages in the US between 2000 and 2021 were due to weather conditions such as wildfires and snowstorms. According to the Times of India in April 2022, for the first 27 days of April 2022, the electricity supply fell short of demand by 1.88 billion units in India. This resulted in long hours of power outages and negatively impacted industrial sectors. Power system analysis software can help predict the outage situation due to bad weather. It quickly analyzes the location of the damaged network and the extent of the damage. It monitors the damage situation and suggests the necessary actions. It suggests resource needs, dispatches the repair crews, and communicates key damage and restoration information internally and externally. Therefore, the rise in the cases of power outages worldwide is boosting the demand for power system analysis software to better manage power generation, transmission, and distribution, thereby contributing to the power system analysis software market growth.
Power System Analysis Software Market – by Region, 2022 and 2028
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Source: The Insight Partners Analysis
The power system analysis software market is segmented based on deployment model, application, voltage type, industry vertical, 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 & 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.
Governments worldwide took several initiatives to maintain social distancing and temporarily closed domestic and international borders to combat the rapid spread of SARS-CoV-2 in 2020. The workflow and production of industries such as oil & gas, manufacturing, transportation, and mining slowed down during the pandemic due to travel restrictions and social distancing norms. Hence, industry players adopted digital solutions to revive production levels and monitor the power systems remotely in lockdown scenarios. According to the Organization for Economic Co-operation and Development (OECD), in Digital Economy Outlook 2020, many industries started adopting digital solutions for fast and reliable connectivity to maximize the industry output. The demand for several digital solutions, such as power system analysis, for reducing human errors in their operations increased in industries. The increased demand for energy-efficient solutions boosted the market growth. Hence, the need for power system analysis software grew significantly during the pandemic.
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 key market players operating in the power system analysis software market.
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