Power System Analysis Software Market To Grow At 17.3% CAGR During The Forecast Period From 2019- 2027
According to a new market research report published by Credence Research “Power System Analysis Software Market ((Deployment Type- Cloud-based and On-premise), (Application- Distribution and Transmission – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the overall power system analysis software market worldwide was valued at US$ 4.34 Bn in 2018 and is set to grow with a CAGR of 9.8% during the forecast period.
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Growing adoption of smart power technology and advancements in Big Data Analytics to boost the power system analysis software market demand globally. The global Big Data Analytics market was valued at around US$ 33.5 Bn in 2018 and the market will grow at a CAGR of nearly 14% in years to come. Rising need for system analysis software worldwide and advancements in Internet of Things (IOT) are some of the other major factors driving the market growth. Minimize loss of energy, optimizing operational efficiency and others are some of the benefits provided by the software due to which companies are shifting towards power system analysis software. Subsequently, we assume that the market will show huge growth during the forecast period 2019-2027.
Based on deployment model, the power system analysis software market is divided into cloud- based and on-premise. The on-premise segment has the major share in 2018. The aforementioned segment has nearly 75% of the market revenue share in the same year. On-premise segment has its dominance owing to maintenance at power utility buildings and offering better system uptime. Growing number of data centers worldwide is also one of the major factor for the segment growth. Hence, we expect that on-premise segment continue its dominance during the forecast period. On the other hand, we project that the cloud-based segment will show fastest growth during the forecast period owing to rising internet penetration worldwide.
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Based on the geography, North America governs the power system analysis software market in 2018. North America has nearly 33% share in the global market revenue in the same year. North America has its dominance due to growing data centers, increased investments in the smart grid systems and early technological adoption in the region. Additionally, growing efforts to upgrade electricity infrastructure in Canada to minimize energy loss is expected to help the market growth in the region. Thus, we expect that the market will show substantial growth in the region during the forecast period. On the other flip of the coin, Asia Pacific will show fastest growth in the region throughout the forecast period owing to rapid urbanization and rising government investments in the region for development of data centers and electricity infrastructure.
Some of the major companies profiled in the report include ABB Ltd., General Electric Company, ETAP/Operation Technology Inc., PSI AG, Unicorn Systems, Electricity Coordinating Center Ltd., Open Systems International Inc., Electrocon International Inc., Eaton Corporation plc, Siemens AG, Schneider Electric DMS NS, Atos SE, Artleys SA, Energy Exemplar, PowerWorld Corporation, Nexant Inc., Pöyry, Neplan AG, and DIgSILENT GmbH among others.