Power System Analysis Software Global Market Report 2023: Rising Demand for Electric Power Due to Increasing Industrialization Bolsters Adoption
Global Power System Analysis Software Market
Dublin, May 02, 2023 (GLOBE NEWSWIRE) -- The "Power System Analysis Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment Model, Application, Voltage Type, and Industry Vertical" report has been added to ResearchAndMarkets.com's offering.
The power system analysis software 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.
There has been a growing demand for optimizing power management in recent years. Business operations are becoming increasingly dependent on the cloud and advanced automation systems. Thus, the rising adoption of software solutions in the power sector is driving the power system analysis software market.
In addition, power system analysis software helps provide better electrical flow analysis and minimize risks. It helps overcome or reduce challenges such as short circuits and irregular loads during power generation, transmission, and distribution.
Moreover, the rising demand for electric power due to increasing industrialization is the key driver for the power system analysis software market growth. The rise in power outage cases worldwide has pushed industry players to adopt power system analysis software to optimize the use of generated power and its efficient distribution.
In the oil & gas industry, power system analysis software provides a complete range of exploration and refining solutions. Power system analysis software offers solutions to bring out analysis and improve operations in the oil & gas industry. Power system analysis software also simplifies the upstream and downstream operations from onshore and offshore oil fields, thereby increasing the demand for power system analysis software in the oil & gas industry.
According to India Brand Equity Foundation, the rise in economic growth in India contributes to the increased demand for oil and gas production. Therefore, due to the rising demand for oil and gas, the increasing need for new oil and gas plants and the expansion of existing plants will significantly contribute to the segment's growth.
In addition, the growing need to boost the efficiency and production of the oil & gas industry is generating a huge demand for power system analysis software market growth.
Manufacturing companies worldwide are focused on expanding their geographical presence by starting new manufacturing sites. Additionally, electric power plays an important role in the manufacturing sector in running the manufacturing sites efficiently, thereby influencing companies to adopt power system analysis software.
The power system analysis software helps manufacturers simplify their operations and ensure safety in their facilities. Power system analysis software promotes automation, enhances quality, and improves safety standards in manufacturing sites. These factors trigger the manufacturing sector's demand for power system analysis software.
The power system analysis software market is segmented based on deployment model, application, voltage type, industry verticals, and geography.
Based on deployment model, 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.
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 that are profiled in this market study.
No. of Pages
2022 - 2028
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. Power System Analysis Software Market Landscape
5. Power System Analysis Software Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Cases of Power Outages
5.1.2 Rising Demand for Electricity
5.2 Market Restraints
5.2.1 High Upfront Investment and Security Challenges
5.3 Market Opportunities
5.3.1 Rising government initiatives for energy management
5.4 Future Trends
5.4.1 Rising Adoption of Smart Grid Technology
5.5 Impact Analysis of Drivers and Restraints
6. Power System Analysis Software Market - Global Analysis
7. Power System Analysis Software Market Analysis - By Deployment Model
8. Power System Analysis Software Market Analysis - By Application
9. Power System Analysis Software Market Analysis - By Voltage Type
10. Power System Analysis Software Market Analysis - By Industry Vertical
11. Power System Analysis Software Market - Geographic Analysis
12. Impact of COVID-19 Pandemic on Global Power System Analysis Software Market
13. Industry Landscape
14. Company Profiles
A selection of companies mentioned in this report includes
Operation Technology, Inc.
ALPI International Software
PowerCad Software Pty. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/xihrtg
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