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New Report on Power System Analysis Software Market Analysis and Top Key Players (ABB Ltd., Siemens AG, General Electric Company, Schneider Electric DMS NS, ETAP/Operation Technology, Atos SE, Artelys SA, PSI AG, Operation Simulation Associates, Unicorn S
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The growing demand for electric power and proliferation of smart power technologies are leading to a rise in the demand for power system analysis software, stimulating this market to expand at a CAGR of 12.6% between 2016 and 2024. The power system analysis software market was valued at US$3.54 bn in 2015, states a latest report that is now available on Market Research Reports Search Engine (MRRSE).
Power system analysis software is used by utility providers to minimize their losses during electricity generation and distribution. It helps utility providers to optimize the efficiency of electricity production. The power system analysis software, thus, plays an important role in the energy and utilities sector. The encouragement by governments in different countries to adopt power system analysis software is expected to fuel the adoption of these systems across the globe. The growing energy and utility sector in Asia Pacific will substantially drive the market in the future.
The most significant driver of the global power system analysis software market is the rising level of investments made on smart grid systems. Another factor contributing to the market’s success is the search for reliable solutions by utility providers, to optimize the efficiency of the power system analysis. The rising advancement in Big Data analytics and the growing adoption of the Internet of Things (IoT) are boosting the global power system analysis software market. Thus, with the increasing penetration and advancements of these solutions, the market is expected to witness a high growth rate in the coming years.
Outlook Complete Research Reports on Power System Analysis Software Market with Industry Key Players and Complete List of Tables & Figures @ https://www.mrrse.com/power-system-analysis-software-market
On the basis of application, the power system analysis software market is segmented into distribution and transmission. The distribution segment is expected to expand at a 12.9% CAGR from 2016 to 2024. Region-wise, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. While North America held the largest market for power system analysis software in 2015, Asia Pacific will be the fastest-growing region during the forecast period.
Key players studied in the report include: Siemens AG, BB Ltd., General Electric Company, ETAP/Operation Technology, Inc., Schneider Electric DMS NS, Atos SE, Artelys SA, Operation Simulation Associates, Inc., PSI AG, Unicorn Systems, Electricity Coordinating Center Ltd., Energy Exemplar, PowerWorld Corporation, Nexant Inc., Open Systems International, Inc., Electrocon International Inc., Pöyry, Eaton Corporation Plc, Neplan AG, and DIgSILENT GmbH.
The global power system analysis software market is segmented as follows.
Power System Analysis Software Market, by Implementation Model
On-premise
Cloud-based
Power System Analysis Software Market, by Application
Distribution
Transmission
Power System Analysis Software Market, by Geography
North America
Europe
Asia-Pacific
Middle East and Africa (MEA)
Latin America
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