Power System Analysis Software Market Analysis and Forecast 2020: By Keyplayers ABB Ltd., Electricity Coordinating Center Ltd., Siemens AG, Energy Exemplar, Atos SE, General Electric Company, Unicorn Systems, General Electric Company, ETAP/Operation Techn

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Market Overview

Power system analysis software is a specialty software used by power utilities to perform data analysis, modeling, and simulation of the power electric system. This software offers various features that assist power utilities in the diagnostic and detection of abnormalities. Moreover, it provides 24/7 access to operational data, history, and trends. Power system analysis software is used for adequacy calculations between generation and network capacities. The software suggests loading recommendations through the adoption of models using actual field condition assessment data and also provides support to address abnormal operation.

The global power system analysis software market is estimated to account for US$ 14,715.3 Mn in terms of value by the end of 2027.

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Competitive Section

Key players operating in the global power system analysis software market are ABB Ltd., Electricity Coordinating Center Ltd., Siemens AG, Energy Exemplar, Atos SE, General Electric Company, Unicorn Systems, General Electric Company, ETAP/Operation Technology, Inc., Operation Simulation Associates, Inc., Schneider Electric DMS NS, PSI AG, and Artelys SA.

Market Dynamics- Drivers

1. Increasing demand for electric power is expected to drive growth of the global power system analysis software market during the forecast period

Growing urbanization has led to increased demand for electricity worldwide, which in turn, has resulted in increased electricity production. According to Coherent Market Insights’ analysis, electricity production has increased at a CAGR of 9% from 2010-2014. Furthermore, it has compelled power utility companies across the globe to set up a network of power transmission lines as well as boost the existing power transmission lines, grids, and related infrastructure, in order to obtain improved and more efficient electricity generation transmission and distribution. Therefore, these factors are expected to drive growth of the global power system analysis software market during the forecast period.

2. Encouraging policies and regulations present is expected to propel the global power system analysis software market growth over the forecast period

Governments and regulatory authorities are implementing encouraging policies for power system analysis software. These authorities are also implementing smart power technologies through incentives and mandates. Moreover, this pace and scale of deployment are greater in emerging countries such as China and India. For instance, the U.K. government made it mandatory to deploy smart electric meters in homes and businesses until 2019. The U.K. government is expected to invest US$ 19,500 Mn for this project. The Chinese government has already started implementing smart grids through its 12th Five-Year Plan on Smart Grid Major Science and Technology Industrialization Projects, calling for massive investment in smart grid technology. As part of the plan, the State Grid Corporation of China announced that it would deploy 300 million smart meters by 2015 and up to 380 million meters by 2020. Hence, these factors are expected to propel the market growth in the near future.

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Statistics:

North America held dominant position in the global power system analysis software market in 2019, accounting for 31.6% share in terms of value, followed by RoW, Asia-Pacific and Europe respectively.

Market Opportunities

1. Increased demand for constant and uninterrupted electric power supply can present major growth opportunities

Power utilities are facing challenges to provide uninterrupted power supply, in order to rise industrialization. For instance, in 2003, a power outage in Italy affected 50 million people for more than 12 hours. Similarly, a power outage was reported in the U.S. and Canada in the same year, which attracted attention to reliability issues. Furthermore, according to Accenture’s study, in 2012, the average duration of electricity interruption was the highest in China at 480 minutes, followed by Canada and Australia electricity interruption of 311 minutes and 262 minutes respectively.

2. Rising investments in smart power technology can provide major business opportunities

According to a study by the market intelligence firm Northeast Group, Southeast Asian countries are expected to invest US$ 13,600 Mn in smart power technology infrastructure between 2014 and 2024. This involves investment in smart metering and modernization of electricity transmission and distribution networks with sensors, software, and communications. This, in turn, would generate new opportunities in the market. By 2024, Thailand, Indonesia, Malaysia, Singapore, the Philippines, and Vietnam are expected to be the largest markets for smart power technologies and in turn, would generate new demands for power system analysis software.

Market Trends

1. Growing environmental concerns regarding existing electricity ecosystem

Digital technologies have played an integral part in the modernization of many sectors of the world economy and have resulted in increased efficiency and productivity while bringing in new opportunities in these sectors. However, the same cannot be stated for the electric power sector, which has failed to keep up with fast modernization. Many power utilities, especially in emerging economies such as India and China use the same designs they did when most of the grid was built in the late 1960s and 1970s. For instance, the traditional U.S. electrical grid was designed neither with the latest technology nor with the goal of supporting a high-tech economy and enabling low-carbon technologies, energy efficiency, and conservation.

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2. Accommodating the distributed power generation from renewable sources
In 2012, the International Renewable Energy Agency announced the “Global Renewable Energy Roadmap” to proliferate the allocation of renewables in the global energy production mix by 2030. The white paper published by the International Renewable Energy Agency in 2013 showed the way to achieve this target. The paper recommended that the share of renewables needs to be at least doubled from the current 20%. Denmark has successfully integrated smart electric technologies to support wind energy usage in electricity generation penetration. Notably, Denmark’s 30% of its electricity is generated from wind energy. Denmark also plans to increase wind energy penetration to 50% by 2025.

Global Power System Analysis Software Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. There is significant impact on power system analysis software market due to this pandemic. Every country is strictly following complete lockdown and due to this all manufacturing industries across the globe have been temporarily shut down. This has reduced the electricity demand from industrial sector and increased the demand from residential sector. The demand of Power Analysis software is increased as companies are using these software to analyze the consumer behavior.

Key Developments

1. Major companies in the market are focused on contracts and agreements, in order to gain a competitive edge in the market. For instance, in August 2019, ABB Ltd. entered into contract with Hitachi to provide software solution for electricity balancing market system.

2. Key players are involved in contracts and agreements, in order to enhance the market presence. For instance, in May 2017, Siemens AG entered into an agreement with African countries Uganda and Sudan. The Memoranda of Understanding states that the company would help these countries in the areas of power supply industry, transportation and healthcare.

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This release was published on openPR.