Press release
Power System Analysis Software Market- Create greater opportunities
The global power system analysis software market was valued at US$ 3,540.4 Mn in 2015. The most significant factor fuelling the market is the rising level of investment on smart grid systems. Due to the ever-increasing demand for electricity, utility providers are seeking reliable solutions to optimize the efficiency of their power system analysis.
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Another significant factor boosting the power system analysis software market’s growth is the rising advancement in Big Data analytics and the Internet of Things (IoT). Thus, with the increasing penetration and advancements of these solutions, the market for power system analytics software is predicted to witness strong growth in the coming years.
Power system analysis software enables utility providers to optimize their efficiency and minimize losses occurring in electricity generation and distribution. Thus, power system analysis software plays an important role in the energy and utilities sector. Moreover, government encouragement for the use of power system analysis software in different countries is expected to boost the adoption of these systems worldwide.
This is another promising driver for the growth of the power system analysis software market during the forecast period. The growing energy and utility sector in Asia Pacific is also expected to substantially drive the market in the coming years. Countries such as China and India are expected to show strong growth during the forecast period.
The market for power system analytics software is segmented on the basis of implementation models and applications. On the basis of implementation models, the market is segmented into on-premise and cloud-based software segments.
In 2015, the on-premise software segment was the most preferred, and accounted for around 82% of the revenue of the overall power system analysis software market. Moreover, this segment is expected to expand at a CAGR of 12.3% from 2016 to 2024.
On the basis of application, the power system analysis software market is classified into distribution and transmission. In 2015, distribution segment held the largest revenue share of around 62% of the overall power system analysis software market. Moreover, this segment is expected to expand at a CAGR of 12.9% from 2016 to 2024.
Geographically, North America is the largest market for power system analysis software, globally. In 2015, the region accounted for around 33% of its revenue. Furthermore, Asia Pacific is expected to witness the fastest growth during the forecast period. China, India, Japan, Australia, and South Korea are among the major markets for power system analysis software in this region.
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TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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