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Power System Analysis Software Market - Increasing penetration and advancements of IoT solutions
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Which are the factors driving the global power system analysis software market?
Rising level of investments on smart grid systems is the most prominent factor that is driving the global market for power system analysis software. The TMR report also credits the advancements in Big Data analytics and the Internet of Things (IoT) for the expanding demand for these software during the forecast period. Since these software help conserve energy in the long term, several governments across the globe are favoring the deployment by regulating encouraging long-term policies, which is another factor driving the growth rate.
Which key regions should the players focus on?
Geographically, North America contributes to the most significant market for power system analysis software. According to the TMR report, the region accounted for nearly 33.0% of the revenue in the global market in 2015. However, rapid urbanization in several emerging economies in Asia Pacific is expected to make the region the most lucrative market soon. Countries such as China, India, Australia, Japan, and South Korea are among the prominent country-wide markets with vast populations and high unmet demand for power.
Which product segment is most promising?
The global market for power system analysis software can be segmented on the basis of implementation model and application. By implementation model, the market is segmented into on-premise and cloud-based software. The TMR report finds that the on-premise software segment accounted for 82.0% of the revenue in the overall market in 2015 and will continue to surge at a strong CAGR of 12.3% during the forecast period 2016–2024. However, cloud-based software are also expected to gain demand steadily due to the widespread outreach of the Internet. By application, the global power system analysis software market is classified into distribution and transmission. In 2015, the distribution segment accounted for 62.0% of the overall revenue and is expected to remain most in demand in the near future.
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Who are the prominent players?
The global market for power system analysis software is highly fragmented with the presence of several domestic players. However, a few companies such as General Electric Company, Siemens AG, ETAP, and ABB Ltd have established themselves via mergers and acquisitions. For example, General Electric Company acquired Alstom in 2016 and has been investing heavily in India to build smart cities, process industries, mission critical facilities, and government operations.
Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends 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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