Augmented And Virtual Reality Is Fastest Growing Segment Fueling The Growth Of Power System Analysis Software Market

https://www.coherentmarketinsights.com/market-insight/power-system-analysis-software-market-3937
Power System Analysis Software Market


Market Overview:

Power system analysis software is used to model, plan, operate, control, monitor, and optimize complex power systems for utilities and other electric power industry participants. It simulates normal and emergency conditions, and is useful in transmission and distribution system planning, power flow analysis, short circuit analysis, transient stability analysis, construction cost optimization, load flow analysis, and power quality analysis.

Market key trends:
The rising adoption of renewable energy and decentralized power generation has led to an increase in complexity and bidirectional power flows in power grids. This is driving the need for advanced power system analysis and simulation tools to effectively plan, operate, monitor and control such hybridgrids. Power system analysis software with capabilities such as augmented and virtual reality-based 3D modeling of grid infrastructure help grid operators better visualize the grid’s physical assets and ensure reliable power supply under changing grid conditions.

Segment Analysis
The global power system analysis software market is segmented by component, software type, application type, end-use industry, and region. Based on component, the market is bifurcated into software and services. The software segment captured the highest market share in 2021 and is expected to maintain its dominance over the forecast period. This is attributed to the increasing adoption of advanced software for accurate simulation and modeling. By software type, the market is classified into load flow, short circuit, device coordination selectivity, arc flash, and others. Load flow software dominated the market in 2021 owing to its widespread usage in planning, design, analysis, and operation of power systems. Based on application, the market is divided into distribution, transmission, and others. Transmission captured the largest market share in 2021 due to the increasing investment in transmission line infrastructure.


The global Power System Analysis Software Market is estimated to be valued at US$ 8,902.29 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Key Takeaways
The global power system analysis software market size was valued at USD 8902.29 Mn in 2023 and is expected to reach USD 19937.1 Mn by 2030, exhibiting a CAGR of 13% over the forecast period. The burgeoning electricity demand is driving significant investment in transmission and distribution infrastructure, which is fueling the adoption of power system analysis software for accurate planning, design, and operation of power systems.

Regionally, North America dominated the global market in 2021 and is projected to maintain its lead through 2030. This is attributable to the presence of several market players and advanced transmission infrastructure in the region. Europe held the second largest market share in 2021 driven by supportive government initiatives to promote the adoption clean energy.

Key players operating in the power system analysis software market are ABB Ltd., Electricity Coordinating Center Ltd., Siemens AG, Energy Exemplar, Atos SE, General Electric Company, Unicorn Systems, ETAP/Operation Technology, Inc., Operation Simulation Associates, Inc., Schneider Electric DMS NS, PSI AG, and Artelys SA. The players are focusing on developing advanced and integrated software solutions to gain a competitive edge in the market. For instance, in January 2022, ABB launched the Ability Smart Sensor portfolio built on edge intelligence and IIoT technologies to modernize power grids.

Read More: https://www.pressreleasebulletin.com/the-growth-of-power-system-analysis-software-market-growth-trends-and-forecast-analysis/

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