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| Global Power System Analysis Software Market Growth |
Power system analysis software is used for simulations and calculations related
to the planning, design, operations, control, and analysis of electrical power
systems. It helps analyze power flow, short-circuit current, relay
coordination, stability, and others. The software provides real-time
calculations and simulations that help in the reliable and efficient operation
of power systems and industrial plants.
The global
Power System Analysis Software Market is estimated to be valued at US$ 8902.29 Mn in 2023 and is expected
to exhibit a CAGR of 10% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The increased adoption of renewable energy sources is driving the growth of the
power system analysis software market. Power grids are becoming more complex
with the integration of distributed energy resources such as rooftop solar and
wind farms. The variability and intermittent nature of renewable energy sources
like solar and wind poses challenges for grid stability and power quality.
Power system analysis software helps grid operators and utilities effectively
manage variability through forecasting, load flow analysis, short-circuit
studies, and stability analysis. It ensures smooth integration of renewables while
maintaining grid reliability. The software provides real-time monitoring and
control capabilities allowing utilities to balance power supply and demand even
with fluctuations in renewable energy generation. This is increasing the demand
for advanced power system analysis and management tools.
Segment Analysis
The global power system analysis software market is dominated by the
steady-state analysis software segment. Steady-state analysis analyzes the
system under balanced three-phase operating conditions. It helps in calculating
voltage, current, and power flows by taking into account system connectivity,
component parameters, and load flow data under normal balanced operating
conditions. Steady-state analysis is widely used for network modeling, power
flow analysis, contingency analysis, and more. Due to its versatile
applications in utilities for planning and operations, the steady-state
analysis software segment accounts for over 35% market share.
Key Takeaways
Global
Power System Analysis Software Market Growth is expected to witness
high growth driven by increasing investments in renewable integration and
modernization of aging power infrastructure. Rapidly growing electricity demand
alongside rising demand for clean and reliable power is necessitating advanced
planning, operation, and optimization of power systems worldwide. The global
Power System Analysis Software Market is estimated to be valued at US$ 8902.29 Mn in 2023 and is expected
to exhibit a CAGR of 10% over the
forecast period 2023 to 2030.
Regional analysis: North America dominates the global power system analysis
software market accounting for over 30% share, led by the US. Large presence of
utility companies, grid modernization initiatives, and supportive regulatory
policies are driving growth. Asia Pacific is emerging as the fastest growing
regional market with over 15% CAGR led by China, India, and ASEAN countries.
Rapid industrialization and ongoing energy transitions are increasing the
adoption of advanced power system analysis and planning tools in the region.
Key players operating in the power system analysis software 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. Key players are focusing on product innovations and partnerships to
gain leadership in this growing market space.
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