Power system analysis software market to exhibit 12.6% CAGR 2016-2024, growing investments on smart grid systems to drive growth
With the growing demand for electricity, utility providers are struggling to optimize their efficiency and minimize losses occurring during generation and distribution of electricity. Power system analysis software addresses this issue. The data generated from smart components such as automated distribution systems, meters, and sensing and measurement devices is transmitted to the utility station where predictive analysis of the data is done with the help of power system analysis software. Such predictive analysis helps utility providers to efficiently cater to the surging demand for electricity with optimum returns on investment.
The global power system analysis software market is expected to expand robustly at a CAGR of 12.6% during the period between 2016 and 2024. The overall market was worth US$3,540.4 mn in 2015 and is anticipated to reach a valuation of US$10,245.6 mn by 2024. Increased investment on smart grid systems has propelled the demand for power system analysis software, especially across developed economies. For example, in Canada, the government’s efforts to transform power supply and upgrade electricity infrastructure have majorly boosted the growth of the power system analysis software market in North America.
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Green Energy and Smart Power Technology to go Hand in Hand
Some of the prominent companies in the global power system analysis software market are Siemens AG, ABB Ltd., General Electric Company, ETAP/Operation Technology Inc., Schneider Electric DMS NS, Atos SE, PSI AG, Artelys SA, Operation Simulation Associates Inc., Energy Exemplar, Unicorn Systems, Electricity Coordinating Center Ltd., Open Systems International Inc., PowerWorld Corporation, Eaton Corporation Plc, Nexant Inc., Pöyry, Electrocon International Inc., DIgSILENT GmbH, and Neplan AG. With the growing demand for green energy, the field of digital power generation has attracted unprecedented attention. The key players in the global power system analysis market are focussing on introducing Internet of Things (IoT) to analyze operating data across smart grids to increase efficiency during generation and distribution of electricity.
ABB Introduces Smart Sensors to Analyze Operating Data across Low-Voltage Motors
Analyzing operating data has not been limited to smart grids. Switzerland-based ABB Ltd. has recently introduced its new sensor technology for low-voltage motors. This sensor technology can increase equipment lifetime by 30% while reducing downtime by 70%. These smart sensors are attached directly to the motors and are able to send operating data such as vibration, temperature, power consumption, and potential overload through wireless mode. The compiled data is then analyzed on a customized platform by the plant operator who can take decisions that will reduce energy consumption and the wear and tear on low-voltage motors. The data transmitted wirelessly is encrypted to a secure server.
In the coming years, organizations are expected to focus more on energy consumption and emission. As a result, the demand for smart power technologies including power system analysis software is bound to surge.
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