At 10.2% CAGR, the Middle East & Africa Power System Analysis Software Market is projected to be worth US$ 1,105.95 million by 2028, says Business Market Insights

According to Business Market Insights research, the Middle East & Africa power system analysis software market was valued at US$ 679.44 million in 2023 and is expected to reach US$ 1,105.95 million by 2028, registering a CAGR of 10.2% from 2023 to 2028. Rising adoption of smart grid technology and increasing cases of power outages are the critical factors attributed to the Middle East & Africa power system analysis software market expansion.

The energy demand is increasing day by day with the rise in urbanization, living standards, disposable income, and adoption of advanced technologies. There is rise in consumption of electricity due to the increase in demand from the residential and business sector worldwide which creates complexity in power grids. With rise in complexity of power grids, there is a rise in need for sustainable, reliable, efficient, and secure power distribution and production. With the rise in electricity consumption and demand, its production and distribution are becoming challenging. To address this challenge, the power grids are made smarter, and this concept is called Smart Grid. The smart grid technology uses electricity networks to distribute, monitor, and manage the electricity from production sites to the end user. It is a smart integration of connected devices and units that gives robust electric supply to electric utility companies and end users. It runs on smart control system, communication, and intelligent distribution of electric supply. In addition, the global initiative to use this technology is rising to address environmental concerns such as CO2 emission. Such initiatives will boost the demand and adoption of smart grid technology, further propelling the adaption of power system analysis software. Governments and industry players are introducing various technologies and additions to existing technologies to ease workflow and boost productivity of power system by introducing power system solutions. The growing population worldwide is remarkably impacting the demand for outputs from oil & gas, manufacturing, mining, and many other industries. To cater to this enormously increasing demand for outputs from these industries, industry players will adopt smart grid technology, propelling the Middle East & Africa power system analysis software market growth.

On the contrary, high upfront investment and security challenges hurdles the growth of Middle East & Africa power system analysis software market.

Based on deployment model, the Middle East & Africa power system analysis software market is bifurcated into cloud and on-premises. The on-premises segment held 73.3% share of Middle East & Africa power system analysis software market in 2023, amassing US$ 498.34 million. It is projected to garner US$ 798.97 million by 2028 to expand at 9.9% CAGR during 2023–2028.

Based on application, the Middle East & Africa power system analysis software market is segmented into electric power generation, electric power distribution, and electric power transmission. The electric power generation segment held 43.5% share of Middle East & Africa power system analysis software market in 2023, amassing US$ 295.38 million. It is projected to garner US$ 495.80 million by 2028 to expand at 10.9% CAGR during 2023–2028.

Based on voltage type, the Middle East & Africa power system analysis software market is segmented into low voltage, medium voltage, and high voltage. The low voltage segment held 49.9% share of Middle East & Africa power system analysis software market in 2023, amassing US$ 339.20 million. It is projected to garner US$ 570.41 million by 2028 to expand at 11.0% CAGR during 2023–2028.

Based on industry vertical, the Middle East & Africa power system analysis software market is segmented into oil and gas, manufacturing, transportation, mining, renewables, non-renewables, and others. The oil and gas segment held 35.5% share of Middle East & Africa power system analysis software market in 2023, amassing US$ 241.09 million. It is projected to garner US$ 393.45 million by 2028 to expand at 10.3% CAGR during 2023–2028. 

Based on country, the Middle East & Africa power system analysis software market is segmented into Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 37.7% share of Middle East & Africa power system analysis software market in 2023. It was assessed at US$ 256.22 million in 2023 and is likely to hit US$ 433.15 million by 2028, exhibiting a CAGR of 11.1% during the forecast period.

Key players profiles in the Middle East & Africa power system analysis software market report ABB Ltd; DIgSILENT GmbH; General Electric Co; Neplan AG; Operation Technology Inc; RINA SpA; Schneider Electric SE; Siemens AG; and Trimble Inc, among others.

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