At 12.3% CAGR, the North America Power System Analysis Software Market is projected to be worth US$ 4,087.33 million by 2028, says Business Market Insights

According to Business Market Insights research, the North America power system analysis software market was valued at US$ 2,289.94 million in 2023 and is expected to reach US$ 4,087.33 million by 2028, registering a CAGR of 12.3% from 2023 to 2028. Rising government initiatives for energy management and increasing cases of power outages are the critical factors attributed to the North America power system analysis software market expansion.

Governments plays an important role in the introduction of solutions for energy management. Rise in government initiatives and increase in R&D activities to promote energy efficiency and energy conservation will provide ample opportunities for the North America power system analysis software market growth.

Some government initiatives are listed below:

• According to US Argonne National Laboratory, Center for Energy, Environmental, and Economic Systems Analysis (CEEESA) is a government body focused on providing solutions to clients such as utility companies and government bodies. CEEESA conduct power systems studies for clients by providing information regarding power system expansion and power system solutions.

The increase in government initiatives and R&D activities for energy management will create ample opportunities and awareness regarding the power system analysis software, contributing to the market growth.  

On the contrary, high upfront investment and security challenges hurdles the growth of North America power system analysis software market.

Based on deployment model, the North America power system analysis software market is bifurcated into cloud and on-premises. The on-premises segment held 63.3% share of North America power system analysis software market in 2023, amassing US$ 1,450.57 million. It is projected to garner US$ 2,521.59 million by 2028 to expand at 11.7% CAGR during 2023–2028.

Based on application, the North America power system analysis software market is segmented into electric power generation, electric power distribution, and electric power transmission. The electric power generation segment held 45.4% share of North America power system analysis software market in 2023, amassing US$ 1,039.64 million. It is projected to garner US$ 1,911.51 million by 2028 to expand at 13.0% CAGR during 2023–2028.

Based on voltage type, the North America power system analysis software market is segmented into low voltage, medium voltage, and high voltage. The low voltage segment held 48.4% share of North America power system analysis software market in 2023, amassing US$ 1,108.37 million. It is projected to garner US$ 2,050.76 million by 2028 to expand at 13.1% CAGR during 2023–2028.  

Based on industry vertical, the North America 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 28.2% share of North America power system analysis software market in 2023, amassing US$ 646.86 million. It is projected to garner US$ 1,164.79 million by 2028 to expand at 12.5% CAGR during 2023–2028.  

Based on country, the North America power system analysis software market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 77.4% share of North America power system analysis software market in 2023. It was assessed at US$ 1,772.38 million in 2023 and is likely to hit US$ 3,196.82 million by 2028, exhibiting a CAGR of 12.5% during the forecast period.  

Key players profiles in the North America 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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