Generation management systems: Key market research findings
- EMEA dominates the market geographically
- Software segment accounts for a majority of the market’s revenue
- Key vendors – ABB, GE, OSI, and Siemens
Technavio’s market research analysts predict the global generation management systems market to grow at a CAGR of around 3% between 2016 and 2020. The growth of this market can be attributed to the increased investments in smart grid technology. Factors such as T&D losses, growing demand for power, and the demand-supply mismatch have led to power crisis across the globe. As a result, countries such as the US, China, India, and the UK have started adopting smart grid technologies such as phasor measurement units, RTUs, IEDs, and smart meters that provide intelligence from power generation to the point of consumption. During 2015, the global generation management systems market was dominated by EMEA with a market share of around 40%. The deregulation of the power market and electricity interconnections will propel growth in the generation management systems market in EMEA during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the generation management systems segments based on the application.
“There has been an increasing emphasis on the integration of power resources lately. Globally, efforts are being made to reduce the dependency on fossil fuel as it is one of the major contributors to emissions. This focus on emission reduction has compelled governments to focus on cleaner fuel sources such as nuclear and renewables, which have the potential to substitute fossil fuels without increasing the emission levels significantly. The governments from across the globe have also been supporting such technologies with the aid of lucrative policies, incentives, and rebates,” says Vishu Rai, Lead Analyst, Energy, Technavio Research.
The software segment accounted for almost 60% of the overall market revenue to become the key revenue generating vertical of the global market for generation management systems. Licensing accounts for a major part of the overall software expenditure. These systems are a vital part of the power system as they prevent faults, which could turn to large-scale outages. They can be bought off the shelf from vendors such as Atos, Siemens, GE, ABB or they can also be specifically designed to meet the individual requirement of the power utility companies and IPPs.
The key vendors in the global generation management systems market include ABB, GE, OSI, and Siemens. Though several new vendors are emerging in this market, they find it difficult to compete with the existing vendors in terms of quality, functionalities, and services. The competitive environment in this market is likely to intensify further during the forecast period because of the increase in product extensions and technological innovations.
A more detailed analysis is available in the Technavio report, Global Generation Management Systems Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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