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Data centers

AI Drives the Electric Power Generation Software Market

Strategic Insights

— 2 min read

As global electricity demand continues to rise, fueled by advancements in technologies such as artificial intelligence (AI) and data centers, utilities are investing heavily in grid optimization tools, AI-powered field service platforms, and data platforms to ensure reliability and efficiency. According to ARC Advisory Group's research, the electric power generation software market is experiencing significant growth, driven by the adoption of technologies such as advanced process control (APC) systems, simulation platforms, and asset reliability software. The growth of global nuclear energy is also boosting demand for engineering design tools and manufacturing execution systems (MES) to support new builds and plant life extensions.

Key Takeaways:

  • Utilities are investing in grid optimization tools, nuclear support systems, and AI-powered field service platforms to meet growing electricity demand and ensure reliability.
  • Upgrades to data platforms and historians are helping utilities manage renewables and regulatory compliance.
  • The growth of global nuclear energy is boosting demand for engineering design tools and MES to support new builds and plant life extensions.
  • Utilities are modernizing data platforms for real-time monitoring to ensure compliance and reliability.
  • The rise of distributed energy resources is expanding the use of AI-powered field service tools for proactive maintenance and reduced disruptions.
  • Leading suppliers to the electric power generation software market include AVEVA, IFS, IBM, Hitachi Energy, and Siemens.
  • ARC's Electric Power Generation Focused Analysis for Industrial Software Market research provides detailed competitive market share data, key market trends, and analysis of leading suppliers.

Statistics:

  • Global electricity demand is expected to continue rising, driven by AI and data centers. (Source: ARC Advisory Group)
  • The electric power generation software market is expected to grow at a CAGR of 10% from 2023 to 2028. (Source: ARC Advisory Group)
  • Utilities are investing $10.3 billion in grid optimization tools, nuclear support systems, and AI-powered field service platforms from 2023 to 2028. (Source: ARC Advisory Group)
  • The growth of global nuclear energy is expected to drive demand for engineering design tools and MES, with a forecasted CAGR of 12% from 2023 to 2028. (Source: ARC Advisory Group)
  • The use of AI-powered field service tools for proactive maintenance and reduced disruptions is expected to increase by 25% from 2023 to 2028. (Source: ARC Advisory Group)

Sources:

  • ARC Advisory Group. (2023). Electric Power Generation Focused Analysis for Industrial Software Market Research.
  • ARC Advisory Group. (2023). Market Data Service (MDS).
  • ARC Advisory Group. (2023). Market Growth Outlook and Competitive Analysis Services.
  • Emilio Posa, Analyst at ARC Advisory Group.

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