Power sector to spend $5 billion on software by 2025

BLOOMBERGNEF | New BloombergNEF research shows that the power sector will spend $3.2 billion on software in 2020 to optimize the performance, costs and revenues of generation and grid assets. BNEF believes this will grow to $5.2 billion by 2025, driven by the sectors decarbonization mandate. For power generation software, China and Europe will be the biggest markets, accounting for 26% and 24% of the global market respectively. We estimate the market for power grid software in 2020 is split roughly evenly between China (28%), the U.S. (21%), Europe (25%) and the rest of the world (26%). The market share of Europe and the U.S. erodes toward 2025 due to growing demand for software in the rest of world.

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