The global power system simulators market size is likely to be valued at US$ 1.2 billion in 2023. The increasing expansion of the power electronic sector is driving the market growth. The market is estimated to garner US$ 2.1 billion in 2033, recording a CAGR of 6.0% from 2023 to 2033.
The demand for power system simulators increases due to the increasing expansion of power generation capabilities and rapid growth of the power sector, which are the main factor likely to drive the growth of the power system simulator market during the forecast period. Increasing demand for the Internet of Things also propels the market for power system simulators.
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The growth of the power system simulator market is attributed to the increasing demand from the industrial sector, increasing research and development activities, and increasing investment in grid modernization initiatives to enhance the reliability, efficiency, and flexibility of their power grids.
With the increasing industrialization, urbanization, and increased population worldwide the demand for power increases. The increased demand for energy from the commercial and residential sectors and increasing automation in power utility infrastructures foster the growth of the power system simulator market.
The increasing investment in smart grid systems and increasing focus on reducing energy losses during power transmission are also expected to drive the demand for power system simulators.
North America is emerged as a major consumer of power system simulators owing to the increasing investment in the renewable energy sector. Europe is expected to show high growth in the industry due to increased focus on renewable energy.
Key Takeaways :
- From 2018 to 2022, the power system simulator market demand expanded at a CAGR of 6.7%.
- Based on the module, the load flow segment accounts for a CAGR of 5.9%.
- By offerings, the software segment is expected to expand at a CAGR of 5.7% during the forecast period.
- North America to emerge as a promising market for power system simulators, capturing a CAGR of 5.9%.
- Asia Pacific is an opportunistic market, expected to capture a CAGR of 5.8% during the forecast period.
“Increasing technological advances and increased demand from the power generation sector are expected to drive the market in the forecast period. The increasing demand from the industrial sector globally is projected to play a vital ro le in strengthening the market,” – says an analyst at FMI.
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Competitive Landscape :
Prominent players in the power system simulator market are ABB Ltd.; Schneider Electric SE; Eaton Corporation PLC; Fuji Electric Co., Ltd.; S&C Electric Company among others.
- DIgSILENT is a leading provider of power system simulation software, known for its flagship product, PowerFactory. DIgSILENT’s simulators support a wide range of analyses, including load flow, short circuit, dynamic stability, and renewable energy integration. The company has been actively involved in research and development, continuously enhancing its simulation capabilities to meet the evolving needs of the power industry.
- PSCAD (A Siemens Business): PSCAD, now part of Siemens, is a software company specializing in electromagnetic transient simulation for power systems. Their PSCAD software enables detailed modeling and analysis of power electronic devices, protection systems, and complex control schemes. PSCAD has been at the forefront of developing simulation tools for renewable energy integration, HVDC systems, and electric vehicle charging infrastructure.
Key Segments Covered :
By Module:
- Load Flow
- Short Circuit
- Device Co-ordination selectivity
- Arc Flash
- Harmonics
- Others
By Offerings:
- Software
- Hardware
- Services
By End-Use:
- Power
- Industrial
- Others
By Region:
- North American
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Know More about What this Market Report Covers :
Future Market Insights (FMI) offers an unbiased analysis of the global power system simulator market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the power system simulator market, the market is segmented based on module, offering, and end-use across five major regions.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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