According to Market Research Future (MRFR), the global power system simulator market is estimated to reach USD 1,461.8 million, with a 7.21% CAGR from 2019 to 2025 (forecast period). The study provides a detailed and thorough overview of the impact of the COVID-19 pandemic on the global power system simulator market.
The power system simulator industry involves a simulation system involving power system modeling and network simulation used by power system engineers to simulate power transmission networks, power plants, and substations. In general, the power system simulator focuses on three critical areas in the power system analysis, namely the calculation of faults, the calculation of power flow, and the calculation of economic dispatch. Simulators act as a power system real-time simulator and evaluate grid faults in real-time and counter-measures with rising renewable power generation. In addition, solar power system simulators are also installed for the calculation, sizing, and regulation of photovoltaic installations connected to the grid. Likewise, a double power system simulator also offers real-time simulation with extensive accessories, including amplifiers, communication devices, and distribution accessories.
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The key drivers of the demand for power system simulators are the rising power sector, particularly renewable power generation, and the increasing adoption of IoT cloud platforms. The power system simulator has many features that make it an integral part of any power system. These features include high resolution long-term analysis, compatibility with renewable energy resources, and high reproducibility for grid phenomena. These features of the power system simulators are likely to increase the market for the power system simulator.
The global power system simulator market is expected to rise at a high rate during the forecast period. Steadily increasing power sector requires an adequate electrical power system simulator system, including an analysis of electrical power systems using real-time data. The simulator also enables testing of different system topologies in commercial facilities, industrial power systems, power transmission, renewable, and rail power systems. The power system simulator, an integral part of these end-users, is likely to see a high growth rate as these end-users are on the rise across the globe. However, power system simulators are at risk of data security, which may impede the growth of the global market for power system simulators.
Major players are engaged in the development of highly competitive power system simulators that offer substantial benefits to end-users. In addition, these players are actively engaged in offering their products to end-users in order to improve their market position. For example, in 2018, GSE Systems signed two contracts worth USD 4 million to upgrade nuclear power systems in China. Under this contract, GSE offered simulation technology and engineering services for a high-fidelity nuclear power plant simulator. Similarly, PowerWorld simulators also provide end-users with promising global power simulator software packages. Such contracts and innovative products provided by manufacturers of power system simulator manufacturers are likely to drive the market's growth for the power system simulator market.
Moreover, with increasing power generation, particularly renewable power generation, the complexity of the power transmission network tends to become complicated, requiring a proper simulation system to analyze electrical power systems using real-time data.
Regionally, the global power system simulator market size has been segmented into Asia Pacific (APAC), North America, Europe, the Middle East Africa, and South America.
The key booster of growth in the APAC market is the rise in the number of smart cities and the rise in power generation in India and China.
The global market for power system simulator has been segmented based on module, component, and end-user.
By module, the global power system simulator market has been classified into load flow, device coordination selectivity, harmonics, short circuit, arc flash, and others. The load flow segment is expected to lead the global market owing to various load flow techniques available for the power system simulator. Furthermore, load flow software can also create and validate system models and obtain accurate and reliable results.
By component, the global power system simulator market has been segmented into hardware, software, and services.
By the end-user, the global power system simulator market has been segmented into power, industrial, and others.
The industry giants in the Global Power System Simulator Market are ABB (Switzerland), Open Systems International, Inc. (US), Schneider Electric (France), Eaton (Ireland), GE (US), ETAP (US), The MathWorks, Inc. (US), Opal-RT Technologies, Inc. (Canada), Siemens (Germany), PowerWorld Corporation (US),, RTDS Technologies Inc. (Canada), Energy Exemplar (Australia), Fuji Electric (Japan), Neplan AG (Switzerland), and Atos SE (France).
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