Press Release

Global Power System Simulator Market is expected to grow at a robust CAGR

Global Power System Simulator Market is expected to grow owing to increased power sector renewable power generation and rising adoption of loT & cloud platforms throughout the forecast period.

According to TechSci Research report, “Power System Simulator Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the Global Power System Simulator Market is expected to register robust growth during the forecast period owing to the increasing adoption of Internet of Things and Cloud Platforms in response to technological advancements. Another driving factor for market growth is the growing demand for electricity. Additionally, government investments and the need for simulators to reduce project time and cost are contributing to a positive market outlook. A Power System Simulator possesses several key characteristics that make it an indispensable component of any power system.

Energy storage systems, such as batteries and pumped hydro storage, are becoming increasingly essential components of modern power systems. Power system simulators facilitate the evaluation of energy storage integration, enabling the optimization of charging and discharging strategies, management of peak demand, and enhancement of grid stability. Microgrids are gaining prominence as a viable solution for remote areas, critical facilities, and communities aiming for energy independence. Power system simulators play a crucial role in the design, testing, and optimization of microgrid configurations, ensuring uninterrupted energy supply and resilience in isolated locations.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Power System Simulator Market."

The Global Power System Simulator Market is segmented based on module, component, end-user and region. Based on module, the market is bifurcated into load flow, harmonics, short circuit, device coordination selectivity and others. Based on component, the market is bifurcated into hardware, software and services. Based on end-user, the market is bifurcated into power, oil & gas and others. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, Middle East & Africa.

Based on module, Load Flow segment is expected to dominate the market during the forecast period. Advancements in software and simulation technology are driving improvements in the accuracy and efficiency of Load Flow analysis. Real-time simulations, integration with geographic information systems (GIS), and enhanced visualization tools are enhancing the effectiveness and user-friendliness of Load Flow analysis. Load Flow analysis plays a crucial role in helping utilities manage grid stability, optimize generation, and plan for future capacity requirements. Additionally, it ensures the proper distribution of power within industrial facilities, mitigating the risk of overloading and voltage issues. Moreover, Load Flow analysis aids in the planning of expansion and optimization strategies for transmission and distribution networks.

Based on component type, Software segment is projected to dominate the market throughout the forecast period. Power utilities utilize simulation software for grid planning, system expansion, and ensuring reliable and stable operation. Developers of renewable energy projects employ simulation to evaluate the impact of integrating wind, solar, and other renewable sources into the grid. Industries model their power systems to optimize energy consumption, manage peak loads, and enhance overall efficiency. Academic institutions and research centers leverage simulation software for studying power system behavior, testing new algorithms, and training future engineers. Simulation software models the integration of renewable energy sources, facilitating grid impact analysis and stability assessment.

Key market players in the Global Power System Simulator Market are:-

  • Siemens AG
  • PowerWorld Corporation
  • Opal-RT Technologies, Inc.
  • Eaton Corporation, Inc.
  • RTDS Technologies, Inc.
  • The MathWorks, Inc.
  • ABB Group
  • Schneider Electric SE
  • RTDS Technologies Inc.
  • Fuji Electric Co., Ltd.

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“North America is expected to dominate the market during the forecast period. The region is currently experiencing a shift towards renewable energy sources, which encompass wind, solar, and hydroelectric power. Power system simulation software plays a vital role in modeling the integration of these intermittent sources into the grid, evaluating their impact on stability, and optimizing their operation to ensure efficient energy generation. The incorporation of energy storage systems, such as batteries, is an emerging trend in North America. Simulation software aids in assessing the advantages of energy storage, including peak shaving, load leveling, and grid stabilization, thereby enabling optimized energy management strategies.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Power System Simulator Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Module (Load Flow, Harmonics, Short Circuit, Device Coordination Selectivity and Others), By Component (Hardware, Software and Services), By End-user (Power, Oil & Gas and Others), By Region, Competition,” has evaluated the future growth potential of Global Power System Simulator Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Power System Simulator Market. 


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