"Actionable Insights to Fuel Your Growth"
The power system simulator is the software tool used to stimulate the generation and the distribution of the electric power in the steady-state condition under the monitoring of power system engineers. This system generally concentrates on three areas in power system analysis: economic dispatch calculation, power flow calculation, and faults calculation. The utilization of the power system simulators makes the process cost and time effective. It extensively finds its application for the short-term operational simulations, long term generation, and transmission expansion planning. Power system simulation involves modeling power generation equipment, planning the integration of power plants onto the electric grid, and performing generator control system parameter estimation. Its tasks include simulating performance against grid code and ensuring production goals are met, automating control system parameter estimation to meet regulatory requirements, and performing EMT simulation and harmonic analysis to identify and mitigate power quality issues.
The power system simulator market based on the module is segmented as load flow, harmonics, short-circuit, device coordination selectivity, arc flash, and others. The load flow module segment is estimated to account for a significant share in terms of value during the forecast period. It helps in continuous monitoring of the current state of the power system, so it is used daily in load dispatch/power system control centres. It is also used as a support during examining the effectiveness of the alternative plans for future system expansion when adding new generators or transmission lines if needed. It is used for basic analysis in the study of the power system and gives information about what is happening in a system.
Based on the component type, the market is segmented into hardware, software, and services. The software segment is expected to lead the market as it used to make the calculations easy, especially when the number of inputs is very large. In this, the role of software is for convergence, time-saving, and accuracy.
Based on the end-user, the market is segmented into power, industrial, and others. The power segment is expected to grow at the highest pace during the forecast period as it widely used in generating and optimizing power in various applications such as electric power generation-nuclear, conventional and renewable, utility transmission, utility distribution, railway power systems, and industrial power systems.
Growing demand for power system simulator due to expansion of power generation capacities and rapidly increasing power sector worldwide is a major factor expected to drive the growth of the global power system simulator market over the forecast period. Other factors include; increasing adoption and preference for the Internet of things and cloud platforms, which are expected to propel the demand for power system simulator.
Also, rising demand for power system simulator owing to the reduction in overall project time and cost and increasing investment by governments in developing countries are among some factors estimated to drive the growth of the potential market over the forecast period. Big Data analytics also contribute to the growth of the power system simulator market by leading to more informed operations and enabling the accurate realization of the system states. The key restraint is the risk of data security due to increasing occurrences of viruses and cyber-attacks that are leading to security concerns.
Key Market Driver -
Need for augmentation of power generation capacities and rapidly increasing power sector worldwide
Key Market Restraint -
Risk of data security
Some of the major companies in the power system simulator market include ABB, Schneider Electric, Eaton, Siemens, GE, ETAP, Open Systems International, MathWorks, OPAL-RT TECHNOLOGIES, PowerWorld Corporation, NEPLAN AG, RTDS Technologies Inc., Energy Exemplar, Fuji Electric Corp. of America, Electrocon International Inc, DIgSILENT GmbH, and Atos.
The global power system simulator market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is contributed to the highest share in terms of revenue due to the increasing investments in renewable energy, metals, mining, and growing share in the shale oil market. The power system simulator market in the Asia Pacific is projected to grow at a significant pace over the forecast period due to increasing investment in power generation projects and rising demand for power system simulator in developing countries in the region. The European power system simulator market is estimated to grow at a moderate pace over the forecast period. The objectives of accomplishing the Sustainable Development Goals received by the United Nations (UN) is pushing the countries in the area to decrease the utilization of petroleum derivatives and work on essential vitality. Government incentives for manufacturing industries in countries like Germany and France would enhance investments and increase the need for power would boost the demand for power simulator. In Middle East countries like; Saudi Arabia and UAE, an increase in the generation capacity of energy from renewable resources like coal, wind, and water will boost the demand for the market.
To gain extensive insights into the market, Request for Customization
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry