Decoding the Dynamics of Power System Simulator Industry: Analyzing Trends, Key Contenders, and Growth Outlooks Revealed up to 2033
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.
Request Sample Report: Empower Your Industry
Understanding with Invaluable Insights
https://www.futuremarketinsights.com/reports/sample/rep-gb-17321
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 the Power System Simulator Market Study:
- 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.
Competitive Landscape :
- 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 Companies Profiled:
- ABB
Ltd.
- Schneider
Electric SE
- Eaton
Corporation PLC
- Fuji
Electric Co., Ltd
- S&C
Electric Company
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.
Comments
Post a Comment