Global Power System Simulators Market Size, Share, Trends, Industry Growth by Module (Load Flow, Short Circuit, Arc Flash, Harmonics, & Others), by Component (Software, Hardware, Services), by End-Use, and Forecast to 2027
Report ID: RC117202 | Report Format: PDF + Excel | Starting Price: 3600/- USD | Last Updated: June 22nd, 2023The global power system simulators market size was valued at around USD 1 billion in 2020 and estimated to grow at a significant CAGR of around 7% during the forecast period 2021 to 2027. The growing power industry and the increasing capacity of power generation across the globe are some major factors to drive the market growth. Furthermore, the increasing adoption of IoT and cloud platform and the reduced cost and project time is further anticipated to boost the market growth. Moreover, the increasing shift towards renewable energy sources such as wind and solar energy is expected to increase the demand for power system simulators in the next upcoming years.
Market Drivers:
Increasing Complexity of Power Systems: Power systems are becoming increasingly complex due to the integration of renewable energy sources, distributed generation, energy storage, and smart grid technologies. Power system simulators help in understanding and analyzing the behavior of these complex systems, enabling engineers and operators to make informed decisions, optimize operations, and ensure grid stability. The growing complexity of power systems drives the demand for advanced simulation tools.
Need for Grid Reliability and Resilience: The demand for reliable and resilient power grids is a significant driver for the power system simulators market. Power system simulators allow engineers and operators to assess the impact of various scenarios, such as contingencies, faults, and extreme weather events, on the grid’s reliability and resilience. By simulating and analyzing these scenarios, operators can identify vulnerabilities, develop mitigation strategies, and enhance the overall reliability of power systems.
Integration of Renewable Energy Sources: The increasing penetration of renewable energy sources, such as solar and wind power, presents unique challenges for power system operation and planning. Power system simulators help in modeling and simulating the integration of renewable energy sources into the grid, analyzing their impact on grid stability, voltage control, and power flow. They enable operators to optimize the integration of renewable energy sources and ensure the reliable and efficient operation of power systems.
Grid Expansion and Infrastructure Development: Grid expansion and infrastructure development projects, driven by urbanization, industrialization, and electrification initiatives, contribute to the demand for power system simulators. Simulators aid in planning and optimizing the expansion of power transmission and distribution networks, analyzing load flow, voltage levels, and grid stability. They help in identifying optimal network configurations, minimizing losses, and maximizing the utilization of existing infrastructure.
Training and Education Purposes: Power system simulators are extensively used for training and education purposes. They provide a safe and controlled environment for operators, engineers, and students to learn and gain hands-on experience in power system operation, control, and troubleshooting. Simulators allow users to understand the behavior of power systems under different scenarios, enhance their skills, and prepare for real-world challenges. The need for skilled professionals in the power sector drives the demand for power system simulators for training and education.
Regulatory Compliance and Grid Standards: Regulatory bodies and grid operators impose stringent regulations and standards for power system operation, grid stability, and grid integration of renewable energy sources. Power system simulators help in complying with these regulations by enabling thorough analysis and assessment of power system behavior. They assist in evaluating grid performance against regulatory requirements, planning grid upgrades, and ensuring compliance with grid standards.
Cost and Time Savings: Power system simulators offer cost and time savings compared to traditional testing and analysis methods. Conducting physical tests on power systems can be expensive and time-consuming. Simulators allow for virtual testing, enabling engineers and operators to assess various scenarios and optimize system performance without the need for physical setups. Simulators also help in reducing downtime and improving maintenance practices by predicting equipment failures and analyzing their impact on the grid.
Technological Advancements: Ongoing advancements in simulation technology, such as the development of real-time simulation capabilities, improved modeling techniques, and enhanced visualization tools, contribute to the growth of the power system simulators market. These advancements enable more accurate and detailed simulations, better analysis of system behavior, and enhanced decision-making capabilities.
Market Snapshot:
Benchmark Year | 2022 | ||
Market Size | ~ USD 1 Billion in 2020 | ||
Market Growth (CAGR) | ~ 7% (2023-2030) | ||
Largest Market Share | North America | ||
Analysis Period | 2020-2030 | ||
Market Players | ABB Ltd., Schneider Electric, Siemens, GE (US), and ETAP |
Market Insights:
The global power system simulators market is bifurcated into module, component, end-use, and geography. On the basis of components, the market is further segmented into software, hardware, and services. The software segment dominated the global market in 2020 and accounted to hold the largest revenue share of over half of the market. The technological advancement and the increasing investment in IoT to achieve higher efficiency are some major factors to contribute the segment growth. The segment is also expected to maintain its dominance over the forecast period.
On the basis of end-use, the market is segmented into power, industrial, and others. The power segment dominated the global power system simulators market in 2020 and accounted to maintain its dominance over the forecast period. The segment held the largest revenue share of over half of the market in 2020. The increasing capability of power generation across the globe is a major factor to drive the segment growth. Furthermore, the increasing investment in renewable energy sources such as solar and wind energy is expected to boost the segment growth over the forecast period.
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The power system simulators comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.
The power system simulators market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.
Historical & Forecast Period
- 2018-19 – Historical Year
- 2020 – Base Year
- 2021-2027 – Forecast Period
Market Segmentation:
By Module:
- Load Flow
- Short Circuit
- Device Coordination Selectivity
- Arc Flash
- Harmonics
- Others
By Component:
- Software
- Hardware
- Services
By End-Use:
- Power
- Industrial
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Geographic Coverage
Geographically, North America dominated the global power system simulators market in 2020 and accounted to hold the largest revenue share of around one-third percent of the market. The rapid growth in the IoT sector and the increasing investment in renewable power generation are some major factors driving the market growth in the region. Furthermore, the technological advancement and the presence of some major players is further anticipated to drive the market growth in North America.
Competitive Assessment
Some of the major market players operating in the global power system simulators market are ABB Ltd., Schneider Electric, Siemens, GE (US), and ETAP. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.
Key Companies:
- ABB Ltd.
- Schneider Electric
- Siemens
- GE (US)
- ETAP
- RTDS Technologies
- MathWorks
- OPAL-RT
- Eaton
Key Questions Answered by Power System Simulators Market Report
- Global power system simulators market forecasts from 2021-2027
- Regional power system simulators market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
- Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
- Power system simulators submarket forecasts from 2021-2027 covering the market by module, by component, by end-use, and geography
- Various industry models such as SWOT analysis, Value Chain Analysis pertaining to power system simulators market
- Analysis of the key factors driving and restraining the growth of the global, regional, and country-level power system simulators markets from 2021-2027
- Competitive Landscape and market positioning of top 10 players operating in the power system simulators market
1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.4. Assumptions
2. Executive Summary
2.1. Global Power System Simulators Market Portraiture
2.2. Global Power System Simulators Market, by Module, 2020 (USD Mn)
2.3. Global Power System Simulators Market, by Component, 2020 (USD Mn)
2.4. Global Power System Simulators Market, by End-Use, 2020 (USD Mn)
2.5. Global Power System Simulators Market, by Geography, 2020 (USD Mn)
3. Global Power System Simulators Market Analysis
3.1. Power System Simulators Market Overview
3.2. Market Inclination Insights
3.3. Market Dynamics
3.3.1. Drivers
3.3.2. Challenges
3.3.3. Opportunities
3.4. Attractive Investment Proposition
3.5. Competitive Analysis
3.6. Porter’s Five Force Analysis
3.6.1. Bargaining Power of Suppliers
3.6.2. Bargaining Power of Buyers
3.6.3. Threat of New Entrants
3.6.4. Threat of Substitutes
3.6.5. Degree of Competition
3.7. COVID-19 Impact Analysis
4. Global Power System Simulators Market By Module, 2018 – 2027 (USD Mn)
4.1. Overview
4.2. Load Flow
4.3. Short Circuit
4.4. Device Coordination Selectivity
4.5. Arc Flash
4.6. Harmonics
4.7. Others
5. Global Power System Simulators Market By Component, 2018 – 2027 (USD Mn)
5.1. Overview
5.2. Software
5.3. Hardware
5.4. Services
6. Global Power System Simulators Market By End-Use, 2018 – 2027 (USD Mn)
6.1. Overview
6.2. Power
6.3. Industrial
6.4. Others
7. North America Power System Simulators Market Analysis and Forecast, 2018 – 2027 (USD Mn)
7.1.1. Overview
7.1.2. North America Power System Simulators Market by Module (2018-2027 USD Mn)
7.1.3. North America Power System Simulators Market by Component (2018-2027 USD Mn)
7.1.4. North America Power System Simulators Market by End-Use (2018-2027 USD Mn)
7.1.5. North America Power System Simulators Market by Country (2018-2027 USD Mn)
7.1.5.1. U.S.
7.1.5.1.1. U.S. Power System Simulators Market by Module (2018-2027 USD Mn)
7.1.5.1.2. U.S. Power System Simulators Market by Component (2018-2027 USD Mn)
7.1.5.1.3. U.S. Power System Simulators Market by End-Use (2018-2027 USD Mn)
7.1.5.2. Canada
7.1.5.2.1. Canada Power System Simulators Market by Module (2018-2027 USD Mn)
7.1.5.2.2. Canada Power System Simulators Market by Component (2018-2027 USD Mn)
7.1.5.2.3. Canada Power System Simulators Market by End-Use (2018-2027 USD Mn)
8. Europe Power System Simulators Market Analysis and Forecast, 2018 – 2027 (USD Mn)
8.1.1. Overview
8.1.2. Europe Power System Simulators Market by Module (2018-2027 USD Mn)
8.1.3. Europe Power System Simulators Market by Component (2018-2027 USD Mn)
8.1.4. Europe Power System Simulators Market by End-Use (2018-2027 USD Mn)
8.1.5. Europe Power System Simulators Market by Country (2018-2027 USD Mn)
8.1.5.1. Germany
8.1.5.1.1. Germany Power System Simulators Market by Module (2018-2027 USD Mn)
8.1.5.1.2. Germany Power System Simulators Market by Component (2018-2027 USD Mn)
8.1.5.1.3. Germany Power System Simulators Market by End-Use (2018-2027 USD Mn)
8.1.5.2. U.K.
8.1.5.2.1. U.K. Power System Simulators Market by Module (2018-2027 USD Mn)
8.1.5.2.2. U.K. Power System Simulators Market by Component (2018-2027 USD Mn)
8.1.5.2.3. U.K. Power System Simulators Market by End-Use (2018-2027 USD Mn)
8.1.5.3. France
8.1.5.3.1. France Power System Simulators Market by Module (2018-2027 USD Mn)
8.1.5.3.2. France Power System Simulators Market by Component (2018-2027 USD Mn)
8.1.5.3.3. France Power System Simulators Market by End-Use (2018-2027 USD Mn)
8.1.5.4. Italy
8.1.5.4.1. Italy Power System Simulators Market by Module (2018-2027 USD Mn)
8.1.5.4.2. Italy Power System Simulators Market by Component (2018-2027 USD Mn)
8.1.5.4.3. Italy Power System Simulators Market by End-Use (2018-2027 USD Mn)
8.1.5.5. Rest of Europe
8.1.5.5.1. Rest of Europe Power System Simulators Market by Module (2018-2027 USD Mn)
8.1.5.5.2. Rest of Europe Power System Simulators Market by Component (2018-2027 USD Mn)
8.1.5.5.3. Rest of Europe Power System Simulators Market by End-Use (2018-2027 USD Mn)
9. Asia Pacific Power System Simulators Market Analysis and Forecast, 2018 – 2027 (USD Mn)
9.1.1. Overview
9.1.2. Asia Pacific Power System Simulators Market by Module (2018-2027 USD Mn)
9.1.3. Asia Pacific Power System Simulators Market by Component (2018-2027 USD Mn)
9.1.4. Asia Pacific Power System Simulators Market by End-Use (2018-2027 USD Mn)
9.1.5. Asia Pacific Power System Simulators Market by Country (2018-2027 USD Mn)
9.1.5.1. China
9.1.5.1.1. China Power System Simulators Market by Module (2018-2027 USD Mn)
9.1.5.1.2. China Power System Simulators Market by Component (2018-2027 USD Mn)
9.1.5.1.3. China Power System Simulators Market by End-Use (2018-2027 USD Mn)
9.1.5.2. Japan
9.1.5.2.1. Japan Power System Simulators Market by Module (2018-2027 USD Mn)
9.1.5.2.2. Japan Power System Simulators Market by Component (2018-2027 USD Mn)
9.1.5.2.3. Japan Power System Simulators Market by End-Use (2018-2027 USD Mn)
9.1.5.3. Rest of Asia Pacific
9.1.5.3.1. Rest of Asia Pacific Power System Simulators Market by Module (2018-2027 USD Mn)
9.1.5.3.2. Rest of Asia Pacific Power System Simulators Market by Component (2018-2027 USD Mn)
9.1.5.3.3. Rest of Asia Pacific Power System Simulators Market by End-Use (2018-2027 USD Mn)
10. Latin America (LATAM) Power System Simulators Market Analysis and Forecast, 2018 – 2027 (USD Mn)
10.1.1. Overview
10.1.2. Latin America Power System Simulators Market by Module (2018-2027 USD Mn)
10.1.3. Latin America Power System Simulators Market by Component (2018-2027 USD Mn)
10.1.4. Latin America Power System Simulators Market by End-Use (2018-2027 USD Mn)
10.1.5. Latin America Power System Simulators Market by Country (2018-2027 USD Mn)
10.1.5.1. Brazil
10.1.5.1.1. Brazil Power System Simulators Market by Module (2018-2027 USD Mn)
10.1.5.1.2. Brazil Power System Simulators Market by Component (2018-2027 USD Mn)
10.1.5.1.3. Brazil Power System Simulators Market by End-Use (2018-2027 USD Mn)
10.1.5.2. Mexico
10.1.5.2.1. Mexico Power System Simulators Market by Module (2018-2027 USD Mn)
10.1.5.2.2. Mexico Power System Simulators Market by Component (2018-2027 USD Mn)
10.1.5.2.3. Mexico Power System Simulators Market by End-Use (2018-2027 USD Mn)
10.1.5.3. Rest of Latin America
10.1.5.3.1. Rest of Latin America Power System Simulators Market by Module (2018-2027 USD Mn)
10.1.5.3.2. Rest of Latin America Power System Simulators Market by Component (2018-2027 USD Mn)
10.1.5.3.3. Rest of Latin America Power System Simulators Market by End-Use (2018-2027 USD Mn)
11. Middle East and Africa Power System Simulators Market Analysis and Forecast, 2018 – 2027 (USD Mn)
11.1.1. Overview
11.1.2. MEA Power System Simulators Market by Module (2018-2027 USD Mn)
11.1.3. MEA Power System Simulators Market by Component (2018-2027 USD Mn)
11.1.4. MEA Power System Simulators Market by End-Use (2018-2027 USD Mn)
11.1.5. Middle East and Africa Power System Simulators Market, by Country (2018-2027 USD Mn)
11.1.5.1. GCC
11.1.5.1.1. GCC Power System Simulators Market by Module (2018-2027 USD Mn)
11.1.5.1.2. GCC Power System Simulators Market by Component (2018-2027 USD Mn)
11.1.5.1.3. GCC Power System Simulators Market by End-Use (2018-2027 USD Mn)
11.1.5.2. South Africa
11.1.5.2.1. South Africa Power System Simulators Market by Module (2018-2027 USD Mn)
11.1.5.2.2. South Africa Power System Simulators Market by Component (2018-2027 USD Mn)
11.1.5.2.3. South Africa Power System Simulators Market by End-Use (2018-2027 USD Mn)
11.1.5.3. Rest of MEA
11.1.5.3.1. Rest of MEA Power System Simulators Market by Module (2018-2027 USD Mn)
11.1.5.3.2. Rest of MEA Power System Simulators Market by Component (2018-2027 USD Mn)
11.1.5.3.3. Rest of MEA Power System Simulators Market by End-Use (2018-2027 USD Mn)
12. Company Profiles
12.1. ABB Ltd.
12.1.1. Business Description
12.1.2. Financial Health and Budget Allocation
12.1.3. Product Positions/Portfolio
12.1.4. Recent Development
12.1.5. SWOT Analysis
12.2. Schneider Electric
12.2.1. Business Description
12.2.2. Financial Health and Budget Allocation
12.2.3. Product Positions/Portfolio
12.2.4. Recent Development
12.2.5. SWOT Analysis
12.3. Siemens
12.3.1. Business Description
12.3.2. Financial Health and Budget Allocation
12.3.3. Product Positions/Portfolio
12.3.4. Recent Development
12.3.5. SWOT Analysis
12.4. GE (US)
12.4.1. Business Description
12.4.2. Financial Health and Budget Allocation
12.4.3. Product Positions/Portfolio
12.4.4. Recent Development
12.4.5. SWOT Analysis
12.5. ETAP
12.5.1. Business Description
12.5.2. Financial Health and Budget Allocation
12.5.3. Product Positions/Portfolio
12.5.4. Recent Development
12.5.5. SWOT Analysis
12.6. RTDS Technologies
12.6.1. Business Description
12.6.2. Financial Health and Budget Allocation
12.6.3. Product Positions/Portfolio
12.6.4. Recent Development
12.6.5. SWOT Analysis
12.7. MathWorks
12.7.1. Business Description
12.7.2. Financial Health and Budget Allocation
12.7.3. Product Positions/Portfolio
12.7.4. Recent Development
12.7.5. SWOT Analysis
12.8. OPAL-RT
12.8.1. Business Description
12.8.2. Financial Health and Budget Allocation
12.8.3. Product Positions/Portfolio
12.8.4. Recent Development
12.8.5. SWOT Analysis
12.9. Eaton
12.9.1. Business Description
12.9.2. Financial Health and Budget Allocation
12.9.3. Product Positions/Portfolio
12.9.4. Recent Development
12.9.5. SWOT Analysis
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