Global power system simulator market was valued at $ 960 million in 2019 and is projected to reach USD 1.38 billion by 2025, owing to rising emphasis on power generation through renewable resources and adoption of IoT as well as cloud-based platforms, globally. Power system simulator is a software tool used by various power system engineers to simulate electrical power transmission, generation & distribution for round-the-clock maintenance and is helpful in reducing the overall downtime of the projects.
Furthermore, a simulator acts as a real time simulator, which is used for analyzing grid faults, power flow calculation, and economic dispatch calculation. Moreover, rising necessity for renewable sources of energy such as solar and wind energy has given a boost to the power industry and will likely increase the demand for power system simulators in the coming years.
The power system simulator market is segmented based on module, offerings, end-users, and regions. Based of module, the market is segmented into Load Flow, Device Coordination Selectivity, Short Circuit, Harmonics and Others. The Load Flow segment accounted for the largest share in the global power system simulator market, followed by Harmonics segment.
Based on offerings, the market is categorized into Software, Hardware and Services. Out of these, the Software category accounted for largest share in the power system simulator market and is anticipated to dominate the market during the forecast period due to the investments into IoT as well as increasing advancements into existing software offerings to achieve higher efficiency.
Based on end users, the market is segmented into Power, Industrial and Others, wherein Power segment dominates the market during the forecast period due to rising investments in renewable energy, growing power generation capabilities, and high growth rates in developing the economics of many countries.
Regionally, North America is expected to lead the market due to growing investments in renewable power generation capacities as well as growing IoT Industry in the United States and Canada. Major players operating in the global power system simulator market include ABB Ltd., Eaton Corporation, Siemens AG, General Electric Company, Schneider Electric, Open System International Inc., Fuji Electric Co. Ltd., The Math Works Inc., Powerworld Corporation, RTDS Technologies Inc., and others. Key market players are adopting competitive strategies such as new product developments, mergers & acquisitions, partnership, and agreements in order to expand their geographic reach and to increase their customer base.
Years considered for this report:
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021–2025
Objective of the Study:
- To analyse and forecast the market size of Power System Simulator Market, in terms of value.
- To classify and forecast Global Power System Simulator Market based on module, offerings, end-users, and regional distribution.
- To identify drivers and challenges for Global Power System Simulator Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Global Power System Simulator Market.
- To conduct the pricing analysis for Power System Simulator Market.
- To identify and analyse the profile of leading players involved in the manufacturing of Global Power System Simulator Market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of power system simulator manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the suppliers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings and presence of all major market players across the globe.
TechSci Research calculated the market size of the global power system simulator market using a bottom-up approach, where data for various end user industries and its application across various product types were recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analysing historical data for getting an appropriate, overall market size. Various secondary sources such as company website, news articles, press releases, company annual reports, investor presentations and financial reports were also used by TechSci Research.
Key Target Audience:
- Power System Simulator manufacturers, suppliers, and other stakeholders
- Power System Hardware Providers
- Government bodies such as regulating authorities and policy makers
- Organizations, forums, and alliances related to power system simulator market
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as market players, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, the global power system simulator market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, By Module:
o Load Flow
o Short Circuit
o Device Coordination Selectivity
- Market, By Offerings:
- Market, By End-Users:
- Market, By Regions:
o North America
- United States
o Asia Pacific
- South Korea
- Rest of APAC
- United Kingdom
- Rest of Europe
o Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
o South America
- Rest of South America
Company Profiles: Detailed analysis of the major companies present in Global Power System Simulator Market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit margin analysis in case of direct and indirect sales channel.