Power System Simulator market: A power system simulator is a device used for the analysis, modeling and simulation of the behavior and operation of a power system. The power system simulator is mostly used to predict the voltage and frequency response of the components of a power system. The power system simulation market is a booming and crucial sector. Due to the continuous advancements in computer technology, it has been necessary for companies to implement advanced and efficient products for their businesses. Power System Simulator is one such product that can improve your performance by providing you with a real time simulation of your current or future requirements.
Highlighted with 80 tables and 73 figures, this 151-page report “Global Power System Simulator Market 2022-2031 by Component (Hardware, Software, Services), Product (HIL, PHIL), Module (Load Flow, Harmonics, Short Circuit, Arc Flash, Device Coordination Selectivity, Others), Application (Power, Industrial, Others), and Region: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire global power system simulator market and all its sub-segments through extensively detailed classifications.
Global power system simulator market will reach $2,074.2 million by 2031, growing by 7.2% annually over 2022-2031, driven by the rising necessity for renewable sources of energy such as solar and wind energy, rising investments into power infrastructure, growing demand for cost saving and improved efficiency, and the surging adoption of IoT as well as cloud-based platforms.
Power system simulator market is driven by rising sales of such products, various government regulations and policies, growing demand for quality power and electricity in various sectors of the economy, rising need for simulation and training of power systems engineers. Also power system simulator market drivers include rising adoption of renewable energy, demand for load management and smart grid technologies, robust growth in the electric vehicle segment and increasing need for power quality improvement
Power system simulators are used in a variety of industries including utilities, gas transmission and distribution, oil and gas exploration and production, nuclear power plants, manufacturing and general industrial operations. The demand in this segment is driven by the need of mitigating risks, increasing efficiencies, improving reliability and reducing costs of power distribution systems.
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Based on Component, the global power system simulator market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2031 included in each section.
• Hardware
• Software
• Services
Based on Product, the global power system simulator market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2031 included in each section.
• Hardware in the Loop (HIL)
• Power Hardware in the Loop (PHIL)
By Module, the global power system simulator market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2031 included in each section.
• Load Flow
• Harmonics
• Short Circuit
• Arc Flash
• Device Coordination Selectivity
• Other Modules
By Application, the global power system simulator market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2031 included in each section.
• Power
• Industrial
• Other Applications
The report also covers current competitive scenario and the predicted trend; and profiles key vendors including power system simulator market leaders and important emerging players.
Selected Key Players:
ABB Ltd.
Atos SE
Eaton Corporation plc
Energy Exemplar
ETAP
Fuji Electric Co., Ltd.
General Electric Company (GE)
Neplan AG
OPAL-RT Technologies, Inc.
Open Systems International, Inc. (OSI)
PowerWorld Corporation
RTDS Technologies Inc.
Schneider Electric SE
Siemens AG
The MathWorks, Inc.
Conclusi0on:
The power system simulator market is anticipated to witness tremendous growth with the proliferation of advanced and integrated power systems. The growing need for capacity expansion in the power sector, coupled with changing regulations and increasing number of major projects on alternate energy sources, are expected to propel the power system simulator market growth during the forecast period.
