Global Power System Simulator Market Analysis 2022
The Global Power System Simulator Market is expected to reach $1.60 billion by 2028 growing at a CAGR of 7.2% from 2021 to 2028. Power system simulator industry includes a simulation system involving power system modeling and network simulation which is used by power system engineers to simulate power plants, substations, and power transmission networks. It generally focuses on three major areas in power system analysis, namely, power flow calculation, economic dispatch calculation, and faults calculation. The simulators act as power system real-time simulator and analyze grid faults in real-time and countermeasures with increasing renewable power generation. Moreover, solar power system simulators are also installed for calculation, sizing, and control of photovoltaic installations connected to the grid. Similarly, a double power system simulator also offers real-time simulation with comprehensive accessories including communication devices, distribution accessories, and amplifiers.
Factors such as increasing adoption of IoT & cloud platforms, growing power sector, and rising smart manufacturing capabilities are driving the growth of the market. However, data security risks and stagnant growth of the oil & gas industry are restraining the growth of the market.
Based on module, the load flow segment is going to have a lucrative growth during the forecast period which can be attributed to the presence of various load flow techniques for power system simulator. 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. Moreover, the upcoming power projects in economies such South Africa, Qatar, India, Indonesia, and Malaysia are anticipated to boost the demand for load flow modules.
The key vendors mentioned are ABB, Atos SE, DIgSILENT GmbH, Eaton, Electrocon International Inc, Energy Exemplar, ETAP, Fuji Electric, GE, Neplan AG, Opal-RT Technologies, Inc, Open Systems International, Inc, PowerWorld Corporation, RTDS Technologies Inc, Schneider Electric, Siemens, and The MathWorks, Inc.
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