Pune, India, October 2019, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Power System Simulator Market.
The power system simulator includes power system modeling and network simulation in order to analyze electrical power systems by using real-time data. The power system simulator reduces energy at the time of electricity distribution and electricity generation thus providing operational efficiency.
The growing competition amongst power system simulator manufacturers, growing power sector, increasing adoption of IoT and cloud platforms. Therefore, the global Power system simulator Market is expected to be valued at USD 1,461.8 Million by 2025 at a projected CAGR of 7.21% over the forecast period.
The dependence on renewable energy resources is resulting in increased complexity in the power network. Electric utility operators are focusing on adopting a system that would efficiently analyze grid faults with a high penetration of renewable power to minimize this complexity. For instance, Fuji Electric has been engaged in providing full-fledged product line of power system simulation for power flow and data flow.
Drivers: Global Power system simulator Market
Market Research Analysis
Based on region, the global market for the Power system simulator is classifed into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America is one of the largest markets for power system simulator across the globe owing to increasing renewable power generation and positive outlook of IoT industry.
North America is estimated to witness the highest growth in power system simulator market during forecast period owing to increasing renewable energy generation resulting into complexity in the power network requiring power system simulator. In the region, the US is expected to dominate with the largest share and is projected to have the highest CAGR between 2019 and 2025 due to increasing investment in IoT industry.
The market in Europe is the second-largest market for power system simulator after North America. Increasing government incentives for industries would also lead to increase the need for power, which is driving the demand for power system simulator in the region. In Europe, Germany is the largest and the fastest-growing market in power system simulator market, whereas the UK, Italy, France, and Sweden are the other major countries that contribute in the growth of this market.
In the Middle East & Africa market, UAE and Saudi Arabia are the two major markets for power system simulator being them the most developed countries in the region requiring more power. South Africa is growing at a high rate and have a major contribution in the growth of power system simulator market as it is substantially investing in renewable energy sector.
In Asia Pacific, India, China, and southeast Asian countries are the major markets for power system simulator due to increasing demand for power and rapid urbanization leading to high energy needs.
In South America market, Brazil is the largest market for Power system simulator. In South America, Brazil is the largest and fastest-growing country, playing an important role in this market.
The global market for power system simulator has been segmented based on component, module, end-use, and region. On the basis of component, the global power system simulator has been segmented into hardware, software, and services. Hardware is expected to hold largest share due to the increase in the need for power system components for the smooth functioning of power grids. On the basis of module, the power system simulator market is segmented into load flow, harmonics, short circuit, device coordination selectivity, arc flash, and others. the load flow is expected to be the largest and fastest growing segment due to optimization of existing networks and overall downtime of the plant. Base don end-use, the market is segmented into power, industrial, and others. Power segment is expected to grow at the fastest rate and hold largest share between 2019 and 2015 due to the increasing investments in renewable energy sources.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/power-system-simulator-market-8507
Scope of the Report
This study provides an overview of the global Power system simulator market, tracking three market segments across three geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the rest of the world. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Power system simulator market by product, end-user, and region.
The key players of the Global Power System Simulator Market are Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), RTDS Technologies Inc. (Canada), Siemens (Germany), ETAP (US), Open Systems International, Inc. (US), Opal-RT Technologies, Inc. (Canada), GE (US), PowerWorld Corporation (US), Neplan AG (Switzerland), The MathWorks, Inc. (US), Energy Exemplar (Australia), Fuji Electric (Japan), and Atos SE (France).