Power System Simulator Market Research Report - Global Forecast till 2030

Power System Simulator Market Research Report: Information by Module (Load Flow, Harmonics, Short Circuit, Device Coordination Selectivity, Arc Flash and Others), Component (Hardware, Software and Services), End-user (Power, Industrial and Others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2030

ID: MRFR/E&P/7035-HCR | February 2023 | Region: Global | 111 Pages         

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Power System Simulator Market

Power System Simulator Market size is projected to reach USD 1,461.8 Million by 2025, with 7.50% CAGR during the forecast period

Segmentation
By Module Load Flow Harmonics Short Circuit Device Coordination Selectivity Arc Flash
By Component Hardware Software Services
By End-user Power Industrial Others
Key Players
Companies Profiled   ABB (Switzerland)    Schneider Electric (France)    Eaton (Ireland)    Siemens (Germany)    GE (US)    ETAP (US)    Open Systems International Inc. (US)    The MathWorks Inc. (US)    Opal-RT Technologies Inc. (Canada)    PowerWorld Corporation (US)    Neplan AG (Switzerland)    RTDS Technologies Inc. (Canada)    Energy Exemplar (Australia)    Fuji Electric (Japan)    Atos SE (France)
Drivers
Market Driving Forces   Growing power sector    Renewable power generation    Rising adoption of IoT & cloud platforms
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Power System Simulator Market size is projected to reach USD 1,461.8 Million from an estimated USD 962.7 Million, with 7.50% CAGR during the forecast period 2022-2030.


Power System Simulator Market Scenario


Power System Simulator is a software tool used by power system engineers to simulate power plants, power transmission networks, and substations. This simulation system includes power system modeling and network simulation. In the power systems research, this simulator is focusing on three major fields named economic dispatch calculation, power flow calculation, and faults calculation. This system helps in reducing expenses and also lessens the operation time. This system is highly preferred in a long-term generation, short-term operating simulations, and transmission extension preparation.


This system acts as a power system real-time simulator which examines the faults of grids in real-time. Furthermore, solar power system simulators are also installed which are used for calculating, sizing, and monitoring the grid’s photovoltaic installations. In addition to that, a double power system simulator is installed which provides real-time simulation coupled with accessories like communication devices, amplifiers, and distribution accessories. The rising power sector, renewable power generation, and growing adoption of IoT & cloud platforms are the few driving factors of the market growth. This simulator has excellent features like high-resolution & long-time analysis, high reproducibility for grid phenomena, and better compatibility with renewable energy resources.


The 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 transmission networks, power plants, and substations. The power system simulator generally focuses on three major areas in power system analysis, namely, faults calculation, power flow calculation, and economic dispatch 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 amplifiers, communication devices, and distribution accessories.


Power System Simulator Market Key Players


The key players operating in the Global Power System Simulator Market are ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Siemens (Germany), GE (US), ETAP (US), Open Systems International, Inc. (US), The MathWorks, Inc. (US), Opal-RT Technologies, Inc. (Canada), PowerWorld Corporation (US), Neplan AG (Switzerland), RTDS Technologies Inc. (Canada), Energy Exemplar (Australia), Fuji Electric (Japan), and Atos SE (France).


Recent Developments in Power System Simulator Market



  • A leading enterpriser, RTDS Technologies is selected as the provider of the high expansion project to the real-time power system simulation laboratory at China’s NARI Group Corporation/ State Grid Electric Power Research Institute in February 2018. This project is very beneficial to NARI/SGEPRI by providing them with the world’s largest and highly capable simulation over 3600 three-phase buses and 20 HVDC links.

  • One of the power system simulators, F6150sv provides excellent performance in complex tests too. In the market, it provides the highest output current for any test set within a single box. Using sampled values, and Goose messages, this system tests IEC 61850-based systems at the process-bus level and station-bus level.  


Major players are engaged in manufacturing power system simulators that are highly competitive and provide significant benefits to end-users. Moreover, these players are actively participating in offering their products to end-users in order to enhance their market position. For instance, in 2018, GSE Systems signed two contracts worth USD 4 million in order to upgrade nuclear power systems in China. Under this contract, GSE has provided simulation technology and engineering services for high-fidelity nuclear power plant simulator. Similarly, PowerWorld simulators also provide promising power world simulator software packages to end-users.  Such contracts made and innovative products offered by the power system simulator manufacturers is likely to drive the growth of the market.


Power System Simulator Market Segmentation 


The global Power System Simulator Market has been segmented based on module, component, and end-user. By module, the global market is classified into load flow, harmonics, short circuit, device coordination selectivity, arc flash, and others. The load flow segment is set to dominate the global market owing to various load flow techniques available for power system simulator. Moreover, load flow software can also create and validate system models and obtain accurate and reliable results. The development of smart cities especially in the Asia Pacific would create an opportunity for the Power System Simulator Market players.


 Power System Simulator Market


The Power System Simulator market is expected to witness high growth during the forecast period owing to the growing power sector and technological advancement in IoT based cloud. 


The primary drivers of the market include the growing power sector, especially renewable power generation and rising adoption of IoT & cloud platforms. Power system simulator possesses certain features which makes it an integral part of any power system. These features include high-resolution & long-time analysis, compatibility with renewable energy resources, and high reproducibility for grid phenomena. All these features of power system simulators are likely to increase the demand for power system simulator.


Power System Simulator Market Regional Analysis


By region, the global power system simulator market is segmented as Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.  Moreover, with increasing power generation, especially renewable power generation, the complexity of power transmission network tends to become complex, requiring a proper simulation system to analyze electrical power systems using real-time data.


The global power system simulator market is projected to grow at a high rate during the forecast period. Increasing power sector requires an adequate electrical power system simulator system involving analysis of electrical power systems using real-time data. The power system simulator also allows the testing of various system topologies in commercial facilities, industrial power systems, utility transmission, renewable, and railway power system. Power system simulator, being an integral part of these end-users, is likely to witness a strong growth rate as these end users are having a growing trend all across the globe. However, power system simulators exposed to the risk of data security, which could hinder the growth of the global Power System Simulator Market.


Intended Audience



  • Government and research organization

  • Manufacturing companies of Power System Simulators

  • Investors and shareholders

  • Oilfield operators



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2025: USD 1,461.8 Million
  • 2030: Significant Value
  •   CAGR   7.50% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019 & 2020
      Forecast Units    Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Module, Component and End-user
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Siemens (Germany), GE (US), ETAP (US), Open Systems International, Inc. (US), The MathWorks, Inc. (US), Opal-RT Technologies, Inc. (Canada), PowerWorld Corporation (US), Neplan AG (Switzerland), RTDS Technologies Inc. (Canada), Energy Exemplar (Australia), Fuji Electric (Japan), and Atos SE (France).
      Key Market Opportunities   Development of smart cities
      Key Market Drivers

  • Growing power sector
  • Renewable power generation
  • Rising adoption of IoT & cloud platforms


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    Frequently Asked Questions (FAQ) :

    The market size by 2025 can be USD 1,461.8 Million, says MRFR.

    Between 2022 and 2030, the rate at which the market can grow is 7.50%.

    The players that are currently leading the market include ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Siemens (Germany), GE (US), ETAP (US), Open Systems International, Inc. (US), The MathWorks, Inc. (US), Opal-RT Technologies, Inc. (Canada), PowerWorld Corporation (US), Neplan AG (Switzerland), RTDS Technologies Inc. (Canada), Energy Exemplar (Australia), Fuji Electric (Japan), and Atos SE (France).

    Based on module, the segments covered in the study are harmonics, arc flash, load flow, device coordination selectivity, short circuit, and more.

    The main growth booster in the APAC market is the surge in the number of smart cities and the increasing power generation across India and China.