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Power System Simulator Market Forecasted to Hit USD 1,461.8 Million by 2025 with 7.50% CAGR - Report by Market Research Future (MRFR)

·7 min read
Market Research Future
Market Research Future

Rising Demand for Innovation-Ready Real-Time Digital Simulator Drives the Market

New York, US, July 13, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Power System Simulator Market Analysis 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 - Forecast till 2030” valuation is poised to reach USD 1,461.8 Million by 2025, registering an 7.50% CAGR throughout the forecast period (2020–2025).

Power System Simulator Market Overview

With the rapidly evolving and increasing power sector continually demanding effective analysis of electrical power systems using real-time data, the market is expected to gain significant momentum in the next few years.

Power System Simulator Market Report Scope:

Report Metric

Details

Market Size in 2025

USD 1,461.8 Million

CAGR ( 2020-2025)

7.50%

Base Year

2019

Forecast Period

2020-2025

Historical Data

2018

Forecast Units

Value (USD Million)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Module, Component and Region

Geographies Covered

North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Key Vendors

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

Key Market Opportunities

Development of smart cities

Key Market Drivers

Rising Demand for Innovation-Ready Real-Time Digital Simulator Drives the Market

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The global power system simulator market is garnering rapid traction. The vast product demand from the burgeoning power sectors worldwide is a key driving force. Besides, the growing power generation, especially renewable power generation and rising adoption of IoT & cloud platforms, create substantial market demand. Complexities in power transmission networks boost market shares.

Power system simulators are designed to provide an effective learning environment for operators and engineers working in power sectors to improve and enhance their knowledge of the system. Power system simulators provide a full set of integrated and specialized applications for simulating, analyzing, testing, transmission modeling, and distribution.

They are extensively used in industrial power systems, gas, water, and heating & cooling infrastructures to create an effective learning environment. These simulators are easily integrated into any IT environment existing in the grid infrastructure. Data exchange with other systems, like DMS, EMS, GIS, AMS, and other planning tools, is provided through industry standards such as CIM and other native interfaces.

Many power system projects require specialized, cost-efficient test benches for the most demanding applications and standards and are capable of representing engineering systems with high fidelity, regardless of complexity. Power companies sought after robust and user-friendly stimulators featuring an intuitive graphical user interface, customizable visualization options, automation capabilities, and efficient data management.

Power System Simulator Market Segments

The report is segmented into modules, components, end-users, and regions. The module segment comprises load flow, harmonics, short circuits, device coordination selectivity, arc flash, and others. The component segment comprises hardware, software, and services. The end-user segment comprises power, industrial, and others. The region segment comprises the MEA, Asia Pacific, North America, Europe, and the Rest-of-the-World.

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Power System Simulator Market Regional Analysis 

APAC dominates the global power system simulator market due to the vast availability of various load flow techniques. The region demonstrates vast demand for energy accounting for a larger population base. Besides, factors such as faster technology adoption, increasing per capita income, and growing numbers of grids boost the market size. India, China, and Japan are the largest markets for power system simulators, accounting for sizable shares in the regional market. Increasing smart city projects across the region create substantial market demand.

Industry Trends

The recent shift to distributed generation power infrastructure from centralized generation and the growing adoption of two-way digital communication technology, such as smart grids, create huge demand for power system simulators, resulting in significantly more complex control systems.

While this evolution demonstrates greater reliability and stability of power grids, engineers developing modern controllers and implementing them in the field face new challenges. These engineers require advanced yet flexible testing tools to meet their objectives within project timeframes and budgets.

The increasing demand for power, led by boosting industrialization, urbanization, and population worldwide, is a major market trend. Increasing upgrades and automation in power utility infrastructures to meet the growing energy demand from the commercial and residential sectors foster the growth of the market. Rapid industrialization accelerates market growth, consuming enormous amounts of electricity.

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Besides, the increasing adoption of power transformers as electrical parameter measures and growing numbers of power utilities across the globe influence the market demand. Also, the benefits that power system simulators offer boost the market revenues. Spurring rise in the industrial sectors accelerates the growth of the market.

Some of the prominent benefits of a power system simulator include preparing operators & fore plan contingencies, increasing operator competency & audit productivity, and improved system safety & security through real-world simulations. It also helps validate design using steady-state & dynamic simulation, accelerate startup & shutdown times, reduce the planned turnaround time, and minimize outages occurring due to operator errors.

The objectives of real-time simulation for power flow and data flow are to analyze grid faults and impacts on the grid with a high penetration of renewable energy, verification & assessment of grid control systems and grid stabilization systems, and verification when introduced into the grid development products for protection relays or smart-inverters that conform to the IEC 61850 / 61588 standards.

Power System Simulator Market Competitive Analysis

Dominant Key Players on Power System Simulator Market Covered are:

  • Schneider Electric (France)

  • ABB (Switzerland)

  • Eaton (Ireland)

  • GE (US)

  • Siemens (Germany)

  • ETAP (US)

  • The MathWorks Inc. (US)

  • Open Systems International Inc. (US)

  • Opal-RT Technologies Inc. (Canada)

  • Neplan AG (Switzerland)

  • PowerWorld Corporation (US)

  • RTDS Technologies Inc. (Canada)

  • Atos SE (France)

  • Energy Exemplar (Australia)

  • Fuji Electric (Japan)

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The power system simulator market appears fragmented and highly competitive due to the presence of players. Manufacturers use close service agreements, collaboration, and partnerships with large vehicle manufacturers to capture significant market share. Suppliers in the market are highly dependent on the manufacturer, which reduces their profit margin. Many simulator manufacturers are following backward integration and are acquiring suppliers.

For instance, on May 02, 2022, Fraunhofer Institute for Wind Energy Systems (IWES) announced its partnership with ABB to develop the world’s largest mobile grid simulator enabling next-generation offshore wind turbine testing. The simulator is being developed by the German Federal Ministry of Economic Affairs and Climate Action under its Mobil-Grid-CoP project launched in 2020 and publicly funded.

ABB will provide its innovative ACS6080 Power Electronics Grid Simulator technology to create an artificial power grid on site. In addition to the PEGS technology, ABB’s full package solution includes transformers, e-houses, filters, cooling equipment, and power & auxiliary distribution equipment. Fraunhofer IWES needs to maintain total stability and performance by power grids, integrating large amounts of intermittent renewables like wind & solar.

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