As per the researchers at Zion Market Research, the valuation of the global power system simulator market in 2019 was about USD 1,032.34 million and is projected to reach around USD 1,564.65 million by 2026, registering a CAGR of around 7.19% during the forecast period.
The prominent players within the global power system simulator market are Schneider Electric, ABB, Siemens, Eaton, ETAP, GE, The MathWorks, Inc., Open Systems International, Inc., PowerWorld Corporation, Opal-RT Technologies, Inc., RTDS Technologies Inc., Neplan AG, Fuji Electric, Atos SE, and Energy Exemplar.
These players are also coming up with several new product offerings to end-users with the purpose to improve their position in the market. To cite, in 2018, two deals were inked by GSE Systems valued at USD 4 million to advance nuclear power systems within China. GSE, within this deal, has offered engineering services and simulation technology for high-fidelity nuclear power plant simulators.
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Rising Need For Power System Simulator To Boost The Growth Of The Global Market
The growth of the global power system simulator market can be attributed to factors such as the rising need for power system simulator for the amplification of power generation capacities and quickly flourishing power sector across the world. Further, the rising implementation and inclination toward cloud platforms and Internet of things is projected to drive the growth of the global power system simulator market during the coming period. In addition, the mounting need for power system simulator because of the decrease in overall cost & project time and the growing spending by governments in budding economies are few other factors expected to propel the market growth during the forecast period.
By End-User, The Power Segment Is Expected To Witness Highest Growth
On the basis of end-user, the global power system simulator market can be divided into industrial, power, and others, which comprise commercial, institutional, and transportation. Among these, the power segment is projected to grab the biggest share in the market during the forecast period. The elevated expenditure for renewable energy resources like wind and solar are anticipated to boost the power segment growth in the years to come.
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North America To Maintain Its Supremacy Over Market During The Forecast Period
Regionally, the global power system simulator market was dominated by North America and is projected to maintain its supremacy during the forecast period. The regional growth can be credited to the growing expenditure in mining, metals, renewable energy, and mining along with the rising shale oil market share. Asia Pacific is also anticipated to witness a noteworthy rate of growth in the power system simulator market during the forecast period on account of the rising spending by government within power generation projects and the increasing need for power system simulator in budding nations in the region. The market in Europe is also anticipated to witness modest growth during the forecast period.
Browse the full “Global Power System Simulator Market – By End-User (T&D, Power Generation, Manufacturing, O&G, And Metals), By Offering (Software, Hardware, And Services), By Module (Short Circuit, Load Flow, Arc Flash, And Device Coordination Selectivity), And By Region – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/power-system-simulator-market
The global power system simulator market is segmented as follows:
- Load Flow
- Short Circuit
- Arc Flash
- Device Coordination Selectivity
- Power Generation
- Transmission and Distribution
- Oil & Gas
- Metals and Mining
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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