- The power Industry is expected to lead the power system stimulator market.
- North America the largest market for power system simulator.
- The load flow segment is expected to hold the largest share of the power system simulator.
The global power system simulator market is estimated to reach $836.1 million in 2017 and is projected to reach $1.18 billion by 2022, growing at a CAGR of 7.14% from 2017 to 2022. North America would continue to be the largest market for power system simulators followed by Asia Pacific during the forecast period. The booming power sector and augmented power generation capacities, rising adoption of IoT and cloud platforms, and reduced overall project time and cost are driving the power system simulator market globally.
The power Industry is expected to lead the power system stimulator market
The power Industry comprises the power generation and transmission and distribution sub-segments. Power system stimulators find application in load planning, power quality, grids, arc flashes, and transmission and distribution. Increased investments in renewable energy, growing power generation capacities, and high growth rates in developing economies are driving the power segment. Most countries are focusing on diversifying their energy mixes and re-evolving microgrids, which is expected to boost the power segment of the power system stimulator market, by end-user. Increased investments in renewable energy sources such as solar and wind are expected to drive the power Industry during the forecast period.
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North America: The largest market for power system simulator
North America is expected to lead the power system simulator market during the forecast period. Increasing investments in the renewable energy and metals and mining markets and a positive outlook on the shale oil market are the key factors driving the power system simulator market in North America.
The load flow segment is expected to hold the largest share of the power system simulator
The power system simulator has been segmented based on module into load flow, short circuit, device coordination selectivity, arc flash, harmonics, and others. The others segment includes motor acceleration, sequence of operation, transient stability, and reliability assessment. The load flow module segment is estimated hold the largest share of the market during the forecast period. Load flow modules help in planning future load expansions of power systems as well as optimizing existing networks. Planned expansion and optimization of existing networks using these modules help in reducing the overall downtime of the plant. Upcoming power projects in economies such India, Indonesia, Malaysia, South Africa, and Qatar are expected to boost the demand for load flow modules during the forecast period.
The power system simulator market ecosystem comprises companies such as ABB (Switzerland), Schneider Electric (France), Siemens (Germany), GE (US), ETAP (US), RTDS Technologies (Canada), MathWorks (US), OPAL-RT (Canada), and Eaton (Ireland).