Market Research Future (MRFR) expects the power system simulator market 2020 to touch a valuation of USD 1,461.8 Million by 2025. Further, the market size can expand at a rate of 7.21% between 2019 and 2025, which is the evaluation period.
Primary Drivers and Main Barriers
With the shrinking demand and the plummeting prices of power, the COVID-19 outbreak is most likely to have a profound negative impact on the overall power industry. More and more players are focusing on bringing down the costs of safeguarding liquidity, in addition to ensuring smooth operations to diffuse the grave situation. The lockdown situation has restrained the movement of materials in construction sites. Apart from this, the investment capacity has also drastically dropped owing to the reducing power prices as well as political uncertainty.
On the brighter side, power system simulator is one of the most profitable markets within the power industry, and it is projected that its higher power generation capacity and the increasing adoption of cloud and IoT platforms can lead to business expansion in the years ahead. The power sector can also be revived in the near future by the increase in renewable power generation such as solar and wind energy. Power system simulators have various applications, which include utility transmission, commercial facilities, industrial power systems and electric power generation like conventional, nuclear, railway and renewable power systems.
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Furthermore, renowned vendors are continuously manufacturing more competitive and advanced power system simulators that offer considerable benefits to the end-users. This way, the product demand escalates among the end-users and the market position of these vendors also gets a substantial boost.
The Power System Simulator industry has been considered for module, component, and end-user.
The module-wise segments are arc flash, device coordination selectivity, short circuit, load flow, harmonics, and others. The load flow segment can be the clear winner in the market, in line with the high availability of a variety of load flow techniques for power system simulator. Also, the emergence of smart cities, mostly in Asia Pacific can be a lucrative opportunity for the industry contenders in the coming years.
Components covered in the report include software, services as well as hardware. The software segment can take the top position in the market on account of the increasing advancements in the existing software to achieve the latest versions as well as the upcoming technologies. Hardware can also perform well owing the rising demand for power system components that facilitate uninterrupted functioning of power grids.
End-users in the worldwide market are industrial, power and others. Power can emerge as the leading and also the fastest progressing segment in the market, because of the massive funds being spend on renewable energy sources like wind and solar.
The main markets for power system simulators are Asia Pacific or APAC, North America, the Middle East & Africa or MEA, South America and Europe.
North America has the highest chances of obtaining the top position in the global market, given the thriving power sector and the surge in power generation using renewable energy sources. Also, sizeable investments in the metals and mining industry and the rapid expansion of the shale oil market induce growth of the power system simulator market in the region. The United States (US) can be the top earning market in the region and can also achieve the highest growth rate between 2019 and 2025, thanks to the heavy investments going into the IoT industry.
The European market can most likely attain the second spot in the market, backed by the rising government spending in the power industry, and the consequent surge in the demand for power system simulators. Germany stands as the most lucrative market in the region and can even progress at the fastest pace, while the UK, France, Sweden and Italy are also expected to be prominent markets in the region.
The MEA market for power system simulator is mostly concentrated in the UAE and Saudi Arabia, since these developed economies generate high demand for power. South Africa also shows promise and can rank among the better performing markets in the following years, mostly due to the substantial investments being made in the renewable energy sector.
India and China are reckoned to be the highest revenue generating markets in APAC, all because of the rampant power demand and the increasing urbanization and industrialization that boost energy needs. Rising government funds in power generation projects paired with the heightened demand for power system simulators in various populated countries can benefit the regional market.
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Brazil ranks first in the South American market for power system simulators and can soon procure the fastest growth rate as well.
Top companies listed in the report include Energy Exemplar (Australia), Eaton (Ireland), Neplan AG (Switzerland), Siemens (Germany), Schneider Electric (France), The MathWorks, Inc. (US), PowerWorld Corporation (US), Atos SE (France), ABB (Switzerland), GE (US), Fuji Electric (Japan), ETAP (US), RTDS Technologies Inc. (Canada), Opal-RT Technologies, Inc. (Canada), Open Systems International, Inc. (US), to name a few.