Global Power System Simulators Market to Reach $1.2 Billion by 2024

Electrical power systems simulation involves modeling and simulation of power system network for analyzing the systems by using real-time or offline data. Considered to be a category of computer simulation programs, power system simulation software solutions are used in various operational and planning scenarios for conventional and renewable power generation, utility distribution and transmission, and industrial/commercial power systems. The basic premise of using simulation for a real power system is to observe and transform the system in a model, which involves formulating mathematical equations to describe a phenomenon. Power systems simulation programs use mathematical optimization techniques like quadratic programming, linear programming and mixed integer programming. An important aspect of power system modeling/ simulation is the proper selection of hypotheses and simplifying the way in which proper balance accuracy and computational cost are achieved. Key applications of power system simulation comprise short term operational simulations, long term transmission and generation expansion planning, and market analysis.

Amid the COVID-19 crisis, the global market for Power System Simulator is projected to reach US$1.2 Billion by 2024, registering a compounded annual growth rate (CAGR) of 6.9% over the analysis period. The United States represents the largest regional market for Power System Simulator, accounting for an estimated 24.6% share of the global total. The market is projected to reach US$332.7 Million by the close of the analysis period. The Middle East is forecast to emerge as the fastest growing regional market with a CAGR of 9.2% over the analysis period.

The market is witnessing stable growth led by the strong growth in power sector, and increase in power generation capacities across the world. Using the simulators, it is possible to carry out testing of different system topologies in industrial power systems, commercial facilities, renewable energy systems, utility transmission systems, and railway power systems. Rising investments into power infrastructure development in developing economies and the growing efforts to cut down overall cost and time involved in projects are fueling market growth. Also fostering growth in the market is the increasing investments in smart power technologies and the constant rise in adoption of IoT (Internet of Things) and cloud platforms for simulation of electrical power systems. By type of module, the load flow module segment represents the largest segment in the global power systems simulator market. Load flow (power flow) analysis is the computational procedure used for studying normal steady state operation of power systems. The load flow analysis is mainly aimed at ascertaining the steady state operating characteristics of a power system with regard to a specific load and voltage conditions. Using load flow analysis, it is possible to analyze power flow and calculate voltage drops in a reliable and accurate manner. Load-flow calculation is among the most common power system tools for examination of disturbed and undisturbed networks. By using transmission line parameters, network topology, load location and compensation, transformer parameters and generator location and limits, load flow calculation offers voltage magnitudes as well as angle for various nodes and loading of network components such as transformers and cables. However, concerns over data security are emerging as a major impediment to growth of power system simulators market. With electrical power systems coming under high threat from cyberattacks and virus attacks, there is high risk of vital information being stolen lead to significant losses for the sector.