Power System Simulator Market Size Analysis
Power System Simulator Market Size is projected to reach USD 1,461.8 Million from an estimated USD 962.7 Million, with 7.50% CAGR during the forecast period 2022-2030.
Drivers
Increasing Need to Reduce Cost and Overall Project Time to Boost Market Growth
The increasing need for power system simulator for reduction in overall cost and project time and different government investments will boost market growth over the forecast period.
Opportunities
Growing Need for Renewable Energy Sources to offer Robust Opportunities
The growing need for renewable sources of energy like wind and solar energy will offer robust opportunities for the Power System Simulator Market Size over the forecast period.
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CAGR | 7.50% CAGR (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Module, Component and End-user |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Restraints
Lack of Data Security to act as Market Restraint
The lack of data security coupled with rising occurrences of cyber-attacks and viruses resulting in security concerns may act as market restraints over the forecast period.
Challenges
Slowdown Growth in Mining and Oil Gas Industry to act as Market Challenge
The slowdown in the growth in the mining and oil and gas industry may act as market challenge over the forecast period.
Market Segmentation
The global Power System Simulator Market Size is bifurcated based on module, components and end users.
- By module, the load flow segment will lead the market over the forecast period.
- By components, the software segment will dominate the market over the forecast period.
- By end users, the power segment will spearhead the market over the forecast period.
Regional Analysis
North America to Dominate Power System Simulator Market Size
North America will dominate the Power System Simulator Market Size over the forecast period. Thriving power sector, surge in power generation using renewable sources of energy, sizeable investments in the mining and metals industry, rapid expansion of the shale oil market, increasing adoption in the US, heavy investments in the IoT industry, and increased investments in clean energy production capacity are adding to the growth of the global Power System Simulator Market Size in the region. Besides, increasing IoT industry in Canada and the US, huge allocation of funds via the government for emerging smart grid systems, rising efforts of the Canadian government to increase power infrastructure facility to decrease power loss at the time of production and transmission of electricity, and growing renewable energy trends are also adding to the growth of the market in the region.
The global Power System Simulator Market Size is both fragmented and also competitive due to the presence of several international as well as domestic industry players. These players have utilized innumerable innovative strategies for staying at the vanguard and also sufficing to the surging need of the customers including contracts, partnerships, collaborations, contracts, new product launches, joint ventures, geographic expansions, and more. Further, they are also investing in numerous research and development activities.
Key Players
Eminent market players profiled in the global Power System Simulator Market Size report include ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Siemens (Germany), GE (US), ETAP (US), Open Systems International, Inc. (US), The MathWorks, Inc. (US), Opal-RT Technologies, Inc. (Canada), PowerWorld Corporation (US), Neplan AG (Switzerland), RTDS Technologies Inc. (Canada), Energy Exemplar (Australia), Fuji Electric (Japan), and Atos SE (France).
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