In a Rapidly Changing Economic Scenario, Here’s What to Expect in the Global Power System Simulator Market in 2020 & Beyond
The global market for Power System Simulator is projected to reach US$1. 3 billion by 2025, driven by the growing focus shed on optimizing performance of electrical power systems at a time when energy efficiency is pinned to a sustainable future.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Power System Simulator market. Report segmentation includes Module (Load Flow, Short Circuit, Device Coordination Selectivity, Arc Flash, Harmonics, Other Modules); Offering (Software, Hardware, Services); End-Use (Power, Industrial, Other End-Uses).
24 June 1:49 A.M., California/Marketwire/ - According to the new market research report, the global market for Power System Simulator is projected to reach US$1. 3 billion by 2025, driven by the growing focus shed on optimizing performance of electrical power systems at a time when energy efficiency is pinned to a sustainable future. In electric power generation facilities, significant power is lost on the grid as power repeatedly switches between wires, different voltages, and is converted from AC to DC and vice versa. Approximately 65% of energy consumed to generate electricity is wasted as conversion losses. Simulation helps analyze the power system and its behavior in hypothetical scenarios to identify opportunities for improvement in the real world. Power systems simulation programs use mathematical optimization techniques like quadratic programming, linear programming and mixed integer programming.
Few of the elements for simulation include cable ampacity analysis; DC auxiliary power system analysis; Ground mat analysis; Harmonic analysis; Motor-starting analysis; Protective device coordination analysis; Short-circuit analysis; Stability analysis; Switching transients analysis. 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.
Major elements of electrical power systems for which modeling/simulation is undertaken include cable ampacity analysis, dc auxiliary power system analysis, ground mat analysis, harmonic analysis, motor-starting analysis, protective device coordination analysis, reliability analysis, short-circuit analysis, stability analysis, switching transients analysis. Using simulators makes it 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, load flow module segment represents the largest 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. The information enables assessment of compliance to various operating conditions.
Key Competitors Covered in the Report
Eaton Corporation Inc.
Fuji Electric Co. Ltd.
GE Energy Consulting
RTDS Technologies Inc.
The MathWorks Inc.
Opal-RT Technologies Inc.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 21322. Among this pool, 1919 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 426 unique participations, a total of 192 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
Director, Corporate Communications
Global Industry Analysts, Inc.