Power System Simulator Market : 2021 COVID-19 Impact Sales Revenue, Development Strategy, Growth Potential, Analysis and Business Distribution
Market Scope
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.
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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.
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.
Market
Segmentation
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.
Regional
Outlook
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.
Brazil
ranks first in the South American market for power system simulators and can
soon procure the fastest growth rate as well.
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Top
Companies
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.
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