The global power system simulator market is projected to reach USD 1,180.6 Million by 2022, growing at a CAGR of 7.14% from 2017 to 2022. This market growth is primarily driven by the booming power sector and augmented power generation capacities, the rising adoption of IoT and cloud platforms, and reduced overall project time and cost.
North America would continue to be the largest market for power system simulators followed by Asia Pacific during the forecast period. The global market is dominated by major players including ABB (Switzerland), Schneider Electric (France), Siemens (Germany), GE (US), ETAP (US), RTDS Technologies (Canada), MathWorks (US), OPAL-RT (Canada), and Eaton (Ireland).
The market growth strategies adopted by key players in the power system simulator market include contracts & agreements new product launches, expansions and investments, mergers & acquisitions, and joint ventures, partnerships and collaborations. Contracts & agreements was the most commonly adopted strategy by market players from 2014 to October 2017. Industry players also adopted new product launches during the stated period.
GE is a leading technology and financial services company that operates through 8 business segments, namely, aviation, power, healthcare, oil & gas, renewable energy, capital, energy connections and lighting, and transportation. The company offers power system simulators under the GE Energy Consulting business. The company has adopted contracts & agreements and new product launches as key growth strategies. In October 2014, GE’s Energy Consulting business launched the Positive Sequence Load Flow (PSLF) analysis software. The software enables customers to model their power systems fast and efficiently.
Siemens is a German industrial conglomerate that was founded in 1847 and is headquartered in Munich, Germany. The company operates through 8 business segments, namely, power and gas, wind power and renewables, energy management, building technologies, mobility, digital factory, process industry and drives, and healthcare. The company offers power system simulators through its energy management business division, under smart grid software solutions. Some of Siemens’s subsidiaries are Dresser-Rand (Germany), Siemens Industry Software (Germany), CD-adapco India (India), and Siemens Transmission & Distribution (UK). The company is focused on inorganic growth strategies such as partnerships and mergers & acquisitions. In November 2016, Siemens and Bentley Systems partnered to work together in the fields of energy management, power generation, building technology, and mobility.
Power System Simulator Market by Module (Load Flow, Short Circuit, Device Coordination Selectivity, Arc Flash), Offering (Hardware, Software, Services), End-User (Power Generation, T&D, O&G, Manufacturing, Metals), and Region - Global Forecast to 2022
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