Focus on application, product and region, 2023–2033

Power system simulation software market

Dublin, May 29, 2024 (GLOBE NEWSWIRE) — The “Power System Simulation Software Market – Global and Regional Analysis: Focus on Applications, Products and Region – Analysis and Forecast 2023-2033” report has been added to ResearchAndMarkets.com offering.

The global power system simulation software market is projected to reach $3.31 billion by 2033 from $1.45 billion in 2023, growing at a CAGR of 7.57% during the forecast period 2023-2033.

The global power system simulation software market is growing rapidly due to the increasing demand for electricity resulting from urbanization and industrialization. These software solutions help engineers and operators simulate, analyze and optimize power systems for better management and decision-making. They also support the integration of renewable energy sources, addressing the challenges of variability. Advances in artificial intelligence and machine learning are increasing the accuracy of simulations, and investments in research and development are supporting market growth. Favorable policies and regulatory frameworks promoting energy efficiency and integration of renewable energy sources are further driving market expansion. Enhanced capabilities such as real-time data processing and predictive analytics reduce project time and costs, leading to faster ROI and lower operating costs. Companies that invest in simulation software gain tangible benefits in terms of efficiency and profitability, ensuring competitiveness in the market.

The market faces challenges related to high investment and implementation costs, which may be prohibitive for many organizations. Purchasing high-performance computing systems and software tailored to individual needs involves significant expenses and specialized training. However, these investments can result in long-term savings and operational efficiencies. Data security is also critical due to data sensitivity and increased integration with IoT. Robust cybersecurity measures are essential, including encryption, secure coding and regular audits. Cloud-based solutions introduce additional security challenges that require advanced protocols and employee training. Prioritizing data security is critical to maintaining the reliability of power systems and the stability of national infrastructure.

The development of smart energy infrastructure, including smart grids and cities, offers significant opportunities. Simulation software optimizes complex networks, increasing reliability and efficiency by predicting and managing electricity flows. It also supports renewable energy integration by dealing with variability and unpredictability, modeling scenarios, anticipating problems and developing mitigation strategies. Additionally, simulation tools optimize the placement and operation of renewable energy assets and forecast energy production. With the global drive to reduce greenhouse gas emissions and increase the use of renewable energy, the need for advanced simulation tools is growing. Companies can leverage this by developing innovative renewable energy integration management software to support the transition to sustainable energy solutions.

Market segmentation

Segmentation 1: Application

Market leadership power (by application)

The power sector is the main growth driver of the power system simulation software market. As the world increasingly focuses on energy efficiency, grid optimization and renewable energy integration, the need for advanced simulation tools is growing. Energy companies, which are key to the energy ecosystem, are increasingly using these tools to improve grid reliability, optimize asset utilization and reduce operational risk. This impact extends across industries, resulting in the widespread adoption of simulation software.

Segmentation 2: by module type

• Power flow

• Short circuit

• Device coordination

• Flash bow

• Dynamic state research module

• Renewable energy integration

• Modeling of the energy storage system

• Others

Power flow providing the highest market share (by module type)

In the growing power system simulation software market, power flow or load flow analysis stands out as the key one with the potential to gain the largest market share due to their essential role in network analysis and optimization. This basic simulation technique determines the steady-state operating conditions of power systems and is widely used due to its versatile applications. Power flow analysis is crucial in network planning and design, enabling utilities and engineering firms to assess voltage and power flow under various conditions. It also plays a key role in monitoring and controlling network operation in real time.

Segmentation 3: Region

• North America

• Europe

• Asia and the Pacific

• Rest of the world

North America region market leader (by region)

North America is a leader in the global power system simulation software market, driven by advanced technology infrastructure and a proactive approach to renewable energy integration and grid modernization. The region’s technological knowledge allows the creation of innovative simulation tools that meet the changing needs of the energy sector. The rapid adoption of renewable energy, driven by environmental goals and regulatory requirements, requires advanced software to optimize grid performance and ensure stability. This need is further supported by large-scale grid modernization projects, supported by government funding and incentives, driving demand for these technologies. As North America continues to pioneer sustainable energy initiatives, its dominant position in the simulation software market is strengthening.

Key market players and competition summary

The companies operating in the global Power System Simulation Software market were selected based on information gathered from key experts and analysis of the company’s reach, product portfolio and market penetration. Some of the leading companies in this market are:

• Siemens

• OPAL-RT Technologies, Inc.

• QUIETS

• PowerWorld company

• IncSys Inc.

• Manitoba Hydro International Ltd.

• RTDS Technologies Inc.

• MathWorks Inc.

• THREAD

• General Electric Company

• Schneider Electric

• Plexim GmbH

• DNVGL

• Fuji Electric Co. Ltd.

• International CYME

• PGSTech

Companies not included in the above pool are well represented in the various sections of the report (where applicable).

Development of the global market for software for simulating power systems

• In July 2023, General Electric Company’s Energy Consulting division unveiled redesigned Consensus Sequence Load Flow (PSLF) software, enabling customers to simulate power systems with increased speed and efficiency compared to previous versions.

• In September 2023, Schneider Electric introduced ETAP, a novel integrated digital twin platform that accelerates digitalization throughout the lifecycle of power systems.

• In November 2022, DNV GL announced the acquisition of Power System Dynamics (PSD Consulting Engineering Pty. Ltd.), a renowned consulting firm based in South Africa. PSD is known worldwide for its expertise in modeling the dynamic behavior of high-voltage power systems.

Key features

More information about this report can be found at https://www.researchandmarkets.com/r/dnmkbp

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