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Global Power System Simulation Software Market Trends 2024, Forecast To 2033

23 Sep, 2024

The power system simulation software market is experiencing strong growth, increasing from $1.21 billion in 2023 to $1.31 billion in 2024, achieving a CAGR of 8.7%. This growth is driven by rising power demand, government regulations, and the integration of renewable energy sources. By 2028, the market is expected to reach $1.84 billion, with a CAGR of 8.8%. Future growth factors include the rise of electric vehicles and increased focus on grid resilience. Major trends include advancements in simulation technologies and the expansion of decentralized energy systems.

Major Driver In The Power System Simulation Software Market

The power system simulation software market is expected to experience growth driven by rising electricity demand. Factors such as industrialization and urbanization, along with the increasing use of electric-powered devices, are contributing to this demand. Power system simulation software optimizes grid performance and enhances reliability, facilitating the integration of renewable energy sources. The International Energy Agency (IEA) reported a 2.2% growth in global electricity demand in 2023, with projections for a 3.4% annual increase through 2026. This demand surge is propelling growth in the power system simulation software market.

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Power System Simulation Software Market Competitive Landscape

Siemens AG, General Electric Company, Schneider Electric SE, ABB Ltd, Eaton Corporation plc, ANSYS Inc., Bentley Systems, ESI Group, Operation Technology Inc., OPAL-RT Technologies Inc, GSE Systems Inc., Cyme International, Modelon Inc., Neplan AG, DigSILENT, RTDS Technologies, PowerGEM LLC, EMTP-RV, PowerWorld Corporation, SKM Systems Analysis, Nayak Power Systems Pvt. Ltd., Omicron Lab

Key Power System Simulation Software Market Trend

The power system simulation software market is seeing advancements with droop simulation technology, enhancing computational methods for power systems. In April 2024, Flextronics International Ltd. unveiled version 4.5 of Flex Power Designer (FPD), featuring a new 3D visualization tool and support for Xilinx Versal Adaptive Compute Acceleration Platform (ACAP) devices. This update aims to optimize bus voltage and improve overall system efficiency.

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Power System Simulation Software Market Segmentation

The power system simulation software market covered in this report is segmented –
1) By Type: Transmission, Distribution, Other Types
2) By Module Type: Power Flow, Short Circuit, Device Coordination, Arc Flash, Dynamic State Studies Module, Renewable Energy Integration, Energy Storage System Modeling, Other Module Types
3) By Deployment Type: Cloud, On-Premise
4) By Application: Industrial Manufacturing, Commercial, Public Utilities
By Geography:The regions covered in the power system simulation software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. North America was the largest region in the power system simulation software market in 2023.

The Power System Simulation Software Global Market Report 2024 furnishes information about the global power system simulation software market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.