The power system simulation software market has experienced strong growth, increasing from $1.21 billion in 2023 to $1.31 billion in 2024, with a compound annual growth rate (CAGR) of 8.7%. This growth can be attributed to the rise in power demand, government regulations and standards, the increase of renewable energy sources, adoption of international standards and interoperability, demand for energy efficiency, and aging power infrastructure. Looking ahead, the market is expected to grow to $1.84 billion by 2028, at a CAGR of 8.8%. This future growth is driven by the rise of electric vehicles and their integration, increased focus on grid resilience and reliability, evolving energy policies, regulatory frameworks, adoption of digital twin technologies for virtual modeling and simulation, and the expansion of decentralized energy systems. Major trends include advances in computational power, modeling techniques, simulation algorithms, communication technologies, data analytics, big data technologies, and the rise of microgrids as decentralized energy systems.
Global Power System Simulation Software Market Key Driver
The increasing demand for electricity is expected to fuel the growth of the power system simulation software market. Rising electricity demand is driven by industrialization, urbanization, and the growing use of electric-powered devices and vehicles. Power system simulation software helps manage this demand by optimizing grid performance, integrating renewable energy sources, and enhancing grid reliability. According to the International Energy Agency (IEA) in January 2024, global electricity demand grew by 2.2% in 2023 and is projected to rise by an average of 3.4% annually through 2026. This growing demand for electricity is propelling the growth of the power system simulation software market.
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Global Power System Simulation Software Market Segments
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.
Major Power System Simulation Software Industry Players
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
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Power System Simulation Software Market Overview
Power system simulation software refers to specialized tools used for modeling, analyzing, and optimizing electrical power systems. It simulates various scenarios to predict system behavior, assess reliability, optimize performance, and plan for future expansions or modifications. Engineers and researchers use these tools to design, operate, and maintain efficient and reliable power grids, ensuring stability and resilience in electricity distribution.
Power System Simulation Software Global Market Report 2023 provides data on the global power system simulation software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The power system simulation software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
