At what pace is the power system simulation software market growing, and what is its estimated value?
The power system simulation software market size has grown strongly in recent years. It will grow from $1.31 billion in 2024 to $1.43 billion in 2025 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historical period can be attributed to an increase in power demand, government regulations and standards, the rise of renewable energy sources, the adoption of international standards and interoperability, the demand for energy efficiency, and the aging of existing power infrastructure.
The power system simulation software market size is expected to see strong growth in the next few years. It will grow to $2 billion in 2029 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to the growth of electric vehicles and their integration, increasing focus on grid resilience and reliability, evolving energy policies, regulatory frameworks, adoption of digital twin technologies for virtual modeling and simulation, and growth in decentralized energy systems. Major trends in the forecast period include advances in computational power, modeling techniques, and simulation algorithms, advancements in communication technologies, the proliferation of data analytics and big data technologies, and the rise of microgrids as decentralized energy systems.
Get Your Free Sample of The Global Power System Simulation Software Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=17234&type=smp
What are the key forces behind the power system simulation software market’s growth in recent years?
The increasing demand for electricity is expected to propel the growth of the power system simulation software market going forward. The demand for electricity is rising due to increasing industrialization, urbanization, and the growing use of electric-powered devices and vehicles. Power system simulation software supports the increasing demand for electricity by optimizing grid performance, integrating renewable energy sources, and enhancing grid reliability to meet growing energy needs efficiently and sustainably. For instance, in January 2024, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, the world’s demand for electricity grew by 2.2% in 2023. Global electricity demand is expected to rise at a faster rate over the next three years, growing by an average of 3.4% annually through 2026. Therefore, the increasing demand for electricity is driving the growth of the power system simulation software market.
What are the major segments of the power system simulation software market?
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
Subsegments:
1) By Transmission: Power Flow Analysis, Stability Analysis, Fault Analysis, Contingency Analysis, Dynamic Simulation
2) By Distribution: Load Flow Analysis, Voltage Drop and Loss Analysis, Protection Coordination, Distributed Generation Integration, Smart Grid Simulation
3) By Other Types: Renewable Energy Integration, Microgrid Simulation, Energy Storage System Simulation, Power Quality Analysis
Order your report now for swift delivery
Which companies dominate the power system simulation software market?
Major companies operating in the power system simulation software market are 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
What major trends will shape the power system simulation software market during the forecast period?
Major companies operating in the power system simulation software market are focusing on developing advanced technologies, such as droop simulation technology, to gain a competitive edge in the market. Droop simulation technology refers to the computational methods and models used in power system simulation software to simulate and analyze droop control strategies. Droop control is commonly used in interconnected power systems to regulate the sharing of loads and maintain stability. For instance, in April 2024, Flextronics International Ltd., a Singapore-based electronics manufacturing services company, launched version 4.5 of their Flex Power Designer (FPD) software. This updated release introduces several significant enhancements, including a new 3D visualization tool for better understanding the physical layout and performance of power systems. It now supports Xilinx Versal Adaptive Compute Acceleration Platform (ACAP) devices and features a bus voltage optimization capability aimed at enhancing system efficiency. The update also includes improved thermal models for specific power modules, enabling more precise thermal simulations.
What are the key regional dynamics of the power system simulation software market, and which region leads in market share?
North America was the largest region in the power system simulation software market in 2023. The regions covered in the power system simulation software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Power System Simulation Software Market Report 2025 Offer?
The power system simulation software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
Purchase the exclusive report now to unlock valuable market insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=17234
About The Business Research Company
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
