Press release
Advancements In Droop Simulation Technology And Enhanced Features In Power System Simulation Software Trend: A Crucial Influence on the Power System Simulation Software Market's Transformation in 2025
Power System Simulation Software
The increasing demand for electricity is expected to accelerate the growth of the power system simulation software market. The need for electricity is rising due to industrialization, urbanization, and increased usage of electric devices and vehicles. Power system simulation software helps meet this growing demand by improving grid performance, incorporating renewable energy, and enhancing grid reliability. For example, in January 2024, the International Energy Agency reported that global electricity demand grew by 2.2% in 2023, with expectations for faster growth in the coming years. As such, the rising electricity demand is propelling the power system simulation software market.
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What Is the projected market size and growth rate for the power system simulation software market?
The power system simulation software market has experienced strong growth in recent years. It will grow from $1.31 billion in 2024 to $1.43 billion in 2025, at a CAGR of 9.0%. The historic growth is attributed to rising power demand, government regulations, the rise of renewable energy, the adoption of international standards, demand for energy efficiency, and aging power infrastructure.
The power system simulation software market is expected to reach $2 billion by 2029, with a CAGR of 8.7%. Growth factors include the rise of electric vehicles, grid resilience focus, regulatory frameworks, digital twin technologies, and decentralized energy systems. Major trends include advances in computational power, modeling techniques, communication technologies, big data analytics, and microgrids.
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What new trends are reshaping the power system simulation software market and its opportunities?
In the power system simulation software market, companies are developing advanced technologies like droop simulation to simulate power system load-sharing strategies. In April 2024, Flextronics International Ltd., a Singapore-based company, released version 4.5 of their Flex Power Designer software, featuring 3D visualization, support for Xilinx Versal ACAP devices, and improved thermal modeling. These enhancements aim to improve system efficiency and accuracy in power simulation.
What major market segments define the scope and growth 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
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Which region dominates the power system simulation software market?
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.
Which key market leaders are driving the power system simulation software industry growth?
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
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What Is Covered In The Power System Simulation Software Global Market Report?
•Market Size Forecast: Examine the power system simulation software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the power system simulation software market for a structured understanding.
•Key Players Overview: Analyze major players in the power system simulation software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the power system simulation software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the power system simulation software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the power system simulation software market.
•Industry Challenges: Identify potential risks and obstacles affecting the power system simulation software market.
•Competitive Landscape: Review strategic developments in the power system simulation software market, including expansions, agreements, and new product launches.
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