Increasing adoption of IoT and cloud platforms coupled with thriving power sector to drive global power system simulator market
According to TechSci Research report, “Global Power System Simulator Market By Module, By Offerings, By End-Users, By Region, Competition, Forecast & Opportunities, 2025”, the global power system simulator market is projected to surpass $ 1.38 billion by 2025 due to rising investments in renewable energy such as solar & wind energy coupled with increasing focus on improving power generation capabilities and reducing overall project downtime through the use of IoT and cloud based platforms across the globe.
The global power system simulator is segmented based on module, offerings, end-users, and region. Based on module, the market is categorized into Load Flow, Device Coordination Selectivity, Short Circuit, Harmonics, and Others, wherein the Load Flow segment is expected to lead the market, followed by Harmonics segment during the forecast period. Based on offerings, the market is categorized into Hardware, Software and Services segments. Out of these, the Software category accounted for the largest share due to the rising IoT investments as well as increasing advancements into the existing software to achieve higher efficiency.
Browse more than 114 market data Figures and Tables spread through 120 Pages and an in-depth TOC on “Global Power System Simulator Market”
Based on end user segmentation, the market is segmented into Power, Industrial and Others. Power segment is expected to dominate the market during the forecast period due to huge and rising investments in renewable energy and increasing power generation capabilities. Some of the major players operating in the global power system simulator market include ABB Ltd., Eaton Corporation, Siemens AG, General Electric Company, Schneider Electric, Open System International Inc., Fuji Electric Co. Ltd., The Math Works Inc., Powerworld Corporation, RTDS Technologies Inc., etc. Leading players are adopting several competitive strategies including new technological developments; mergers & acquisitions; agreements, partnerships, and collaborations in order to strengthen their market position. However, the global economic downturn, spread of COVID-19 pandemic and high risk of data security are few of the major challenges that are expected to restrict market growth in the coming years.
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“Booming growth in the power sector coupled with expansion of power generation capacity across the globe is anticipated to propel the global power system simulator market in the coming years. Increasing adoption of IoT based platforms as well as rising power generation through renewable sources such as solar and wind energy will also energize the market over the course of next five years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Power System Simulator Market By Module, By Offerings, By End-Users, By Region, Competition, Forecast & Opportunities, 2025” has analyzed the potential of power system simulator market across the globe, and provides statistics and information on market sizes, shares, and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses emerging trends along with essential drivers and key challenges faced by the industry.
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