Increasing Use of Renewable Energy Sources Propel Demand for Power System Simulator
The rising demand for power optimization techniques in various end-use industries will garner USD 2.1 billion in 2033, finds Future Market Insights Inc.
June 03, 2023. By Anurima Mondal
Rising application in the industrial sectors, increasing awareness about the advantages of the power system simulators technique, widening application of power system simulators in the power electronic sector, growing advances in technology and increased use of Big data and cloud technology are some of the key factors shaping the demand outlook of the power system simulators industry.
The increasing complexity of power systems, driven by the integration of renewable energy sources, distributed generation, and smart grid technologies, has created a need for advanced simulation tools. The power system simulators market is projected to show a noteworthy growth of USD 2.1 billion by the end of the forecast period of 2033.
Increasing penetration of renewable energy sources, such as solar and wind, poses challenges to the stability and reliability of power systems. Power system simulators enable the modeling and simulation of renewable energy integration, helping utilities and system operators analyze the impact of intermittent generation, grid constraints, and control strategies for optimal integration.
With increasing emphasis on energy efficiency and sustainability in the power sector the demand for power system simulators is high as it enables the evaluation of energy management and optimization techniques, demand response strategies, and energy storage systems. These simulators help utilities and researchers identify opportunities for energy savings, reduce carbon emissions, and achieve sustainability goals. They help in analyzing the steady-state and dynamic behavior of power generation units, such as thermal power plants, combined cycle plants, and renewable energy systems.
The global power system simulator market is expected to be dominated by North America. The market is anticipated to expand at a CAGR of 5.9 percent and is expected to accumulate a market value of USD 374.7 million over the forecast period.
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