"The power system simulator market is projected to grow at a CAGR of 7.14%, from 2017 to 2022."
The power system simulator market is projected to grow from an estimated USD 836.1 million in 2017 to USD 1,180.6 million by 2022, at a CAGR of 7.14%, from 2017 to 2022. The booming power sector and augmented power generation capacities and reduced overall project time and cost are driving the market across the world. Risk to data security is a restraint for the power system simulator market.
"The software segment is expected to hold the largest share of the power system simulator market, by offering, during the forecast period."
The software segment is expected to dominate the power system simulator market during the forecast period. The upgradation of existing software and increased use of IoT and cloud platforms are the major drivers of the software segment of the power system simulator market. North America is expected to be the largest and the Middle East the fastest-growing software power system simulator market.
"Europe: The key market for power system simulators."
Europe is the second-largest market for power system simulators after North America. Government incentives for manufacturing industries would enhance investments and increase the need for power. This would boost the demand for power system simulators in Europe. Russia and the UK are expected to grow at a fast pace during the forecast period.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
-By Company Type: Tier 1- 55%, Tier 2- 25%, Tier 3- 20%
-By Designation: C-Level- 35%, D-Level- 30%, Others- 35%
-By Region: Asia Pacific- 30%, Middle East- 25%, Europe- 25%, North America- 10%, South America- 5%, Africa- 5%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2016: Tier 1 ≥USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 ≤USD 1 billion.
Note: Others includes product engineers, sales managers, regional managers, consultants, and technical experts.
The leading players in the power system simulator market are ABB (Switzerland), Schneider Electric (France), Siemens AG (Germany), GE (US), and ETAP (US).