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Power Plant Simulators Market By Power Plant Type (Thermal Power Plant, Nuclear Power Plant, Hydropower Plant, Renewable Energy, Bio Gas Power Plant, Natural Gas Power Plant), By End-User (Power Plants, Educational Institutes & Training Centers, Industries) - Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026

Industry Outlook

The constant rise in demand for electric energy, as well as the increasing pressure to maximize the utilization of available resources, propelled the power plant simulator market to grow at a 3.6% CAGR from 2018 to 2026. A power plant is a combination of millions of systems and sub-systems working together toward the common goal of generating electricity. Each system and sub-system has its own significance and plays a crucial role in maintaining the overall plant efficiency and operational safety. Handing over critical responsibilities at a power plant to new recruits and inexperienced employees can result in a significant decline in plant efficiency and can invite unwanted mishaps due to negligence. In order to avoid any unwanted accidents and a decline in plant capabilities, power plant companies train their employees at power plant simulators. The increasing number of power plants around the world necessitates the use of highly trained professionals to operate them. Consequently, the demand for power plant simulators to train employees is projected to grow significantly in the coming years.

Market Synopsis

Thermal and nuclear power plants are preparing to make way for renewable energy plants.

Thermal power plants witnessed a sharp decline of 73% in the construction of new thermal power plants in the last two years (2016–2017), especially in China and India, two of the leading thermal power plant countries across the world. Thermal power plant erection reductions had a negative impact on thermal power plant simulator sales. However, the addition of 50 new nuclear reactors to an existing tally of 450 is expected to drive the market for nuclear power plant simulators in the coming years. Besides all power plants, a notable growth in the construction of renewable energy power plants has been observed compared to other power plants across the globe. This created tremendous opportunities for the renewable energy power plant simulator market to go past the thermal and nuclear power plant simulator markets in terms of market value beyond the forecast period from 2018 to 2026.

Power plant end-user to mark its presence with the highest market value

At present, power plants are the biggest end-user of power plant simulators in terms of market value. Power plants across the globe, irrespective of the type, require their employees to be ready for any unwanted circumstances and maintain the continuity of electric generation. Power plants procure their own power plant training simulators to prepare their employees for any possible situational problems before deploying them to the actual installation. Consequently, power plants are the biggest consumers of power plant simulators and, hence, the major contributors to the overall market value. Individuals and government educational and training institutes are the second largest contributors. Governments in developing nations are encouraging educational institutes to procure power plant simulators in order to train more and more citizens and create employment across the power sector.

Future Power Plant Simulators Market to Focus on Developing Countries in Asia Pacific

North America and Europe have the biggest share of the overall market for power plant simulators. The presence of a number of nuclear and other power plants has generated considerable demand for power plant simulators in North America, especially in the U.S. Similarly, the growing significance of renewable energy sources has encouraged the market for renewable energy power plant simulators in Europe in the past few years. Both regions faced each other closely in the market value race in 2017. Asia Pacific is the most promising market for power plant simulators in the coming years. A significant increase in power demand, combined with government initiatives to meet those demands, created tremendous opportunities for the market to grow. In addition, the incorporation of renewable energy sources for power generation is expected to generate demands for renewable energy power plant simulators in the coming years.

Market Segmentation

By power plant type

  • Thermal Power Plant
  • nuclear power plant
  • Hydropower Plant
  • Renewable Energy Plant
  • Biogas Power Plant
  • Natural Gas Power Plant

By end-user (2016-2026; billions of dollars)

  • Power Plants
  • Educational Institutes and Training Centers
  • Industries

Geography (2016-2026; USD Billion)

  • North America
    • U.S.
    • rest of North America
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Rest of the World (RoW)
    • Middle East and Africa
    • Latin America

Technological advancement is the key for power plant simulator companies to stay on top.

Some of the biggest and most established companies in the power plant sector are engaged in designing and manufacturing power plant simulators for training. These companies are in a race with each other to engineer simulators for every possible situation that can arise during the operation of a power plant. Smaller companies often approach educational institutes and training centers to acquire contracts for providing simulators. The biggest challenge for power plant simulator suppliers is to identify potential geographical regions and expand their business presence in those areas. A few of the top power plant simulator designing and manufacturing companies profiled in this research study include The Emerson Electric Company, Hitachi-GE Nuclear Energy, Ltd., Siemens AG, SimGenics, LLC, GSE Systems, CTI Simulation International Corporation, Corys, Western Services Corporation, General Electric Company, and ABB Group, among others.

Frequently Asked Questions:

The market for Power Plant Simulators is expected to reach US$ XX Bn in 2026.

The Power Plant Simulators market is expected to see significant CAGR growth over the coming years,at 3.6%.

The report is forecasted from 2018-2026.

The base year of this report is 2017.

The Emerson Electric Company,Hitachi-GE Nuclear Energy, Ltd.,Siemens AG,SimGenics, LLC,GSE Systems are some of the major players in the global market.

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Godaddy
Published Date:  Aug 2018
Category:  Technology & Media
Report ID:   59240
Report Format:   PDF
Pages:   120
Rating:    4.3 (55)
Delivery Time: 24 Hours to 48 Hours   
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