Industry Outlook

Perpetual rise in demand for electric energy and rising pressure of optimum utilization of available resources encouraged power plant simulators market to grow with a growth rate of 3.6% during the forecast period from 2018 to 2026. A power plant is combination of millions of systems and sub-systems working together with a common goal of electricity generation. Each system and sub-system has its own significance and plays a crucial part in maintaining the overall plant efficiency and operational safety. Handing over critical responsibilities of power plant to new recruits and inexperienced employees can result in significant decline in plant efficiency and can invite unwanted mishaps due to negligence. In order to avoid any unwanted accidents and decline in plant capabilities, power plant companies train their employees at power plant simulators. Rising number of power plants across the world requires highly trained professional to operate the plant. Consequently, the demand for power plant simulators to train employees projected to grow significantly in coming years.

Thermal and Nuclear Power Plants Getting Ready to make Way for Renewable Energy Power Plant

Thermal power plant witnessed sharp decline of 73% in construction of new thermal power plant in last two years (2016-2017) especially in China and India, two of the most leading thermal power plant countries across the world. Reduction in thermal power plant erection affected the sales of thermal power plant simulators negatively. However, addition of 50 new nuclear reactors to an existing tally of 450 nuclear expected to drive nuclear power plant simulators market in coming years. Besides all power plants, a notable growth in 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 simulators to go past thermal and nuclear power plant simulators market in terms of market value beyond forecast period from 2018 to 2026.

Power Plant End-user to Mark its Presence with Highest Market Value

At present, power plant is 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 plant procures their own power plant training simulators to prepare their employees for any possible situational problems before deploying them to actual installation. Consequently, power plant is the biggest consumers of power plant simulators and hence are the major contributor to the overall market value. Individual and government educational and training institute are the second largest contributor. 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 power sector. 

Developing Countries in Asia Pacific to be Area of Focus for Future Power Plant Simulators Market

North America and Europe have the biggest share of overall power plant simulators market. The presence of number of nuclear and other power plants have generated considerable demand for power plant simulators in North America and especially in the U.S. Similarly, growing significance of renewable energy sources encouraged the market for renewable energy power plant simulators in Europe in past few years. Both the regions face each other closely in the market value race in 2017. Asia Pacific is the most potential market for power plant simulators in coming years. With considerable rise in power demand and government initiatives to fulfill those demands created tremendous prospects for the market to grow. In addition, incorporation of renewable energy sources for power generation expected to generate demands for renewable energy power plant simulators in coming years.

Technological Advancement is the Key for Power Plant Simulator Companies to Stay on Top

Some of the biggest and most established companies in power plant sectors are engaged in designing and manufacturing power plant simulators for training. These companies are in a race with each other companies to engineer simulators with every possible situation that can arrive during 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 to identify potential geographical region and expand their business presence in those areas. Few of the top power plant simulators 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.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Power Plant Simulators market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Power Plant Simulators market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Power Plant Simulators market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Power Plant Simulators market?
• Which is the largest regional market for Power Plant Simulators market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Power Plant Simulators market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Power Plant Simulators market worldwide?