According to a new market research report published by Credence Research “Power Plant Simulators Market (by Power Plant Type: Thermal Power Plant, Nuclear Power Plant, Hydropower Plant, Renewable Energy Power Plant, Biomass Power Plant, and Natural Gas Power Plant; by End-user: Power Plants, Educational Institutes & Training Institutes, Industries) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the power plant simulator market was estimated to grow with a CAGR of 3.6% during the forecast period from 2018 to 2026.
The need for highly qualified and experienced power plant employees is at its all-time high with growing demand for energy all across the globe. Construction of new power plant at a significant pace generated a demand for human resources capable of handling these plants efficiently and uninterruptedly. In 2017, world electricity generation grew by 2.8% with renewable energy generation claimed a share of 8.4% of global generation. With rapidly changing technology and advancement in power generation, power plant companies do not want their inexperienced employees to hamper production or to invite any disaster due to negligence. Consequently, power plant sector, government projects, and industries procure power plant simulator suiting to their needs in order to train their employees for all critical situations. Companies are continuously trying to design power plant simulator with intricate details to cover all aspects of real power plants.
The technology has been for past few decades and evolving continuously with complexities of modern day power plant. Introduction of machine learning and artificial intelligence incorporated into power plant simulators can offer real-time situations for training employees of power plants. North America and Europe are the leaders in overall power plant simulators market. However, the market in aforementioned region is saturated and thus developing countries of Asia Pacific are the most lucrative market in coming years.
Technological advancement is the priority for all power plant simulator designing and manufacturing company. The market is catered by some of the big names in power sector and backed by strong finances and technology. Thus, with limited international player’s participation, the market is witnessing a fierce competition between these giants. Besides, technology power plant simulator companies are also striving to expand their business in developing regions such as Asia Pacific, Middle East & Africa and Latin America in order to sustain in this dynamic market. Few of the major power plant simulator designer and provider 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.
The complete report is available at https://www.credenceresearch.com/report/power-plant-simulators-market
Key Analysis Covered:
- Latest trends in power plant simulator market and growth prospects for power plant simulator market participants
- Need for trained professionals and optimum utilization of available resources creating a positive impact on the overall power plant simulator market
- Various types of product offerings including simulators for thermal power plant, nuclear power plant, hydropower plant, and renewable energy power plants among others.
- Largest and fastest growing segments in terms of power plant type and end-user
- Growing popularity of renewable energy sources positively affecting the growth of power plant simulator market
- Most prominent geographical regions/ countries for the power plant simulator market