PSIM is designed specifically for power electronics and motor control, whereas SPICE-based programs are designed for general electronic circuits. The main differences are on the simulation speed and the convergency issue. PSIM is much faster and has nearly no convergency problem.
Besides, PSIM includes many building blocks unique to power electronics and motor drives. This makes it very easy to set up a circuit for simulation. In addition, PSIM is more than a circuit simulator.
It is also for system-level simulation and studies. It provides the Motor Drive Module for the motor control systems, the Digital Control Module for discrete system analysis, SimCoupler Module for co-simulation with Matlab/Simulink, and MagCoupler Module for dynamic link to the finite element analysis software JMAG. Also, PSIM provides the function to link to one's own C/C++ code.
With SimCoder, it provides the capability to generate C code automatically from the PSIM schematic. More.
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