  Real-time simulation enables the understanding of system operating conditions
by evaluating simulation models of physical components running synchronized at
the real-time wall clock. Leveraging the real-time measurements of
comprehensive system models, faster than real-time (FTRT) simulation allows the
evaluation of system architectures at speeds faster than real-time. FTRT
simulation can assist in predicting the system's behavior efficiently, thus
assisting the operation of system processes. Namely, the provided acceleration
can be used for improving system scheduling, assessing system vulnerabilities,
and predicting system disruptions in real-time systems. The acceleration of
simulation times can be achieved by utilizing digital real-time simulators
(RTS) and high-performance computing (HPC) architectures. FTRT simulation has
been widely used, among others, for the operation, design, and investigation of
power system events, building emergency management plans, wildfire prediction,
etc. In this paper, we review the existing literature on FTRT simulation and
its applications in different disciplines, with a particular focus on power
systems. We present existing system modeling approaches, simulation tools and
computing frameworks, and stress the importance of FTRT accuracy.
