For an industrial point of view, there is the Aspen or AspenPlus software. If it is at a more fundamental level (generic model for regulation), there is the SimuLink module of MATLAB (Mathworks).

I hope it helps

Thank you Christophe. I am looking an integrated approach of modelling both the process and individual component flow analysis. Is AspenPlus capable of dealing component based flow modeling?

I have used Witness for many years to model the process and component flow (by which I mean you can see a representation of the parts flowing through the machines and between the machines or a count of the parts) To help visualise part flow there is a meteor trail and as with all commercial simulation software there is a host of standard outputs. I would add these are not always in the form that you want them so some post processing may be required to get formats that suit your organisation.

With this tool I have modelled engein manufacture from machine parts to the movement of material around the line.

Hint for a large system to not expect to see the flow of all parts some things are best represented as numbers and in order for a model to run quickly this may also be a better way of modelling the part flow. 

Try AnyLogic: http://www.anylogic.com/

Short presentation of multimethod approach in AnyLogic: http://www.youtube.com/watch?v=EAZbbEh8Eyc#t=11

A good example of this approach: http://www.runthemodel.com/models/880/

http://www.anylogic.com/

http://www.youtube.com/watch?v=EAZbbEh8Eyc#t=11

http://www.runthemodel.com/models/880/

Hi, for process modeling (including the representation of components, thermodynamic packages, equipment design etc.), you can use AspenPlus, Aspen HYSYS or SuperPro Designer.

a good bulk modelling software such as aspen and hysys may be useful and a distributive software such as fluent or openfoam too.

It depends on your work

you should know that you may use custom modeler of aspen and create a new component.

I recommend you to use Aspen Plus or CHEMCAD