Dynamic Simulation vs Steady State Simulation

[Luana]

Hi All, I believe this is a very basic question, but I have been struggling to find a concise answer;
What is the main difference between the Dynamic and Steady-state simulation methods? How do I define when to use each one of them? and finally, my understanding is that the steady-state simulation will give me peak values, therefore if I want to size my cooling/heating equipment should I run the steady-state simulation for that?

Regards
Luana