Overview of the Global Electrical Digital Twin Market: Key Statistics and Trends:
According to the latest report by MarkNtel Advisors, titled “Global Electrical Digital Twin Market By System Type (Product Twins, Process Twins, Systems Twins), By Application (Asset Performance Management, Business & Operation Optimization), By Twin Type (Digital Gas & Steam Power Plant, Digital Wind Farm, Digital Grid, Digital Hydropower Plant, Distributed Energy Resources), By Deployment (On-Premise, Cloud), By End User (Utility Service Providers, Grid Infrastructure Operators), The Global Electric Digital Twin Market size was valued at around USD 1.12 billion in 2023 and is projected to grow at a CAGR of about 14.5% during the forecast period, i.e., 2024-30. The report provides a thorough analysis of the market, covering competitor dynamics, regional insights, and a detailed breakdown of industry segments.
Global Electrical Digital Twin Market Growth and Scope:
Base Year: 2023
Forecast Period: 2024-30
Historical Data: 2019-22
CAGR (2024-2030): 14.5%
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Global Electrical Digital Twin Market Opportunity:
Surging Investments in Smart Grids to Provide New Opportunity for the Market Players – Investments & expenditures related to smart grids are experiencing significant growth on a global scale. Regions such as Europe & China are ramping up their financial commitments to digitalize their electrical grids. In 2022, China budgeted more than USD 74.35 billion for the upgradation & digitalization of its grids.
Likewise, the European distribution system operators & transmission system operators are also foreseeing higher investment needs for the modernization of aging infrastructure and the digitalization of grids. This surging focus on enhancing investments in smart grids would create a new arena for digital twin providers in the energy sector, as digital twin technology plays a critical role in optimizing and managing complex grid systems, ensuring they operate efficiently, reliably, and securely in this era of digital transformation. Consequently, the increased focus on enhancing smart grid investments is creating a burgeoning market for digital twin providers in the energy sector.
A Comprehensive Analysis of Leading Companies of Electrical Digital Twin Market by MarkNtel Advisors:
- General Electric
- Siemens
- AVEVA
- Microsoft Corporation
- ANSYS
- SAP
- Hitachi Energy Ltd.
- Emerson Electric Co.
- Bentley Systems Inc.
- Schneider Electric
- Dassault Systèmes
- IBM Corporation
- Oracle Corporation
- Others
Key Electrical Digital Twin Market Segmentation:
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-By Application
- Asset Performance Management
- Business & Operation Optimization
Business & Operation Optimization has showcased higher growth prospects across the Electrical Digital Twin Market as it analyses data, identifies bottlenecks, streamlines operations, and maximizes productivity.
-By Twin Type
- Digital Gas & Steam Power Plant
- Digital Wind Farm
- Digital Grid
- Digital Hydropower Plant
- Distributed Energy Resources
Digital Wind Farms accounted for the largest share in the Global Electrical Digital Twin Market.
-By System Type
- Product Twins – Market Size & Forecast 2019-2030F, (USD Million)
- Process Twins – Market Size & Forecast 2019-2030F, (USD Million)
- Systems Twins – Market Size & Forecast 2019-2030F, (USD Million)
-By Deployment
- On-Premise – Market Size & Forecast 2019-2030F, (USD Million)
- Cloud – Market Size & Forecast 2019-2030F, (USD Million)
-By End User
- Utility Service Providers – Market Size & Forecast 2019-2030F, (USD Million)
- Grid Infrastructure Operators – Market Size & Forecast 2019-2030F, (USD Million)
Geographical Analysis
-By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Europe has always been at the forefront of embracing digital technologies, due to which it has witnessed significant investment in digital twin solutions across various sectors, including energy infrastructure.
Key Reports Highlights:
- Market Dimensions & Projections
- Pricing Evaluation,
- Recent Strategic Moves by Companies,
- Primary Stakeholders,
- Analysis of Import and Export Trends,
- Competitive Landscape Assessment,
- Emerging Opportunities,
- Market Trends and Indicators
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- Comprehensive Market Dynamics Analysis: The report offers valuable insights into the key drivers, restraints, challenges, and opportunities within the market, helping stakeholders make well-informed decisions.
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