USD 9.47 billion
Report ID: SQSG45C2013 | Region: Global | Published Date: December, 2022 | Pages: 203 | Tables: 143 | Figures: 78
Electrical Digital Twin Market size was valued at USD 9.47 billion in 2021 and is poised to grow from USD 12.9 billion in 2022 to USD 121.48 billion by 2030, growing at a CAGR of 36.3% in the forecast period (2023-2030).
Electrical digital twin helps utilities to streamline data upkeep and interchange. A virtual model of an object or system that spans its lifespan updates from real-time data, and employs simulation, machine learning, and reasoning to aid in decision-making is known as a "digital twin. With the expenditures in development, research, and testing, it is anticipated that the electrical digital twin business will produce cash output in the upcoming years. But as the electrical digital twin business matures, it will likely only produce small profits for the major participants in the next years.
Future Electrical Digital Twin Market expansion is anticipated to be fueled by elements like the growing need in the healthcare industry for real-time aspects and the growing usage of digital twins for proactive maintenance to prevent unforeseen outages. Higher system complexity, however, poses significant obstacles and restrains the market's expansion. Additionally, it is anticipated that the electrical digital twin market participants would benefit greatly from the increased acceptance of cutting-edge technology for the deployment of digital twin applications.
Predictive maintenance is a common application for digital twins across numerous industries. In digital twin-based predictive maintenance, a real-time sensor is used to track and assess the condition of a material, operation, or system as well as its failure modes and criticality in comparison to previous data. This data has been analyzed, and one can use it to make predictions. A neural network detects irregular patterns in the physical asset's incoming sensor data and represents those patterns in predictive models. Such information can be used to predict failures; if a physical asset's configuration parameters are likely to cause it to fail, a virtual twin can spot the issue, assess its seriousness, notify technicians, and recommend a course of action.
US Electrical Digital Twin Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 9.47 billion
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The Global Electrical Digital Twin Market is segmented based on the Twin Type, Usage Type, Deployment Type, End-User, Application, and Region. Based on the Twin Type, the Global Electrical Digital Twin Market is segmented as Digital Gas & Steam Power Plant, Digital Wind Farm, Digital Grid, Digital Hydropower Plant, and Distributed Energy Resources. Based on the Usage Type, the Global Electrical Digital Twin Market is segmented as Product Digital Twin, Process Digital Twin, and System Digital Twin. Based on the Deployment Type, the Global Electrical Digital Twin Market is segmented as On-Premises and Cloud. Based on the End-User, the Global Electrical Digital Twin Market is segmented as Utilities, Grid Infrastructure Operators. Based on Application, the Global Electrical Digital Twin Market is segmented as Asset Performance Management, Business & Operations Optimization. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Electrical Digital Twin Market Analysis by Twin Type
To lower emissions and fuel consumption of gas and steam turbine assets, power sector operators throughout the globe are proposing to gradually integrate digital twins of gas and steam power plants. The digital twins of gas and steam power plants may also aid operators in performance management, strategy optimization, and the enhancement of machine and equipment health. Furthermore, compared to other power-producing facilities, gas and steam power plants require greater maintenance. Through demand and outage planning, a digital twin of the gas and steam system might assist the operator in enhancing asset availability and dependability as well as reducing maintenance costs.
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North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa make up the major regions of the worldwide electrical digital twin market. Due to its simple accessibility, adaptation to sophisticated power solutions, and the existence of cutting-edge generation facilities, North America is predicted to occupy a significant part of the global market. The potential of the Asia Pacific Electrical Digital Twin Market will be served by rising power consumption and demand together with the establishment of bulk production facilities. Favorable regulations by European institutions for the use and management of modern clean energy generating methods will increase the grid infrastructure and, as a result, have a good impact on the area's industrial landscape. The growth of new renewable energy generating facilities and the increasing demand for electricity in rural places are expected to have a significant impact on Latin America.
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Electrical Digital Twin Market Driver
Integration of variable renewable energy and decentralization of distributed energy resources using electrical digital twins
Electrical Digital Twin Market Restraint
System complexities and availability of accurate mathematical models
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The Global Electrical Digital Twin market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase Electrical Digital Twin Market share and profitability.
Electrical Digital Twin Market Top Player's Company Profiles
Electrical Digital Twin Market Recent Developments
To create networked production systems, Industry 4.0's digital twin combines manufacturing processes with IoT. It is a product's digital representation. Digital twin technology may therefore help companies conform to Industry 4.0 standards. By taking advantage of connected digital twin business operations and the time savings these technologies offer, digital twin technology companies today increase electrical digital twin market share, driving electrical digital twin technology sales higher.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Electrical Digital Twin Market Analysis, growing usage of digital twins for predictive maintenance to prevent unanticipated outages and increased demand in the healthcare sector to cover real-time elements are projected to drive the growth of the electrical digital twin market. Additionally, the Electrical Digital Twin Market is anticipated to increase during the projected period as a result of the increasing usage of cutting-edge technologies for digital twin application deployment.
|Market size value in 2021||USD 9.47 billion|
|Market size value in 2030||USD 12.9 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Electrical Digital Twin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electrical Digital Twin Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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