USD 9.47 billion
Global Electrical Digital Twin Market Size, Share, Growth Analysis, By Twin Type(Digital Gas & Steam Power Plant, Digital Wind Farm), By Usage Type(Product Digital Twin, Process Digital Twin), By Deployment Type(On-Premises, Cloud), By End-User(Utilities, Grid Infrastructure Operators), By Application(Asset Performance Management, Business & Operations Optimization) - Industry Forecast 2024-2031
Report ID:
SQSG45C2013 |
Region:
Global |
Published Date: February, 2024
Pages:
203
|
Tables:
143 |
Figures:
78
Global Electrical Digital Twin Market Insights
Electrical Digital Twin Market size was valued at USD 9.47 billion in 2019 and is poised to grow from USD 12.9 billion in 2023 to USD 121.48 billion by 2031, growing at a CAGR of 36.3% in the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
On-Premises
Fastest Growth
On-Premises
Growth Rate
36.3% CAGR
Global Electrical Digital Twin Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Electrical Digital Twin Market Size by Deployment Type, 2021-2028 ($ Bn)
Global Electrical Digital Twin Market Size by Deployment Type, 2021-2028 (%)
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Global Electrical Digital Twin Market Segmental Analysis
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.
Global Electrical Digital Twin Market Share By Deployment Type, 2021 (%), 2023 (%)
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Global Electrical Digital Twin Market Regional Insights
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.
Global Electrical Digital Twin Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Electrical Digital Twin Market Dynamics
Electrical Digital Twin Market Driver
Integration of variable renewable energy and decentralization of distributed energy resources using electrical digital twins
- Grid operators can simulate operational scenarios important for the dependable, efficient, and secure planning, operation, and repair of electrical systems thanks to electrical digital twins. Decentralization of distributed energy resources (DER) makes running and maintaining a grid more difficult. For utilities and grid operators to monitor, regulate, automate, and run their power networks, they need quicker and more effective solutions, such as electrical digital twins. Electrical digital twins can help with the difficulties involved with DER integration and other grid modernization activities. These tools aid in the planning, analysis, and designing phases of grid modernization and assist in determining the impact of DER. Utility companies may therefore simplify the DER interconnection process to speed up customer service, make cost-effective investments, and improve operational effectiveness.
Electrical Digital Twin Market Restraint
System complexities and availability of accurate mathematical models
- A digital twin should be capable of precisely capturing physical characteristics and mimicking behaviors of both basic and complex objects, as well as their relationships. For instance, the implementation is made more difficult by the fact that the production of an electrical digital twin necessitates several contributions from operators, including facility managers, design engineers, electrical engineers, equipment vendors, and other parties. Getting the asset data from the supplier may be difficult since it calls for close coordination among several supply chain stages. Furthermore, it could be difficult to maintain the needed degree of connectivity in a supply chain to access asset data. The intricacy of the actual object that has to be duplicated presents another difficulty.
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Global Electrical Digital Twin Market Competitive Landscape
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
- General Electric (US)
- Siemens AG
- Schneider Electric SE
- ABB Ltd.
- Rockwell Automation Inc.
- Bentley Systems Inc.
- Dassault Systèmes SE
- IBM Corporation
- SAP SE
- ANSYS Inc.
- Hexagon AB
- PTC Inc.
- Autodesk Inc.
- Infosys Limited
- Oracle Corporation
- Aveva
- Honeywell International Inc.
- L&T Technology Services Limited
- Emerson
- ESI Group
Electrical Digital Twin Market Recent Developments
- In 2022, Siemens and Threedy created a visual computing platform to make information about visual digital twins accessible.
- In August 2021, General Electric released updates to Proficy CSense, their on-premise analytics program. To pinpoint issues, determine their underlying causes, forecast performance in the future, and automate actions, the program makes use of digital twins of processes using AI and machine learning technology.
- in June 2021, Siemens and Threedy have a partnership agreement in place to create a visual computing platform, which was inked. The partnership enhances Sidrive IQ with Threedy's instant3Dhub visual computing platform. Users should have access to visual information on digital twins as a result of the integration of Threedy's visualization service.
- In April 2021, In order to implement engineering services and solutions for process simulation, design, engineering, and lifecycle management, AVEVA Group and Aker Solutions joined.
- In December 2020, ABB and Corys will work together to create digital twin modeling and simulation technologies for the energy and process sectors utilizing the ABB Ability 800xA Simulator and Indiss Plus process modeling simulator.
- In December 2020, Emerson and Tennessee Valley Authority agreed to renovate and enhance their Magnolia power plant in a contract that was inked. For enhanced operations, cybersecurity, and training with a digital twin, Emerson will deliver the Ovation automation system, software, and digital twin technologies.
Global Electrical Digital Twin Key Market Trends
- Increased need in the healthcare industry to cover real-time elements and rising usage of digital twins for preventative maintenance to minimize unplanned outages are important trends influencing the worldwide electrical digital twin market. Higher system complexity is another major barrier to market expansion. Additionally, the Electrical Digital Twin Market development has been somewhat impacted by the increased acceptance of cutting-edge technology for the deployment of digital twin applications. During the forecast period, it is expected that each of these variables would significantly affect the worldwide electrical digital twin market. In the upcoming years, these aspects are anticipated to present profitable prospects for market expansion.
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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.
Global Electrical Digital Twin Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 9.47 billion |
| Market size value in 2031 | USD 121.48 billion |
| Growth Rate | 36.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Electrical Digital Twin Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Electrical Digital Twin Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Electrical Digital Twin Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Electrical Digital Twin Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Electrical Digital Twin Market Report Snapshots
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