What is the global market size of Electrical Digital Twin Market?

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).

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 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 Report Snapshots

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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).

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. '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'

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.

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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Global Electrical Digital Twin Market Regional Insights

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