Electrical Digital Twin Market - Trends Forecast Till 2028

Electrical digital twin Market, by Twin Type (Gas & Steam Power Plant, Wind Farm, Digital Grid, Others), Usage Type (Product, Process, System), Deployment Type (Cloud, On-Premises), End User, Application and Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America)

Published Date: November, 2021

Base Year Estimate: 2020

Report ID: D-EN-EDTM-402

Format:  

Number of Pages: 324

Domain: Energy

Electrical Digital Twin Market – Trends Forecast Till 2028

The global Electrical digital twin market size is projected to reach USD 1.4 billion by 2026 at a CAGR of 12.4% from USD 0.8 billion in 2021 during the forecast period 2021-2028.

The electrical digital twin allows the user to simplify the data maintenance and the exchange process. It helps in data synchronization from multiple system. The 3 major types of digital twin are Product, Production, and Performance. It consists of 3 distinct parts one is the physical product second is the digital product and the third is a connecting device in between the two.

With the increased efficiency and optimization of power sector operation and the reduction in the unplanned downtime and lower maintenance cost are some of the factors that have supported long-term expansion for Electrical digital twin Market.

The COVID-19 pandemic is causing widespread concern and economic hardship for consumers, businesses, and communities across the globe. Power sector is no exception to the same. The disrupted supply chains, reduced workforce, decreased demand for commercial energy had a negative impact on the sector.

Electrical digital twin Market Report

North America is expected to be the largest market during the forecast period. The surge in investment and advancements in the digital technology has led to the surge in the sector.

Electrical digital twin Market is segmented into Twin Type, Usage Type, Deployment Type, End User, Application and geography.

On the basis of Twin Type

  • Digital Gas & Steam Power Plant
  • Digital Wind Farm
  • Digital Grid
  • Digital Hydropower Plant
  • Distributed Energy Resources

On the basis of End-user

  • Utilities
  • Grid Infrastructure Operators

On the basis of Usage type

  • Product Digital Twin
  • Process Digital Twin
  • System Digital Twin

On the basis of Deployment type

  • Cloud
  • On-premises

On the basis of Application

  • Asset Performance Management
  • Business & Operations Optimization

On the basis of Region

  • Asia Pacific
  • North America
  • Europe
  • South America
  • Middle East & Africa

Insights are provided for each region and major countries within the regions

Electrical digital twin Market Primary Respondent

 

Key Players

  • General Electric
  • Siemens
  • ABB
  • Emerson
  • AVEVA Group
  • Schneider Electric
  • Microsoft
  • Wipro
  • SAS Institute
  • SAP
  • IBM
  • ANSYS
  • Bentley Systems
  • Etteplan
  • Fujitsu
  • ACPD Services

Recent Developments

  • In August 2021, Upgrades were brought in the on-premise analytics software, Proficy CSense of General Electric. The software uses AI and machine learning technologies and process digital twins in order to identify problems, root causes, predict future performance, and automate actions.
  • In June 2021, Siemens collaborated with Threedy in order to develop a visual computing platform. The collaboration enriches Sidrive IQ with Threedy’s visual computing platform instant3Dhub. The integration is expected to provide users access to visual digital twin information.

Reasons to Acquire

  • Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
  • Gain authentic and granular data access for Electrical digital twin market so as to understand the trends and the factors involved behind changing market situations
  • Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
  • In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope

 

Report Feature

Descriptions

Market Revenue In 2021

USD 0.8 billion

Growth Rate

CAGR of 12.4% during the forecasting period, 2021-2028

Historical Data

2018-2019

Forecast Years

2021-2028

Base Year

2020

Units Considered

Revenue in USD million and CAGR from 2021 to 2028

Report Segmentation

twin type, usage type, deployment type, end user, application and geography

Report Attribute

Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling

Regional Level Scope

North America, Europe, Asia-Pacific, South America, and Middle East and Africa

Country Level Scope

U.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe)

Companies Profiled

General Electric, Siemens, ABB, Emerson, AVEVA Group, Schneider Electric, Microsoft, Wipro, SAS Institute, SAP, IBM, ANSYS, Bentley Systems, Etteplan, Fujitsu, ACPD Services and others.

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