Global Electrical Digital Twin Market is expected to foresee significant growth. North America to Hold Extensive Share!
- Vikas Kumar
- July 30, 2022
- ENERGY & POWER, NEWS
- Electrical Digital Twin Market, Electrical Digital Twin Market Forecast, Electrical Digital Twin Market Growth, Electrical Digital Twin Market Share, Electrical Digital Twin Market size, Electrical Digital Twin Market Trend
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Electrical digital twin enables utilities to simplify the data maintenance and electrical devices like sensors, and exchange process. Data from different systems are coordinated and then aggregated into a single multi-user database through standards-based adapters or interfaces. A trustworthy single source of data truth is one of the major attributes. As more integrated technologies are incorporated into the digital twin, it becomes more thorough, resulting in a digital thread that standardizes the entire process and produces optimal results. They’re mostly found in healthcare, water supply, automobile industries, and others. Furthermore, the increasing R&D for the Internet of Things (IoT) in the energy, utilities, healthcare, aerospace, and automotive coupled with rising government initiatives for the integration of energy-efficient systems and technologies across sectors is expected to drive the market for electrical digital twin during the forecast period. Thus, the global electrical digital twin market is expected to witness a CAGR of around 12% during the forecast period (2021–2027).
However, Covid – 19 has devasted the global economy where energy, supply chain, manufacturing, and others experienced massive restrictions which severely impacted the electrical digital twin market in some sectors such as oil and gas, automotive, and others. However, in the healthcare industry, the electrical digital twin had a positive influence on its equipment operations as it helped in updating the conditions of patients and providing medical resources by using technologies such as IoT, ML, and AI.
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Based on usage type, the market is classified as product, process, and system. The system digital twin caters extensive share in the electrical digital twin market and is expected to witness influential growth in the forecasted period as well. A system digital twin is a collection of products and processes that perform a network-wide function and can be used to stimulate those networks such as substations, power plants, wind farms, and distributed energy resources. The system twin provides visibility into a set of interdependent equipment and a connected view of the end-to-end network of assets based on actual operational data. For instance, regarding System digital twin usage in the automotive & transportation industry, Tesla Motors uses a digital twin solution for every manufactured car for its better performance and improvement. Similarly, in aerospace and defense, the LOCOMACHS has implemented a system digital twin for the entire assembly line for an aircraft wing for performance monitoring of the whole system.
Based on twin types, the market is categorized into digital gas & steam power plant, digital wind farms, digital grid, digital hydropower plants, and distributed energy resources. The digital gas & steam power plant segment is expected to cater to extensive demand in the electrical digital twin market during the forecast period. The power sector operators are planning to induce digital gas & steam power to reduce emissions and fuel consumption of gas & steam turbines asset. It is mainly attributed due to the rising optimization of machines, strategies, health, equipment, and increasing reliability through performance management.
Based on application, the market is categorized into asset performance management, business & operations optimization, and digital twin aggregate. During the forecast period, the asset performance management segment is likely to dominate the global electrical digital twin market. It is mainly due to the increasing requirements for continuous asset monitoring and predictive maintenance in various end-user industries that are positively influencing the market demand for electrical digital twins. It also offers reliability maintenance capabilities and recommends modifications in maintaining strategies for optimal utilization of assets based on budget and reliability risk constraints.
Based on deployment, the market is categorized into the cloud and on-premises. During the forecast period, the cloud segment is likely to dominate the global electrical digital twin market. The rising deployment of the cloud is mainly due to its significant requirement across end-user industries, as it offers various advantages such as scalability, adaptability, fewer investment requirements, cost-effectiveness, and low energy consumption.
Based on end-user, the market is categorized into energy & utility, grid infrastructure operators, aerospace and defense, healthcare, automotive, and others. During the forecast period, due to the increased usage of renewable energy and advanced digital technology, the energy & utility segment is likely to dominate the global electrical digital twin market as it is the prominent end-users of digital twin technology. Several market players such as GE, ABB Limited, Siemens AG, and others are investing in the deployment of electrical digital twins for real-time data analysis and visualizations well as the development of long-term asset management and business strategies to cut operational costs which in turn are positively influencing the market size of the electrical digital twin.
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For a better understanding of the market adoption of the electrical digital twin, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Mexico, Rest of North America); Europe (Germany, United Kingdom, France, Italy, Spain, and the Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific); and the Rest of World. North America, accounted for a significant share in the market owing to high investment and active deployment of the advanced technologies in the region. Furthermore, with the increase in infrastructure development in emerging economies, as well as the expansion of the commercial and industrial sector, coupled with decentralization of distributed energy resources, improved accuracy, and efficiency in power sector operations the region is expected to hold a dominant position in the market.
Some of the major players operating in the market include General Electric, Siemens AG, ABB Limited, Emerson Electric, AVEVA Group, Schneider Electric, SAP, Microsoft Corporation, Wipro Limited, and IBM Corporation. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Electrical Digital Twin Market Segmentation
Market Insight, by Usage Type
Market Insight, by Twin Type
Market Insight, by Application
Market Insight, by Deployment
Market Insight, by End-User
• Energy and utilities
• Grid Infrastructure Operators
• Aerospace and Defense
Market Insight, by Region
- North America
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- General Electric
- Siemens AG
- ABB Limited
- Emerson Electric
- AVEVA Group
- Schneider Electric
- Microsoft Corporation
- Wipro Limited
- IBM Corporation