Emphasis on Deployment Type (On-Premises and Cloud); Application (Predictive Maintenance, Product Design & Development, Business Optimization, Inventory Management, and Performance Monitoring); End-Users (Aerospace & Defence, Manufacturing, Energy & Utilities, Real Estate, It & Telecom, and Others {Chemicals & Materials, Healthcare, Retail}); Region/Country
The Electrical Digital Twin market was valued at USD 5.8 million in 2022 & is expected to grow at a CAGR of 14.8% from 2022-2030. Owing to the rising advancements in 5G technology globally. The electrical digital twin market refers to the concept of creating virtual replicas (digital twins) of electrical systems or assets. These digital twins simulate real-world electrical components and systems, allowing for real-time monitoring, analysis, and predictive maintenance. This market is driven by the increasing demand from sectors like healthcare, where real-time monitoring is crucial, as well as industries seeking to use digital twins to predict and prevent unexpected breakdowns. Moreover, the adoption of advanced technologies to implement these digital twin solutions further contributes to the growth of this market. Moreover, various collaborations, innovations and investments by major key players is further fueling the demand of this market
Some of the major players operating in the market include Amazon Web Services, Inc.; Oracle; IBM; Microsoft; Siemens; Cisco Systems, Inc.; Honeywell International Inc.; Dassault Systèmes; GE DIGITAL; Bentley Systems, Incorporated.
Insights Presented in the Report
“Amongst deployment type, the cloud segment holds a considerable share of the market during the forecast period.”
Based on the deployment type, the market is bifurcated into on-premise, and cloud. The cloud segment is expected to witness significant growth during the forecast period. Cloud technology plays a crucial role in driving the development and adoption of electrical digital twin software. It offers a scalable infrastructure that can handle the large volumes of data generated by digital twins as electrical digital twins rely on vast amounts of data collected from sensors, devices, and other sources. Therefore, secure and reliable solutions by this segment are driving the demand of the electrical digital twin market.
“Amongst application, the predictive maintenance segment captured the majority share of the Electrical Digital Twin Market in 2022.”
Based on the applications, the market is segmented into predictive maintenance, product design & development, business optimization, inventory management, and performance monitoring. The predictive maintenance segment is expected to have a significant impact on the market. This is due to the shift from reactive or preventive maintenance methods to more proactive and cost-effective solutions. By utilizing electrical digital twins, businesses can improve their maintenance practices, increase asset reliability, and minimize downtime, leading to substantial cost savings and improved operations.
“North America holds the largest share of the Electrical Digital Twin Market in 2022.”
North America’s is anticipated to hold the largest share of the market over the forecasted period. North America is known for its advanced manufacturing industries, including aerospace, automotive, and electronics. Therefore, the region is focusing on the adoption of digital twin technology which can help companies to optimize operations, detect anomalies, and make informed decisions, leading to cost savings and increased productivity. The adoption and integration of advanced digital technologies like (fifth-generation (5G) mobile networks, the Internet of Things (IoT), cloud computing, artificial intelligence, big data analysis, robotics, etc.) are driving the market in North America.
Electrical Digital Twin Market Report Coverage
Reasons to buy this report:
Customization Options:
The global Electrical Digital Twin Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
1. Market Introduction
2. Research Methodology Or Assumption
3. Market Key Insights
4. Executive Summary
5. Global Electric Digital Twin Market Covid-19 Impact
6. Global Electric Digital Twin Market Revenue, 2020-2030f
7. Market Insights By Deployment Type
8. Market Insights By Application
9. Market Insights By End-users
10. Market Insights By Region
11. Electric Digital Twin Market Dynamics
12. Electric Digital Twin Market Opportunities
13. Electric Digital Twin Market Trends
14. Demand And Supply Side Analysis
15. Value Chain Analysis
16. Pricing Analysis
17. Strategic Insights
18. Competitive Scenario
19. Company Profiled
20. Disclaimer
Research Methodology for the Electrical Digital Twin Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Electrical Digital Twin Market were the three major steps undertaken to create and analyze the adoption of Electrical Digital Twin in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Electrical Digital Twin Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Electrical Digital Twin Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Electrical Digital Twin Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as deployment type, application, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Electrical Digital Twin Market. Further, we conducted factor analysis using dependent and independent variables such as deployment type, application, and end-users, Electrical Digital Twin attacks, and industry type. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Electrical Digital Twin Market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Electrical Digital Twin Market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Electrical Digital Twin Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the deployment type, application, and end-users in the global Electrical Digital Twin Market.
The main objective of the Global Electrical Digital Twin Market Study
The current & future market trends of the global Electrical Digital Twin Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Customers who bought this item also bought
Emotion Detection and Recognition Market: Current Analysis and Forecast (2021-2027)
Emphasis on Technology (Feature Extraction & 3D Modeling, Biosensors, Natural Learning Processing (NLP), and Others); Software Tools (Facial Expression & Emotion Recognition, Gesture & Posture Recognition, Voice Recognition); Application Area (Marketing & Advertising, Law Enforcement, Surveillance & Monitoring, Entertainment & Consumer Electronics, Others); Region/Country.
November 15, 2022
Generative AI Cybersecurity Market: Current Analysis and Forecast (2024-2032)
Emphasis on Deployment (On-Premise, Cloud-Based, Hybrid); Technology (Generative Adversarial Networks (GANs), Variational Autoencoders (VAEs), Reinforcement Learning (RL), Deep Neural Networks (DNNs), Natural Language Processing (NLP), Others); Application (Network Security, Endpoint Security, Cloud Security, Application Security, Others); End-User (Banking, Financial Services, And Insurance (BFSI), Healthcare, Retail, IT & Telecom, Government and Defense, Energy and Utilities, and Others); and Region/Country
November 4, 2024
