1 INTRODUCTION 15
1.1 OBJECTIVES OF THE STUDY 15
1.2 DEFINITION 15
1.3 MARKET SCOPE 16
1.3.1 MARKET SEGMENTATION 16
1.3.2 REGIONAL SCOPE 16
1.4 YEARS CONSIDERED FOR THE STUDY 17
1.5 CURRENCY 17
1.6 LIMITATIONS 17
1.7 STAKEHOLDERS 18

2 RESEARCH METHODOLOGY 19
2.1 SCOPE 19
2.2 MARKET SIZE ESTIMATION 20
2.2.1 DEMAND-SIDE ANALYSIS 20
2.2.1.1 Assumptions 20
2.2.2 SUPPLY-SIDE ANALYSIS 21
2.2.2.1 Calculation 21
2.2.3 FORECAST 21
2.2.4 SOME OF THE INSIGHTS OF INDUSTRY EXPERTS 22

3 EXECUTIVE SUMMARY 23

4 PREMIUM INSIGHTS 27
4.1 ATTRACTIVE OPPORTUNITIES IN THE ELECTRICAL DIGITAL TWIN MARKET 27
4.2 ELECTRICAL DIGITAL TWIN MARKET, BY DEPLOYMENT TYPE 27
4.3 ELECTRICAL DIGITAL TWIN MARKET, BY TWIN TYPE 28
4.4 NORTH AMERICAN ELECTRICAL DIGITAL TWIN MARKET, BY APPLICATION & COUNTRY 28
4.5 ELECTRICAL DIGITAL TWIN MARKET, BY END-USER 29
4.6 ELECTRICAL DIGITAL TWIN MARKET, BY REGION 29

5 MARKET OVERVIEW 30
5.1 INTRODUCTION 30
5.2 MARKET DYNAMICS 30
5.2.1 DRIVERS 31
5.2.1.1 Improved accuracy and efficiency in power sector operations 31
5.2.1.2 Streamlined integration of renewable energy technologies 31
5.2.1.3 Reduced unplanned downtime and maintenance costs 33
5.2.2 RESTRAINTS 33
5.2.2.1 Deployment challenge and system complexity 33
5.2.2.2 Data privacy and security concerns 33
5.2.3 OPPORTUNITIES 34
5.2.3.1 Growing impact of machine learning and AI on digital twin applications 34
5.2.3.2 Network level optimization 34
5.2.4 CHALLENGES 34
5.2.4.1 Limited support for implementation from stakeholders 34
5.2.4.2 Lack of skilled talent and workforce 35

6 ELECTRICAL DIGITAL TWIN MARKET, BY TWIN TYPE 36
6.1 INTRODUCTION 37
6.2 DIGITAL GAS & STEAM POWER PLANT 38
6.2.1 NEED TO REDUCE FUEL CONSUMPTION AND ENVIRONMENTAL EMISSIONS IS DRIVING THE MARKET 38
6.3 DIGITAL GRID 39
6.3.1 ABILITY TO INTEGRATE GREATER LEVELS OF RENEWABLE ENERGY RESOURCES IS DRIVING THE MARKET 39
6.4 DIGITAL WIND FARM 41
6.4.1 OPTIMIZING OPERATIONS AND IMPROVING THE PERFORMANCE OF A WIND TURBINE ARE DRIVING THE MARKET 41
6.5 DIGITAL HYDROPOWER PLANT 42
6.5.1 IMPROVED ASSET LIFE AND HIGHER OPERATIONAL EFFICIENCY ARE DRIVING THE MARKET 42
6.6 DISTRIBUTED ENERGY RESOURCES 42
6.6.1 REAL-TIME OPTIMIZATION OF RESOURCES IS DRIVING THE MARKET 42

7 ELECTRICAL DIGITAL TWIN MARKET, BY APPLICATION 44
7.1 INTRODUCTION 45
7.2 ASSET PERFORMANCE MANAGEMENT 46
7.2.1 RISE IN NEED TO MINIMIZE UNPLANNED OUTAGES ON ASSETS IS EXPECTED TO DRIVE THE ASSET PERFORMANCE MANAGEMENT SEGMENT 46
7.2.1.1 Equipment health 46
7.2.1.2 Reliability management 47
7.2.1.3 Maintenance optimization 47
7.3 BUSINESS & OPERATIONS OPTIMIZATION 47
7.3.1 INCREASE IN DEMAND FOR OPERATIONAL EXCELLENCE ACROSS POWER UTILITIES IS EXPECTED TO DRIVE THE BUSINESS & OPERATIONS OPTIMIZATION SEGMENT 47
7.3.1.1 Operational flexibility 48
7.3.1.2 Outage management 48
7.4 DIGITAL TWIN AGGREGATE 48
7.4.1 CONTINUOUS MONITORING OF POWER PLANT ASSETS IS LIKELY TO DRIVE THE DEMAND FOR DIGITAL TWIN AGGREGATE 48

8 ELECTRICAL DIGITAL TWIN MARKET, BY DEPLOYMENT TYPE 50
8.1 INTRODUCTION 51
8.2 CLOUD 52
8.2.1 CONTINUOUS MONITORING OF ASSETS THROUGH CLOUD-BASED DEPLOYMENT IS DRIVING THE MARKET 52
8.3 ON-PREMISES 53
8.3.1 NEED FOR INCREASED SECURITY IS DRIVING THE MARKET 53

9 ELECTRICAL DIGITAL TWIN MARKET, BY END-USER 54
9.1 INTRODUCTION 55
9.2 UTILITIES 56
9.2.1 GROWING PENETRATION OF DIGITAL SOLUTIONS IS EXPECTED TO DRIVE THE UTILITIES SEGMENT 56
9.2.2 FEDERAL UTILITIES 56
9.2.3 INDEPENDENT POWER PRODUCERS 56
9.3 GRID INFRASTRUCTURE OPERATORS 57
9.3.1 RISE IN NEED FOR GRID DIGITALIZATION IS EXPECTED TO DRIVE THE GRID INFRASTRUCTURE OPERATORS SEGMENT 57

10 ELECTRICAL DIGITAL TWIN MARKET, BY REGION 58
10.1 INTRODUCTION 59
10.2 NORTH AMERICA 61
10.2.1 US 64
10.2.1.1 Investment in digital technologies and need for renewable energy integration are driving the market 64
10.2.2 CANADA 65
10.2.2.1 Need for better outage management and reducing cost of operations are driving the market 65
10.2.3 MEXICO 66
10.2.3.1 Investments in renewable energy technologies and need for decarbonization are expected to drive the market 66
10.3 ASIA PACIFIC 67
10.3.1 CHINA 70
10.3.1.1 Need for smooth grid operations due to renewable penetration and electric vehicles is driving the market 70
10.3.2 JAPAN 71
10.3.2.1 Need for power sector optimization and rising cost of power are driving the market 71
10.3.3 AUSTRALIA 71
10.3.3.1 Grid reliability and energy security are driving the market 71
10.3.4 REST OF ASIA PACIFIC 72
10.3.4.1 Higher renewable penetration and better forecasting needs are driving the electrical digital twin market 72
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10.4 EUROPE 73
10.4.1 GERMANY 77
10.4.1.1 Need to incorporate higher renewable penetration and ensuring stable grid operations are driving the market 77
10.4.2 UK 78
10.4.2.1 Integration challenge of renewables and need to reduce volatile energy prices are driving the market 78
10.4.3 FRANCE 79
10.4.3.1 Grid reliability and increasing shift toward renewable energy are driving the market 79
10.4.4 THE NORDIC COUNTRIES 79
10.4.4.1 Need for stable interconnected grid is driving the market 79
10.4.5 REST OF EUROPE 80
10.4.5.1 Need for sustainable energy and grid operations are driving the electrical digital twin market 80
10.5 SOUTH AMERICA 81
10.5.1 BRAZIL 83
10.5.1.1 Increase in electricity consumption and investments in power generation sources are driving the market 83
10.5.2 ARGENTINA 84
10.5.2.1 Focus on reconstructing the electricity market is driving the electrical digital twin market 84
10.5.3 REST OF SOUTH AMERICA 84
10.6 MIDDLE EAST & AFRICA 85
10.6.1 SAUDI ARABIA 87
10.6.1.1 Integrating renewables to the grid is driving the market 87
10.6.2 UAE 88
10.6.2.1 Increasing investments in renewable energy are likely to drive the market 88
10.6.3 SOUTH AFRICA 89
10.6.3.1 Rise in demand for asset management is expected to drive the market 89
10.6.4 REST OF MIDDLE EAST & AFRICA 89

11 COMPETITIVE LANDSCAPE 91
11.1 INTRODUCTION 91
11.2 COMPETITIVE LEADERSHIP MAPPING 92
11.2.1 VISIONARY LEADERS 92
11.2.2 INNOVATORS 92
11.2.3 DYNAMIC 92
11.2.4 EMERGING 92
11.3 MARKET SHARE ANALYSIS 94
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11.4 COMPETITIVE SCENARIO 95
11.4.1 NEW PRODUCT DEVELOPMENTS 95
11.4.2 MERGERS & ACQUISITIONS 96
11.4.3 CONTRACTS & AGREEMENTS 96
11.4.4 EXPANSIONS & INVESTMENTS 96
11.4.5 OTHERS 97

12 COMPANY PROFILE 98
(Business Overview, Products Offered, Recent Developments, and MnM View)*
12.1 ABB 98
12.2 AVEVA 101
12.3 EMERSON 103
12.4 ETTEPLAN 105
12.5 GE 107
12.6 SIEMENS 110
12.7 WIPRO 114
12.8 SAS INSTITUTE 116
12.9 ACPD SERVICES 117
12.10 MICROSOFT 118
12.11 IBM 120
12.12 FUJITSU 122
*Details on Business Overview, Products Offered, Recent Developments, and MnM View might not be captured in case of unlisted companies
13 APPENDIX 124
13.1 INSIGHTS OF INDUSTRY EXPERTS 124
13.2 DISCUSSION GUIDE 124
13.3 KNOWLEDGE STORE: MARKETSANDMARKETS? SUBSCRIPTION PORTAL 127
13.4 AVAILABLE CUSTOMIZATIONS 129
13.5 RELATED REPORTS 129
13.6 AUTHOR DETAILS 130