“The global electrical digital twin market is projected to grow at a CAGR of 15.4% from 2019 to 2024”
The global electrical digital twin market is projected to reach USD 1,642 million by 2024 from an estimated USD 804 million in 2019, at a CAGR of 15.4% during the forecast period. This growth can be attributed to factors such as improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance costs. However, limited support for implementation from stakeholders and lack of skilled talent and workforce are hindering the growth of the electrical digital twin market.
“The asset performance management segment is expected to be the fastest growing market from 2019 to 2024.”
The asset performance management segment, by application, is estimated to be the largest and the fastest growing segment during the forecast period. Due to the increase in focus on asset management by power utilities, the adoption of electrical digital twin is likely to drive the market during the forecast period. The focus on asset management is increasing as the power utilities want to continuously monitor asset health, increase grid reliability, and help in maintenance optimization. With the help of digital twining, power utilities can map physical assets to a digital platform that helps in creating a single source of data for all power generation or renewable assets.
“The cloud segment, by deployment type, is expected to be the largest market from 2019 to 2024”
The cloud segment is expected to hold the largest market share and is the fastest growing segment during the forecast period. Electrical digital twin in the cloud acts as a bridge between the digital and physical world by accessing real-time data from the sensors installed in the assets in a power plant. The cloud-based data sharing platform helps power grid operators identify and mitigate issues before they happen by analyzing the present and past data related to plant performance. Moreover, cloud services help in achieving economies of scale by continuously monitoring assets’ health to lower the cost of power plant operations.
“North America: The largest electrical digital twin market”
The North American region is expected to be the largest electrical digital twin market by 2024. The North American digital twin market has been further segmented into the US, Canada, and Mexico. In recent years, the development of software and automation solutions deployed in the power utilities have a positive impact on the growth of the electrical digital twin market. Moreover, the increased research & development (R&D) activities in the field of Internet of Things (IoT) and Industrial Internet of Things (IIoT) and increasing demand for efficient and cost-effective technologies for power utilities are the factors driving the market in this region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants among other experts to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1 - 62%, Tier 2 - 22%, and Tier 3 - 16%
- By Designation: C-Level - 40%, Director Level - 30%, and Others - 30%
- By Region: North America - 47%, South America- 12%, Europe - 11%, Asia Pacific - 19%, and the Middle East & Africa - 11%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2018. Tier 1: USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:
The global electrical digital twin market is dominated by a few major players that have a wide regional presence. The leading players in the electrical digital twin market are Siemens (Germany), GE (US), ABB (Switzerland), Emerson (US), and AVEVA (UK).
- The report defines, describes, and forecasts the global electrical digital twin market by twin type, application, deployment, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market.
- The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market.
- These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the electrical digital twin market.
Why buy this report?
- The report identifies and addresses the key markets for electrical digital twin, which would help various stakeholders such as utilities, analytics companies, and digital twin providers to review the growth in demand.
The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges. The report will help key players understand the strategies of their competitors better and help them in making effective strategic decisions.