Electrical Digital Twin Market: By Application, By Function, By Usage type, By Deployment, and Region Forecast 2019 - 2030

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Electrical Digital Twin Market Size, Share, Growth, Trends, and Global Industry Analysis: By Application (Distributed Energy Resources, Digital Gas & Steam Power plant, Digital Wind Farm, Digital Grid, Digital Hydropower plant, Others), By Function (Asset Performance Management, Business & Operations Optimization, Digital Twin Aggregate), By Usage type (Product, Process, System), By Deployment (Cloud, On-Premises), and Region Forecast 2019 - 2030

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Electrical Digital Twin Market size was valued at US$ 825.2 million in 2023 and is poised to grow at a CAGR of 12.2% from 2024 to 2030. The electrical digital twin is a model that enables the utilities to simplify the data maintenance and in-exchange process. In Electrical Digital Twin the data is synchronized from various available systems and then standardized into one database with multiple users, this is done using standard-based adapter or interfaces. The key feature of an electrical digital twins is, that it provides a single accurate source of true data.

The key driver in the global market is the integration of variable renewable energy and decentralizing the distributed energy resource by the use of electrical digital twin. the globe needs to reduce carbon footprints to control greenhouse gas emissions and also, to prevent the increase of global mean temperature by at least 20 relative to the preindustrial temperature level by the end of this century. This can be achieved by increased deployment of renewable energy sources.

The increasing demand for advanced technologies to deliver innovative analytical, monitoring, and predictive capabilities within a short period is expected to fuel the growth of the market. However, improper or inadequate knowledge of employees in deploying effectively and maintaining the network-based complex may be expected to hinder the growth of the market. Also, limited skilled resources in this segment may slow down the growth of the market globally. The digital twin stores the data and intellectual capital of the organization in its database, which may be against the company's security policy and may obstruct market growth in the forecasted years. Several developed countries and developing countries are focusing on elevating the adoption of 3D printing with the use of an electrical digital grid which is anticipated to fuel the market growth globally in the forecasted years.

Electrical Digital Twin Market Key Developments

  • In September 2022, Threedium & SharpEnd, UK-based companies, merged their technology solutions to let the users provide their experience with the help of the metaverse.
  • In March 2022, Valiot upgraded its manufacturing software with the help of Digital twin technology. AI was administered in their value chain empowering manufacturer to predict and resolve the unexpected changes in their value chain like demand, supply, production & distribution.

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Electrical Digital Twin Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

12.2%

Largest Market

North America

Fastest Growing Market

Asia Pacific

Electrical Digital Twin Market Dynamics

The global electrical digital twin market is growing due to the increasing demand for industrial internet of things, machine learning, cloud computing and artificial intelligence in the industries across the globe is the key market driver in the global market during the forecasted period. The usage of AI has evolved the digital twin system into an two way communication with an information layer between the consumer and utilities. This information layer helps in responding to the sudden demand in the market to the consumer. The increase in emission of greenhouse gases and the urge to reduce it by the government bodies is anticipated to fuel the growth of digital twin market at a significant rate.

Electrical Digital Twin Market Segmentation Analysis

Report Benchmarks

Details

Report Study Period

2024-2030

Market Size in 2023

US$ 825.2 million

Market CAGR

12.2%

By Function Type

  • Asset Performance Management
  • Business & Operations Optimization
  • Digital Twin Aggregate

By Application

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

By Usage Type

  • Product
  • Process
  • System

By Deployment

  • Cloud
  • On Premises

By Region

  • North America (USA, Canada)
  • Europe (Germany, UK, France, Spain, Italy , Rest of Europe)
  • The Asia Pacific (China, India, Japan, Australia, South Korea, Rest of Asia- Pacific)
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
  • MEA (Saudi Arabia, UAE, South Africa, Rest of MEA)

Key Features of the Report

  • The electrical digital twin market report provides granular level information about the market size, regional market share, historic market (2019 to 2023) and forecast (2024 to 2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments and startup’s details that are actively working in the market
  • The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
  • The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis 

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Frequently Asked Questions

The electrical digital twin market size was valued at US$ 825.2 million in 2023 and is expected to grow at a significant CAGR of 12.2% from 2024-2030.

The increasing demand for industrial internet of things, machine learning, cloud computing and artificial intelligence across the globe are the key driving factors of the market.

The leading players in the global Electrical Digital Twin market are ABB, GE, Microsoft, Wipro limited, Fujitsu global, Emerson, Siemens, AVEVA, Etteplan, IBM, ACPD services Ltd., Dassault systems, PTC, Hexagon PPM

The digital hydropower plant is expected to dominate the market in the forecasted years due to its increasing demand.

1.Executive Summary
2.Global Electrical Digital Twin Market Introduction 
2.1.Global Electrical Digital Twin Market  - Taxonomy
2.2.Global Electrical Digital Twin Market  - Definitions
2.2.1.Application 
2.2.2.Function
2.2.3.Usage type
2.2.4.Deployment
2.2.5.Region
3.Global Electrical Digital Twin Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Product Landscape
3.6. New Product Launches
3.7. Impact of COVID 19 on Market
4.Global Electrical Digital Twin Market Analysis, 2019-2023 and Forecast 2024-2030
4.1.  Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
4.3.  Market Opportunity Analysis 
5.Global Electrical Digital Twin Market  By Application , 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
5.1. Distributed Energy Resources
5.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.1.3. Market Opportunity Analysis 
5.2. Digital Gas & Steam Power plant
5.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.2.3. Market Opportunity Analysis 
5.3. Digital Wind Farm
5.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.3.3. Market Opportunity Analysis 
5.4. Digital Grid,
5.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.4.3. Market Opportunity Analysis 
5.5. Digital Hydropower plant
5.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.5.3. Market Opportunity Analysis 
5.6. Others
5.6.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.6.3. Market Opportunity Analysis 
6.Global Electrical Digital Twin Market  By Function, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
6.1. Asset Performance Management
6.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.1.3. Market Opportunity Analysis 
6.2. Business & Operations Optimization
6.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.2.3. Market Opportunity Analysis 
6.3. Digital Twin Aggregate
6.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.3.3. Market Opportunity Analysis 
7.Global Electrical Digital Twin Market  By Usage type, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
7.1. Product
7.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.1.3. Market Opportunity Analysis 
7.2. Process
7.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.2.3. Market Opportunity Analysis 
7.3. System
7.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.3.3. Market Opportunity Analysis 
8.Global Electrical Digital Twin Market  By Deployment, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
8.1. Cloud
8.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.1.3. Market Opportunity Analysis 
8.2.  Premises
8.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.2.3. Market Opportunity Analysis 
9.Global Electrical Digital Twin Market  By Region, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
9.1. North America
9.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.1.3. Market Opportunity Analysis 
9.2. Europe
9.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.2.3. Market Opportunity Analysis 
9.3. Asia Pacific (APAC)
9.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.3.3. Market Opportunity Analysis 
9.4. Middle East and Africa (MEA)
9.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.4.3. Market Opportunity Analysis 
9.5. Latin America
9.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.5.3. Market Opportunity Analysis 
10.North America Electrical Digital Twin Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
10.1. Application  Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.1.1.Distributed Energy Resources
10.1.2.Digital Gas & Steam Power plant
10.1.3.Digital Wind Farm
10.1.4.Digital Grid,
10.1.5.Digital Hydropower plant
10.1.6.Others
10.2.  Function Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.2.1.Asset Performance Management
10.2.2.Business & Operations Optimization
10.2.3.Digital Twin Aggregate
10.3.  Usage type Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.3.1.Product
10.3.2.Process
10.3.3.System
10.4.  Deployment Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.4.1.Cloud
10.4.2. Premises
10.5.  Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.5.1.United States of America (USA)
10.5.2.Canada
11.Europe Electrical Digital Twin Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
11.1. Application  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.1.1.Distributed Energy Resources
11.1.2.Digital Gas & Steam Power plant
11.1.3.Digital Wind Farm
11.1.4.Digital Grid,
11.1.5.Digital Hydropower plant
11.1.6.Others
11.2.  Function Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.2.1.Asset Performance Management
11.2.2.Business & Operations Optimization
11.2.3.Digital Twin Aggregate
11.3.  Usage type Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.3.1.Product
11.3.2.Process
11.3.3.System
11.4.  Deployment Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.4.1.Cloud
11.4.2. Premises
11.5.  Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.5.1.Germany
11.5.2.France
11.5.3.Italy
11.5.4.United Kingdom (UK)
11.5.5.Spain
11.5.6.Rest of EU
12.Asia Pacific (APAC) Electrical Digital Twin Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
12.1. Application  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.1.1.Distributed Energy Resources
12.1.2.Digital Gas & Steam Power plant
12.1.3.Digital Wind Farm
12.1.4.Digital Grid,
12.1.5.Digital Hydropower plant
12.1.6.Others
12.2.  Function Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.2.1.Asset Performance Management
12.2.2.Business & Operations Optimization
12.2.3.Digital Twin Aggregate
12.3.  Usage type Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.3.1.Product
12.3.2.Process
12.3.3.System
12.4.  Deployment Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.4.1.Cloud
12.4.2. Premises
12.5.  Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.5.1.China
12.5.2.India
12.5.3.Australia and New Zealand (ANZ)
12.5.4.Japan
12.5.5.Rest of APAC
13.Middle East and Africa (MEA) Electrical Digital Twin Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
13.1. Application  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.1.1.Distributed Energy Resources
13.1.2.Digital Gas & Steam Power plant
13.1.3.Digital Wind Farm
13.1.4.Digital Grid,
13.1.5.Digital Hydropower plant
13.1.6.Others
13.2.  Function Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.2.1.Asset Performance Management
13.2.2.Business & Operations Optimization
13.2.3.Digital Twin Aggregate
13.3.  Usage type Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.3.1.Product
13.3.2.Process
13.3.3.System
13.4.  Deployment Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.4.1.Cloud
13.4.2. Premises
13.5.  Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.5.1.GCC Countries
13.5.2.South Africa
13.5.3.Rest of MEA
14.Latin America Electrical Digital Twin Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
14.1. Application  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.1.1.Distributed Energy Resources
14.1.2.Digital Gas & Steam Power plant
14.1.3.Digital Wind Farm
14.1.4.Digital Grid,
14.1.5.Digital Hydropower plant
14.1.6.Others
14.2.  Function Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.2.1.Asset Performance Management
14.2.2.Business & Operations Optimization
14.2.3.Digital Twin Aggregate
14.3.  Usage type Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.3.1.Product
14.3.2.Process
14.3.3.System
14.4.  Deployment Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.4.1.Cloud
14.4.2. Premises
14.5.  Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.5.1.Brazil
14.5.2.Mexico
14.5.3.Rest of LA
15. Competition Landscape
15.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
15.2.1.ABB
15.2.2.GE
15.2.3.Microsoft
15.2.4.Wipro limited
15.2.5.Fujitsu global
15.2.6.Emerson
15.2.7.AVEVA
15.2.8.Etteplan
15.2.9.IBM
15.2.10.ACPD services Ltd.
15.2.11.Dassault systems
15.2.12.Hexagon PPM
16. Research Methodology 
17. Appendix and Abbreviations 

Key Market Players

  • Altair Engineering, Inc.
  • ANSYS
  • Aucotec AG
  • Autodesk Inc.
  • CADFEM GmbH
  • Cisco Systems
  • Allerin Tech Pvt. Ltd.
  • Bentley Systems, Incorporated
  • Lanner Electronics
  • Emesent
  • Digital Twin Consortium
  • Amazon Web Services
  • Dassault Systems
  • Eclipse Foundation
  • FEINGUSS BLANK GmbH
  • Faststream Technologies
  • General Electric
  • Hitachi Ltd.
  • HP
  • Honeywell
  • IBM
  • Industrial Internet Consortium
  • Invicara
  • Cityzenith
  • Cosmo Tech
  • Digital Twin Technologies
  • DNV GL
  • DXC Technology
  • Emerson
  • Flowserve
  • Forward Networks
  • Google
  • Intellias
  • KBMax
  • Microsoft
  • National Instruments
  • NavVis
  • Oracle
  • PETRA Data Science
  • Physical Web
  • Pratiti Technologies
  • Prodea System Inc.,
  • PTC
  • QiO Technologies
  • Robert Bosch
  • SAP
  • Schneider
  • SenSat
  • Siemens
  • Sight Machine Inc.
  • Simplifa GmbH
  • Softweb Solutions Inc.
  • Sogeti Group
  • SWIM.AI
  • Synavision
  • Sysmex Corporation
  • TIBCO Software
  • Toshiba Corporation
  • UrsaLeo
  • Virtalis Limited
  • Visualiz
  • Wipro Limited
  • XenonStack
  • Zest Labs
  • ABB

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