Electrical Digital Twin Market: By Application, By Function, By Usage type, By Deployment, and Region Forecast 2019 - 2030
Electrical Digital Twin Market: By Application, By Function, By Usage type, By Deployment, and Region Forecast 2019 - 2030
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.
Study Period
2024-2030Base Year
2023CAGR
12.2%Largest Market
North AmericaFastest Growing Market
Asia Pacific
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 is segmented Based on regions into North America, Asia-Pacific, Europe, Latin America, and the Middle East, and the African region. The market in North America is likely to hold a significant revenue share and is anticipated to dominate the global market in the forecasted years due to significant manufacturers present in the region, and large investments done in research and development in industries like aerospace, automotive, and manufacturing industries. The Asia Pacific region to have significant growth in the forecasted years due to an increase in power consumption and growing demand to set for bulk production in the region.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 825.2 million |
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Market CAGR |
12.2% |
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By Function Type |
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By Application |
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By Usage Type |
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By Deployment |
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By Region |
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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
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