Electrical Digital Twin Market Outlook 2023: Big Things are Happening

Latest publication on 'Electrical Digital Twin Market: Current Analysis and Forecast (2021-2027)' is added in HTF MI research repository provides in-depth analysis, Competitive scenario, and future market trends and strategies. The market Study is segmented by key a region that is accelerating the marketization. This section also provides the scope of different segments and applications that can potentially influence the market in the future. The detailed information is based on current trends and historic milestones. Some of the key players profiled in the study are General Electric, Siemens AG, ABB Limited, Emerson Electric, AVEVA Group, Schneider Electric, SAP, Microsoft Corporation, Wipro Limited, and IBM Corporation.

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Summary
The global electrical digital twin market is expected to witness a CAGR of around 12% during the forecast period (2021-2027). This is mainly due to the increasing R&D initiatives for the development of new technologies coupled with the rising integration and adoption of IoT, AI, and ML technologies in different sectors such as utilities, grid infrastructure, automotive, healthcare, and others. An electrical digital twin is used for the growth of integration of variable renewable energy with the grid and the decentralization of distributed energy resources.
In addition, major players such as GE, Siemens, IBM, SAP, and many others in the market are continuously developing solutions with the electrical digital twin. For instance, In June 2021, Siemens and Threedy collaborated for developing a visual computing platform where Sidrive IQ is providing a visual computing platform instant3Dhub where user access is expected by the integration of Threedy's visualization service to visual digital twin information.

Electrical digital twin enables utilities to simplify the data maintenance and electrical devices like sensors, and exchange process. Data from different systems are coordinated and then aggregated into a single multi-user database through standards-based adapters or interfaces. A trustworthy single source of data truth is one of the major attributes. As more integrated technologies are incorporated into the digital twin, it becomes more thorough, resulting in a digital thread that standardizes the entire process and produces optimal results. They're mostly found in healthcare, water supply, automobile industries, and others. Furthermore, the increasing R&D for the Internet of Things (IoT) for energy, utilities, healthcare, aerospace, and automotive coupled with rising government initiatives for the integration of energy-efficient systems and technologies across sectors is expected to drive the market for electrical digital twin during the forecast period.
General Electric, Siemens AG, ABB Limited, Emerson Electric, AVEVA Group, Schneider Electric, SAP, Microsoft Corporation, Wipro Limited, and IBM Corporation are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.

Insights Presented in the Report
"Amongst Usage Type, System Digital Twin category to hold a significant share in the market"
Based on usage type, the market is classified as product, process, and system. The system digital twin caters extensive share in the electrical digital twin market and is expected to witness influential growth in the forecasted period as well. A system digital twin is a collection of products and processes that perform a network-wide function and can be used to stimulate those networks such as substations, power plants, wind farms, and distributed energy resources. The system twin provides visibility into a set of interdependent equipment and a connected view of the end-to-end network of assets based on actual operational data.
"Amongst Twin Type, digital gas & steam power plant segment to hold a significant share in the market"

Based on twin types, the market is categorized into digital gas & steam power plant, digital wind farms, digital grid, digital hydropower plants, and distributed energy resources. The digital gas & steam power plant segment is expected to cater to extensive demand in the electrical digital twin market during the forecast period. The power sector operators are planning to induce digital gas & steam power to reduce emissions and fuel consumption of gas & steam turbines asset. It is mainly attributed due to the rising optimization of machines, strategies, health, equipment, and increasing reliability through performance management. However, digital gas and steam power plants have a higher maintenance requirement compared to power generation facilities.
"Amongst Application, Asset Performance Management segment to hold a significant share in the market"

Based on application, the market is categorized into asset performance management, business & operations optimization, and digital twin aggregate. During the forecast period, the asset performance management segment is likely to dominate the global electrical digital twin market. It is mainly due to the increasing requirements for continuous asset monitoring and predictive maintenance in various end-user industries that are positively influencing the market demand for electrical digital twins. It also offers reliability maintenance capabilities and recommends modifications in maintaining strategies for optimal utilization of assets based on budget and reliability risk constraints.
"Amongst Deployment, Cloud Solutions segment to hold a significant share in the market"
Based on deployment, the market is categorized into the cloud and on-premises. During the forecast period, the cloud segment is likely to dominate the global electrical digital twin market. The rising deployment of the cloud is mainly due to its significant requirement across end-user industries, as it offers various advantages such as scalability, adaptability, fewer investment requirements, cost-effectiveness, and low energy consumption. In addition, the cloud segment stores a large amount of data and gives easy access to improve the digitization of the power grid system.
"Amongst End-User, Energy & Utilities are accounted for a significant market share in 2020"
Based on end-user, the market is categorized into energy & utilities, grid infrastructure operators, aerospace and defense, healthcare, automotive, and others. During the forecast period, due to the increased usage of renewable energy and advanced digital technology, the energy & utilities segment is likely to dominate the global electrical digital twin market as it is the prominent end-users of digital twin technology. Several market players such as GE, ABB Limited, Siemens AG, and others are investing in the deployment of electrical digital twins for real-time data analysis and visualizations well as the development of long-term asset management and business strategies to cut operational costs which in turn are positively influencing the market size of the electrical digital twin.
North America to witness significant growth during the forecast period"

North America is expected to witness significant growth in the electrical digital twin market during the forecast period. The major contributors to the growth of this market are developed countries such as U.S. and Canada. The increase in infrastructure development in emerging economies, as well as the expansion of the commercial and industrial sector, coupled with decentralization of distributed energy resources, improved accuracy, and efficiency in power sector operations, are the factors that contributed to the growth of the North America market.

Furthermore, the electrical digital twin market is expected to grow in the forecasted period due to the soaring R&D activities in the realms of the Internet of Things (IoT) as well as the increased need for efficient and cost-effective power utility technologies. Additionally, the growth of digital technologies with a rapid increase in different technologies is seen as well as the upgrading of power generation and distribution infrastructure is also present. IoT applications seem to have more opportunities to improve the standard of living and revolutionize the industrial sector in North America due to the large population as well as growth in the economy.

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