Electrical Digital Twin Market | Growing for Digital Hydropower Plant across the Globe

According to Precision Business Insights (PBI), latest report, the global electrical digital twin market was valued at USD 825.2 million in 2022 and is expected to grow at 12.2% CAGR from 2023 to 2029. The primary drivers of the expansion of the global electrical digital twin market include the increasing demand for advanced technologies, government's focus on implementing AI in the digital twin system and increasing demand for industrial internet of things, machine learning, Cloud Computing and Artificial Intelligence across the globe.

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Digital Hydropower Plant Segment to Dominate the Electrical Digital Twin Market
Based on the application, the global electrical digital twin market is segmented into Distributed Energy Resources, Digital Gas & Steam Power plant, Digital Wind Farm, Digital Grid, Digital Hydropower plant, Others. The digital hydropower plant segment is expected to account for a larger revenue share in the global electrical digital twin market. The increasing demand for the bulk capacity generation units and the increasing demand for renewable energy source across the globe is the major driver of the growth of this segment. Moreover, favourable reimbursement policies, along with the rapid development of research is fuelling the demand for the global market.

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The electrical digital twin market is segmented based on application, function, deployment type, usage type, and geography.
Based on the function, the market is segmented into the following:
• Asset Performance Management
• Business & Operations Optimization
• Digital Twin Aggregate

Based on the application, the market is segmented into the following:
• Distributed Energy Resources
• Digital Gas & Steam Power plant
• Digital Wind Farm
• Digital Grid
• Digital Hydropower plant
• Others

Based on the usage type, the market is segmented into the following:
• Product
• Process
• System

Based on the deployment type, the market is segmented into the following:
• Cloud
• On Premises

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

North America Electrical Digital Twin Market:
The North America market is expected to increase in the global electrical digital twin market over the forecast period. The North America market is expanding because of their easy adaptability and easy accessibility to advanced power solution and also due to the presence of innovative idea generation facilities. The Asia Pacific market is expected to have a significant growth because of their increased power consumption and increased demand for the bulk production setup. and also the presence of key players in this region is expected to fuel the growth of market in this region in the forecasted period.

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Key players' profiles in the electrical digital twin market report are ABB, GE, Microsoft, Wipro limited, Fujitsu global, Emerson, Siemens, AVEVA, Etteplan, IBM, ACPD services Ltd., Dassault systems, PTC, Hexagon PPM

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This release was published on openPR.