Electrical Digital Twin Market is Expected to Reach $4.16 Billion by 2030, Registering a CAGR of 12.7%

Allied Market Research published a report on Electrical Digital Twin Market by Type (Product Digital Twin, Process Digital Twin, and System Digital Twin), Application (Asset Performance Management, and Business & Operations Optimization) and End User (Utilities, and Grid Infrastructure Operators): Global Opportunity Analysis and Industry Forecast, 2021-2030.

The global electrical digital twin market was valued at $1267.8 million in 2020, and is projected to reach $4161.8 million by 2030, registering a CAGR of 12.7% from 2021 to 2030. The global electrical digital twin market size is expected to witness considerable growth, owing to rising use of digital twin for predictive maintenance and emergence of advance technologies.

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The electrical digital twin market is highly competitive, owing to strong presence of existing vendors. Electrical digital twin technology vendors who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals as they have the capacity to cater to the global market requirements.

The electrical digital twin industry growth is supplemented by proactive industrialization efforts and surge in manufacturing output, owing to technological advancements. These factors have allowed emerging markets to evolve as largest markets during the forecast period both from the demand as well as the supply side.

The electrical digital twin market exhibits high growth potential in automobile, healthcare, utility, commercial and industrial sectors. The current business scenario is witnessing an increase in demand for energy, particularly in developing regions such as China and India, owing to surge in population and rise in demand for energy.

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Competitive Analysis:

The company profile section of the electrical digital twin market report covers strategic developments, business overview, product offerings, and financial performance of the companies. It also highlights the strategies adopted by companies such as products launch, agreements, partnerships, acquisitions mergers, collaborations, joint ventures, research & development investment, and regional expansion in the past few years.

Some of the major key players of the global electrical digital twin market include,

• General Electric
• ABB
• Emerson
• Siemens
• AVEVA
• Schneider
• SAP
• IBM
• Oracle Corporation
• Microsoft

By end user, the market is divided into utilities, and grid infrastructure operators. The grid infrastructure operators segment is expected to be the fastest growing segment registering a CAGR of 13.8% during the forecast period. However, the utilities segment is the highest revenue contributor that accounted for $710.6 million in 2020.

By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor that was valued at $436.7 million in 2020. This region is further expected to attain a market value of $ 1211.5 million by 2030 to grow at a CAGR of 10.8%.

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Key Findings of the Study:

• By type, the system digital twin segment is expected to generate the highest revenue during the forecast period.
• By application, the asset performance management segment is expected to register the highest revenue during the forecast period.
• By end user, the grid infrastructure operators segment is expected to register the highest revenue during the forecast period.
• By region, North America is expected to register the highest revenue during the forecast period.

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