Press release
Global Electrical Digital Twin Market Exclusive Trends Analysis with Forecast to 2031
According to the latest research by InsightAce Analytic, the Global Electrical Digital Twin Market is valued at US$ 0.9 Bn in 2023, and it is expected to reach US$ 2.4 Bn by 2031, with a CAGR of 13.1% during the forecast period of 2024-2031.
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A digital twin of electrical systems is a computer model that mimics its behaviour, performance, and qualities to improve design, operation, and maintenance by using real-time data analysis. The electrical digital twin market is growing due to the adoption of renewable power sources, and encouragement from policymakers has accelerated the digitization of the energy sector worldwide. This has dramatically increased the need for electrical digital twins to effectively manage energy systems, optimize operations, and enhance asset performance. Moreover, smart grid investments and expenditures are swelling worldwide. In addition, energy consumption will naturally increase due to the world's growing population. Factors such as the need for powerhouses, schools, hospitals, and countless other vital facilities contribute to this increasing energy demand. This has resulted in a surge in the need for electric digital twins as more and more of their population gain access to renewable energy, which will grow the market demand in the coming years.
List of Prominent Players in the Electrical Digital Twin Market:
• General Electric
• Siemens
• AVEVA
• Microsoft Corporation
• ANSYS
• SAP
• Hitachi Energy Ltd
• Emerson Electric Co.
• Bentley Systems Inc.
• Schneider Electric
• Dassault Systèmes
• IBM Corporation
• Oracle Corporation
• Others
Market Dynamics:
Drivers:
The worldwide electrical digital twin industry fuels the growing demand because more and more people are using smart grids, the Internet of Things (IoT), and renewable energy sources. Moreover, predictive repair is needed for infrastructure that is getting old, and there is a growing focus on sustainability. Demand is further fueled by rising energy use and grid complexity. Improvements in cloud computing, AI, and machine learning make it possible to analyze data in real-time, which helps people make better decisions. Additionally, electrical digital twins also improve security, ensure regulations are followed, and make better use of assets while lowering downtime. The need for the market is on the rise as more and more companies seek to modernize their electrical system construction, operation, and maintenance processes.
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Challenges:
The prime challenges are the high implementation costs, lack of skilled professionals, and need for uniformity in digital technologies, which are predicted to slow the growth of the electrical digital twin market. The high expense of implementation is due to factors such as the requirement for sophisticated hardware and software. Furthermore, operational issues arise due to the complexity and time required to integrate electrical digital twin solutions with the current infrastructure. Worries about the safety and privacy of user data on online platforms also hinder the expansion of the electrical digital twin industry. Moreover, the electrical digital twin market needs more qualified specialists. Maintaining and evaluating sophisticated electrical digital twins requires specific knowledge and challenging market growth in the coming years.
Regional Trends:
The North American electrical digital twin market is anticipated to register a major market share in revenue. It is projected to grow at a high CAGR in the near future due to the availability of innovative generation facilities, the growing need for electrification in outlying areas, the ease of access and adaptation to advanced power solutions, and the proliferation of new renewable energy production plants. Besides, Europe had a substantial market share because of rising government spending on electrical digital twins, rising city populations, and boosting spending on the installation of cutting-edge digital technologies to modernize the power grid's aging infrastructure for producing and distributing electricity.
Recent Developments:
• In September 2024, GE Vernova Inc. revealed the availability of its new 6 MVA, 2000-volt direct current utility-scale inverter. The technology will be tested with a multi-megawatt installation in North America. The goal of this project is to accelerate the switch to green energy and lower carbon emissions while also lowering the cost of solar energy even more.
• In August 2024, Siemens Digital Industries Software revealed that the Orient Express Racing Team is utilizing the Siemens Xcelerator software portfolio to stay ahead of the competition in the forthcoming 37th American Cup.
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Segmentation of Electrical Digital Twin Market
Electrical Digital Twin Market- By System Type
• Product Twins
• Process Twins
• Systems Twins
Electrical Digital Twin Market- By Application
• Asset Performance Management
• Business & Operation Optimization
Electrical Digital Twin Market- By Twin Type
• Digital Gas & Steam Power Plant
• Digital Wind Farm
• Digital Grid
• Digital Hydropower Plant
• Distributed Energy Resources
Electrical Digital Twin Market- By Deployment
• On-Premise
• Cloud
Electrical Digital Twin Market- By End-User
• Utility Service Providers
• Grid Infrastructure Operators
Electrical Digital Twin Market- By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.JPG
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