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Electrical Digital Twin Market Top Companies Study - Bentley Systems Inc., Schneider Electric, Dassault Systèmes, IBM Corporation, Oracle Corporation.
Electrical Digital Twin Market
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-based model that replicates the behavior, performance, and characteristics of these systems, enabling improvements in design, operation, and maintenance through real-time data analysis. The market for electrical digital twins is expanding, driven by the increasing adoption of renewable energy sources and the supportive policies encouraging the digitization of the global energy sector. This trend has significantly amplified the demand for electrical digital twins to effectively manage energy systems, optimize operational efficiency, and enhance asset performance. Additionally, worldwide investments in smart grid technologies are on the rise. The growing global population is further fueling the demand for energy, with essential facilities such as power plants, schools, and hospitals requiring substantial energy supply. As more regions gain access to renewable energy, the demand for electrical digital twins is expected to grow, further contributing to the market's expansion 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
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Market Dynamics:
Drivers:
The global electrical digital twin market is experiencing substantial growth, driven by the increasing adoption of smart grids, the Internet of Things (IoT), and renewable energy sources. Additionally, there is a rising demand for predictive maintenance to address aging infrastructure, alongside a heightened focus on sustainability. The growing complexity of energy grids and the rising demand for energy further propel the market. Advances in cloud computing, artificial intelligence (AI), and machine learning enable real-time data analysis, which supports more informed decision-making. Electrical digital twins enhance security, ensure regulatory compliance, optimize asset utilization, and reduce downtime, contributing to increased demand. As more companies seek to modernize their electrical systems' design, operation, and maintenance, the market for electrical digital twins continues to expand.
Challenges:
Key challenges facing the electrical digital twin market include high implementation costs, a shortage of skilled professionals, and a lack of standardization in digital technologies, all of which are expected to impede growth. The substantial cost of implementation arises from the need for advanced hardware and software. Moreover, the complexity and time required to integrate digital twin solutions with existing infrastructure pose significant operational challenges. Concerns regarding the safety and privacy of user data on online platforms further hinder market expansion. Additionally, the shortage of qualified specialists required to maintain and evaluate advanced electrical digital twins presents another challenge that may slow market development in the coming years.
Regional Trends:
The North American electrical digital twin market is expected to capture a significant share of the market revenue, with a high compound annual growth rate (CAGR) projected for the near future. This growth is driven by the availability of innovative generation facilities, the increasing need for electrification in remote areas, and the widespread adoption of advanced power solutions. The proliferation of new renewable energy production plants also contributes to this trend. In Europe, the market holds a substantial share due to increased government investment in electrical digital twins, rising urban populations, and growing expenditures on upgrading the power grid's aging infrastructure to improve electricity generation and distribution efficiency.
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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.
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
About Us:
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 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.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com
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