According to a recent market research report on the electrical digital twin market from Future Market Insights, sales of electrical digital twin will increase at a CAGR of 11.9 percent from US$ 1,085.9 million in 2023 to US$ 3,342.7 million in 2033.
The growing acceptance of cutting-edge technologies such as IoT and cloud for digital twin applications, as well as promising digital twin futures in sectors such as aerospace and defence, healthcare, and automotive and transportation, are driving demand for electrical digital twin.
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The digital twin is being used in various industries, including automotive, construction, and manufacturing. In addition, firms in these industry verticals are continually leveraging digital twin systems and technologies to evaluate the performance of physical assets and highlight where changes and enhancements are needed to achieve beneficial outcomes.
This aspect is driving many businesses to embrace digital twin software, and it is expected to propel the industry forward in the following years.
Digital twin technologies are being increasingly adopted in various industries, including automotive, manufacturing, energy & utilities, and others, and this is expected to fuel market expansion in the coming years. In addition, the growing adoption of electrical digital twin technology by researchers and medical practitioners to create novel platforms that can enhance care delivery through better patient monitoring is projected to boost the market growth in the following years during the coronavirus crisis era.
Adoption of electrical digital twin necessitates significant investments, collaboration, and long-term willingness on the operator’s part. To maintain a digital twin, operators must develop the necessary technology infrastructure, such as robust IoT deployments and simulation platforms, and integrate data sources from various departments and IoT contextual systems. The extensive use of components of electrical digital twin by diverse stakeholders in the power sector is hampered by these considerations.
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Due to a shortage of experienced workers, significant initial investments are necessary for installation and significant maintenance costs, and this factor is restricting the market’s growth in the predicted years.
Key Takeaways:
- The increase in spending for the implementation of advanced digital technology to modernize old power generating and distribution infrastructure is propelling the development of the North American electrical digital twin market share.
- The system digital twin type sub-segment accounted for the bulk of the worldwide customer base of all the components of digital twin and is expected to maintain its dominance during the forecast period. This dominance is mainly due to the widespread use of system digital twin by various industries, including automotive, manufacturing, oil & gas, energy & utilities, and other verticals, to uncover new revenue-generating potential by lowering costs and improving customer service.
- Owing to cloud-based solutions offer numerous benefits, such as scalability, flexibility, cost-effectiveness, and low energy consumption, their adoption rate is growing at a remarkable pace across organizations. The cloud sector of the electrical digital twin market size is anticipated to advance at a healthy CAGR during the forecast period.
- The primary electrical digital twin categories in the industry are digital gas and steam power plants, digital grid, wind farm, hydropower plants, and distributed energy resources.
“Increasing R&D efforts and technical advances are two significant market trends driving the expansion of the electrical digital twin business.”
Competitive Landscape
As per the global market study on the electrical digital twin market, the increase in investments for the implementation of advanced digital technology to modernize old power generating and distribution facilities is propelling the development of the North American market. In addition, improved R&D in the fields of cloud, big data analytics, IoT, and IIoT and rising demand for optimal and cost-effective innovations to enhance asset performance and optimize corporate operations are all contributing to regional market expansion.
Electrical digital twin market key trends & opportunities put ANSYS, Inc., Cal-Tek Srl, GE Digital, Emerson Electric Co., Siemens AG, Cityzenith, International Business Machines Corporation, Wipro Limited, and Oracle Corp as follows: the key participants.
The active companies in this industry have chosen product development and new technology as their primary tactics. IBM, Microsoft, GE, and Siemens increase their R&D spending to develop new products and technology.
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