According to FMI estimates, the global electrical digital twin market generated a market revenue of USD 987.2 million in the year 2022. Further market analysis report predicts the adoption of an electrical digital twin to rise at a CAGR of 11.9% between 2023 and 2033. By the end of this forecast period, the overall valuation of the market is projected to reach USD 3,342.7 million.
Various approaches in a simulated environment that do not affect the actual product have opened new avenues for electrical digital twin technologies. So, in recent years the demand for electrical digital twin technology is steadily increasing across various business organizations trying to improve existing models.
The overall market strengthened considerably during the pandemic period and a positive growth was observed even during the post-pandemic period. Furthermore, many utility companies have realized their future potential in comprehending and handling the vast amount of data to provide uninterrupted service.
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The adoption of digital twin technology is increasing across various new industries, which is expected to drive market growth in the years ahead. Some of the well-established end users for electrical digital twin technology include automotive, manufacturing, energy and utilities, and others.
The adoption of electrical digital twin technology in modern industries can be regarded as a combination of automated manufacturing processes with IoT to develop networked production systems. Twin technology helps in the digital representation of any product which further aids in the proper operation and management of the system. As a result, digital twin technology may be in higher demand over the forecast years for supporting businesses in meeting Industry 4.0 criteria.
Key Takeaways from the Electrical Digital Twin Market Study Report
- The United States dominates the overall market and contributed around 27.1% of total revenue generated in 2022.
- China is the leading country in the Asia Pacific and is projected to register a CAGR of 13% over the forecast years.
- India is anticipated to follow China by exhibiting a CAGR of 12.5% from 2023 to 2033.
- Based on usage type, the system digital twins segment dominates the overall market by acquiring 43.1% in 2022.
- Based on the twin type, the digital grids contributed almost 21.9% of the total market revenue in 2022.
- Future advancements in renewable energy harnessing sources like wind turbines, and solar Photovoltaic cells are poised to be a game changer for the market. With a CAGR of 9.5% during the continuing decade, the globalinstalled wind and solar PV capacity is projected to grow promisingly.
Competitive Landscape for the Electrical Digital Twin Market Players
Aveva, Siemens, Emerson, Etteplan, Wipro, Microsoft, IBM, and Schneider are significant businesses that are well-liked by users of electrical digital twin software. As the general electrical digital twin technology is still developing in emerging economies, it provides lucrative opportunities to global players for market penetration. But the degree of digital twin technology varies across regions based on the availability of funds or resources.
Today, digital twin technology companies are increasing their market share by reaping the benefits of connected digital twin business operations. Nearly 40% of IoT platform vendors may integrate simulation platforms and capabilities to create the best digital twin software in the coming years. Higher time savings provided by these leading players are also pushing forward their sales of electrical digital twin technologies.
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Recent Developments by the Electrical Digital Twin Service Providers
ABB Group and Dassault Systèmes signed a contract of partnership in February 2019 to offer software solutions to digital service providers. Through this partnership, Dassault Systèmes’ 3DEXPERIENCE platform and ABB’s Ability digital solutions are expected to combine and improve both businesses’ installed capacity and customer base.
GE stated in December 2018 that it would build a new unit specifically to support the industrial internet of things (IIoT) with a separate organizational structure. This new business endeavor was launched with an annual revenue plan of around USD 1.2 billion and a solid industrial basis.
In collaboration with Bentley Systems, Siemens AG unveiled a new PlantSight digital twin cloud services in October 2018. This expansion was aimed to give their customers effective plant operations and improve the firm’s digital services portfolio.
Key Segmentations Covered by Electrical Digital Twin Market
By Twin Type:
- Digital Gas & Steam Power Plant
- Digital Wind Farm
- Digital Grid
- Digital Hydropower Plant
- Distribution Energy Resources
- Other Applications
By Usage Type:
- Production Digital Twin
- Process Digital Twin
- System Digital Twin
By Deployment Type:
- Cloud
- On-premises
By End User:
- Utility Service Providers
- Grid Infrastructure Operators
By Application:
- Asset Performance Management
- Business & Operations Optimization
- Digital Twin Aggregate
By Region:
- North America Market
- Europe Market
- East Asia Market
- Asia Pacific Market
- Latin America Market
- Middle East and Africa Market
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