As per a new market research report published by Future Market Insights, the global electrical digital twin market is anticipated to increase significantly, progressing from USD 1,085.9 million in 2023 to USD 3,342.7 million by 2033. Throughout this projected period, the market is expected to experience substantial growth with a strong CAGR of 11.9%.
The increased acceptance of innovative technologies such as IoT and cloud for digital twin applications and attractive digital twin prospects in industries such as aerospace and defense, healthcare, and automotive and transportation are driving demand for electrical digital twin.
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.
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Recent Developments by the Electrical Digital Twin Service Providers
- Digital twin modeling and simulation technology was developed by ABB and Corys in 2020 using ABB Ability 800xA Simulator and Indices Plus process modeling.
- A visual computing platform was designed in 2022 by a collaboration of Siemens and Threedy to provide access to visual digital twin information.
- In 2021 the on-premises analytics software of General Electric was upgraded that can now utilize artificial intelligence and machine learning technologies. AI and ML can be used for the quick identification of problems and suggest remedies fast for better performance.
Key Players in the Industry:
Aveva Group; General Electrical; Siemens AG; Emerson Electric Manufacturing Co.; Etteplan Engineering Co.; Wipro Ltd.; Microsoft Corporation; International Business Machines Corporation (IBM); Schneider Electric. Co.
Electrical Digital Twin Industry Segmentation:
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
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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