Global Quick Overview of the Electrical Digital Twin Market Analysis
The objective of the Global Electrical Digital Twin Market Research Report is to provide a detailed and useful data, and a geographical perspective for predictions of future. The recommendations included in the report are supposed to be insightful and actionable, offering a thorough understanding of the industry. Moreover, it includes a comprehensive table of contents, relevant data, and an analysis of numerous important aspects that have impacted the market.
According to the latest report analysis by MarkNtel Advisors, the Global Electric Digital Twin Market size was valued at around USD 1.12 billion in 2023 and is projected to grow at a CAGR of about 14.5% during the forecast period, i.e., 2024-30. This detailed study provides a detailed overview of the current market state, including market trends, opportunities, along with the recent developments. In-depth analysis of market share, size, forecast, and competitive landscape is also covered in this report that presents a clear picture of the industry with relevant statistical data.
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Latest Opportunity Contributing in the Electrical Digital Twin Industry:
Global Electrical Digital Twin Market Opportunity:
Surging Investments in Smart Grids to Provide New Opportunity for the Market Players – Investments & expenditures related to smart grids are experiencing significant growth on a global scale. Regions such as Europe & China are ramping up their financial commitments to digitalize their electrical grids. In 2022, China budgeted more than USD 74.35 billion for the upgradation & digitalization of its grids.
Likewise, the European distribution system operators & transmission system operators are also foreseeing higher investment needs for the modernization of aging infrastructure and the digitalization of grids. This surging focus on enhancing investments in smart grids would create a new arena for digital twin providers in the energy sector, as digital twin technology plays a critical role in optimizing and managing complex grid systems, ensuring they operate efficiently, reliably, and securely in this era of digital transformation. Consequently, the increased focus on enhancing smart grid investments is creating a burgeoning market for digital twin providers in the energy sector.
A Detailed Outlook of Electrical Digital Twin Market Segmentation
The Market Segmentation analysis provides and accurate data of the industry to help the analysts make smart strategic investment decisions. Also, the prediction of the market is included for national, and level in the research. The study analyses latest trends of the industry from 2024-30 for each of the category. Different segments were used to classify the market for this study are listed below:
-By System Type
- Product Twins – Market Size & Forecast 2019-2030F, (USD Million)
- Process Twins – Market Size & Forecast 2019-2030F, (USD Million)
- Systems Twins – Market Size & Forecast 2019-2030F, (USD Million)
-By Application
- Asset Performance Management- Market Size & Forecast 2019-2030F, (USD Million)
- Business & Operation Optimization- Market Size & Forecast 2019-2030F, (USD Million)
-By Twin Type
- Digital Gas & Steam Power Plant – Market Size & Forecast 2019-2030F, (USD Million)
- Digital Wind Farm – Market Size & Forecast 2019-2030F, (USD Million)
- Digital Grid – Market Size & Forecast 2019-2030F, (USD Million)
- Digital Hydropower Plant – Market Size & Forecast 2019-2030F, (USD Million)
- Distributed Energy Resources – Market Size & Forecast 2019-2030F, (USD Million)
-By Deployment
- On-Premise – Market Size & Forecast 2019-2030F, (USD Million)
- Cloud – Market Size & Forecast 2019-2030F, (USD Million)
-By End User
- Utility Service Providers – Market Size & Forecast 2019-2030F, (USD Million)
- Grid Infrastructure Operators – Market Size & Forecast 2019-2030F, (USD Million)
Explore Our Comprehensive Study: https://www.marknteladvisors.com/research-library/electrical-digital-twin-market.html
Geographical Analysis:
-By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Europe has always been at the forefront of embracing digital technologies, due to which it has witnessed significant investment in digital twin solutions across various sectors, including energy infrastructure. The European Union has actively promoted the adoption of digital technologies to improve energy efficiency, reduce carbon emissions, and enhance the overall sustainability of the energy sector. As a result, European countries have been substantially implementing digital twin solutions in energy infrastructure.
Moreover, the European countries are planning to cut power sector emissions & reach the EU’s ambitious target of climate neutrality by 2050. Hence, wind & solar power projects are receiving more funding in the region. Owing to this, many new renewable projects are commencing in the region, further enhancing the adoption of digital twins in the sector.
Lead the Electrical Digital Twin Market with a Deep Evaluation of the Competition
This report also includes accurate facts, figures, and market data into income assessments, and projections in the industry by using a wide range of statistical tools and knowledge about the market by the experts. Each notable market participant has a SWOT evaluation, a profile and a complementary Porter’s Five Forces analysis.
Moreover, to take the benefits of new opportunities, dominating players have been constantly realigning their systems, and methods of operation. We also evaluate major businesses that are influences on a geographical scale along with the small and medium-sized businesses that plays crucial role and have substantial opportunity for expansion in order to accurately reflect the levels of market competition.
The details on the following key players is presented in this section as:
- 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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Global Electrical Digital Twin Industry Recent Development:
- 2022: Microsoft Corporation announced partnership with SSE Renewable and Avanadeis. The companies would work together to create Azure Digital Twins of offshore windfarms and their local environment.
- 2022: Emerson Electric Co. has broadened the scope of their Digital Twin in the sustainability sector. The Ovation™ digital twin now incorporates intelligent grid enhancements, enabling the simulation of vital components to effectively respond to the evolving landscape of power generation.
Key Report Highlights
- Market Dimensions & Projections
- Pricing Evaluation,
- Recent Strategic Moves by Companies,
- Primary Stakeholders,
- Analysis of Import and Export Trends,
- Competitive Landscape Assessment,
- Emerging Opportunities,
- Market Trends and Indicators
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