Electrical Digital Twin Market Sparks Growth, Set to Reach US$ 3,342.7 Million by 2033 with a Strong CAGR of 11.9% | Future Market Insights, Inc.
The growing need for integration of variable renewable energy with the grid and decentralization of distributed energy resources using electrical digital twins is the main driver for the market.
NEWARK, Del, Dec. 04, 2023 (GLOBE NEWSWIRE) -- 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 *US$ 1,085.9 million* in 2023 to *US$ 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.
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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.
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.
*"Increasing R&D efforts and technical advances are two significant market trends driving the expansion of the electrical digital twin business."*- says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
*Key Takeaways from the Electrical Digital Twin Market Report:*
· 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 offering 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.
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*Scope of the Market Report:*
*Attribute* Details
*Forecast Period* 2023 to 2033
*Historical Data Available for* 2017 to 2022
*Market Analysis* US$ million for Value and Units for Volume
*Key Regions Covered* North America, Latin America, Europe, Middle East & Africa, East Asia, South Asia and Oceania
*Key Countries Covered* United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa
*Key Segments Covered* By Twin Type, By Usage Type, By Deployment, By End Use and By Region
*Key Companies Profiled* · 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.
*Report Coverage* Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
*Customization & Pricing* Available upon Request
*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.
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*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
*Authored By: *
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.
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