Market Overview: Electrical Digital Twin Market FY24-30
This reports provides an essential and dependable overview of the Electrical Digital Twin Market, serving as a guide for stakeholders navigating the industry’s future trajectory. It covers critical aspects, guiding through challenges and opportunities, shedding light on the market landscape, key insights, driving forces, major competitors, regulatory framework, potential growth, ongoing trends, supply chain dynamics, evolving policies, segments and prominent players.
Electrical Digital Twin Market Report Coverage Details:
- Base Year: 2023
- Historical Data: 2019-22
- Forecast Period: 2024-2030
- CAGR: 14.5% (2024-2030)
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.
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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.
Electrical Digital Twin Market Segmentation Analysis – FY24-30
Discover a comprehensive evaluation of every segment and its subdivisions, allowing our clients to gain a deep understanding of the Electrical Digital Twin Market (2024-2030). We prioritize uncovering the pivotal factors that presently drive and will shape the industry’s growth moving forward. Our goal is to empower our esteemed clients by optimizing their end-user positioning and revenue generation through a thorough analysis of market size, share and all the latest market scope across diverse segmentation categories.
The Electrical Digital Twin Market segmentation is enlisted 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)
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By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Electrical Digital Twin Market Competitive Landscape
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, Other.
Electrical Digital Twin Industry News:
- 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.
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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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