Electrical Digital Twin Market

Electrical Digital Twin Market was valued at USD 5,200 Million in 2020 and expected to grow at a 35.8% CAGR during 2021-2028.

Introduction of the Electrical Digital Twin Market Report

The electrical digital twin is a virtual representation of an object or system from real-time data which uses simulation, machine learning, and reasoning to decision-making. It enables utilities to simplify the data maintenance and exchange process.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global electrical digital twin market include integrating variable renewable energy and decentralized energy resources using electrical digital twins. Digital twins monitor every critical insight to improve operational performance for a service and maintenance perspective. It helps energy companies to become agile at managing production, distribution, and efficient end-user consumption. Moreover, digital twins are also used for performance optimization. Digital twins tend to incorporate activity-based approaches, energy-agent behavioural data collection, and analysis. For instance, Siemens has developed an electrical digital twin which enables utilities to optimize transmission grid performance, allowing automated data exchange between internal and external systems. In addition, a digital twin is driving innovation and enhancing performance efficiently in the engineering sector. It helps industries reduce maintenance costs, product defects and improve the process as per the requirements. For instance, Bentley Systems offers iModel.js and iTwin services, which is commercially offering built platform to help users create and manage data in a digital twin.

Restraint in the Electrical Digital Twin Market

However, digital twins can have system complexities. Developing an electrical digital twin requires inputs from operators such as facility managers, design engineers, electrical engineers, equipment vendors, which can add complexity to the deployment. These factors restrict the demand for electrical digital twins.

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Type – Segment Analysis

Based on the Type, the digital wind farm segment is expected to grow at the fastest rate in the global electrical digital twin market during the forecast period. The digital twin model collects and analyze data from real-life counterpart and provides suggestions for efficient operations. For instance, Hitachi, construct aerodynamic and a structural model of the wind turbine as a “digital twin” and use it to estimate the loads on the blades. It is used to generate pseudo measurement data and true values for the validation.

Application – Segment Analysis

Based on the application, the Asset Performance Management segment is expected to capture the largest market share over the forecast period in the global electrical digital twin market. The intersection of asset performance management and digital twins provides allows manufacturers to digital transformation in plant engineering and asset management. A digital twin is a virtual model of an asset maintained throughout the lifecycle and can be easily accessible at any time. This helps in managing poor information, which has a hidden cost on operational budgets.

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Regional – Segment Analysis:

Based on the region, the Europe region is expected to capture a significant market share in the global electrical digital twin market due to the development, adoption, and diffusion of connected digital twins. It will support the enhanced strategic planning, drive performance, and optimize critical energy infrastructures. For instance, Adger Energi uses Microsoft Azure Digital Twins to identify ways to operate its electrical grid more efficiently through distributed energy resources, device controls, and predictive forecasting. It will significantly avoid the cost, time-consuming network reinforcement, and infrastructure upgrades.

Top Market Players

Various notable players operating in the market include Hitachi, Microsoft Corporation, ABB, Johnson Controls, Siemens, General Electric, Schneider Electric, Bentley Systems, IBM, Wipro, and among others.

Key Developments:

• • In 2020, ABB and Corys collaborated to develop digital twin modelling and simulation technology across the energy and process industry. It will deliver complete digital replicas of a plant’s control system that supports training and allows operators to validate and test control strategies and production processes.
  • In 2020, Johnson Controls and Microsoft announced collaboration to launch integration between OpenBlue digital twin and Azure digital twin.

Segments covered in the Report:

The global Electrical Digital Twin market has been segmented on the basis of Type, Deployment Type, Application, and regions. Based on Type, the market is segmented into Digital Gas & Steam Power Plant, Digital Wind Farm, Digital Grid, Digital Hydropower Plant, Distributed Energy Resources. Based on Deployment Type, the market is segmented into Cloud, On-Premises. Based on Application, the market is segmented into Asset Performance Management, Business and Operations Optimization.

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Key questions answered in this research report:

• • At what pace is global electrical digital twin market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in electrical digital twin market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global electrical digital twin market?
  • Which type generated maximum revenues in 2020 and identify the most promising type during the forecast period?
  • What is the various application area of global electrical digital twin market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Electrical Digital Twin Market by Type

• • Digital Gas & Steam Power Plant
  • Digital Wind Farm
  • Digital Grid
  • Digital Hydropower Plant
  • Distributed Energy Resources

Global Electrical Digital Twin Market by Deployment Type

• • Cloud
  • On-Premises

Global Electrical Digital Twin Market by Application

• • Asset Performance Management
  • Business and operations optimization

Global Electrical Digital Twin Market by Region

• • North America Electrical Digital Twin Market (Option 1: As a part of the free 25% customization)
    • North America Electrical Digital Twin Market by Type
    • North America Electrical Digital Twin Market by Deployment Type
    • North America Electrical Digital Twin Market by Application
    • US Electrical Digital Twin Market All-Up
    • Canada Electrical Digital Twin Market All-Up
  • Europe Electrical Digital Twin Market (Option 2: As a part of the free 25% customization)
    • Europe Electrical Digital Twin Market by Type
    • Europe Electrical Digital Twin Market by Deployment Type
    • Europe Electrical Digital Twin Market by Application
    • UK Electrical Digital Twin Market All-Up
    • Germany Electrical Digital Twin Market All-Up
    • France Electrical Digital Twin Market All-Up
    • Spain Electrical Digital Twin Market All-Up
    • Rest of Europe Electrical Digital Twin Market All-Up
  • Asia-Pacific Electrical Digital Twin Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Electrical Digital Twin Market by Type
    • Asia-Pacific Electrical Digital Twin Market by Deployment Type
    • Asia-Pacific Electrical Digital Twin Market by Application
    • China Electrical Digital Twin Market All-Up
    • India Electrical Digital Twin Market All-Up
    • Japan Electrical Digital Twin Market All-Up
    • Rest of APAC Electrical Digital Twin Market All-Up
  • RoW Electrical Digital Twin Market (Option 4: As a part of the free 25% customization)
    • RoW Electrical Digital Twin Market by Type
    • RoW Electrical Digital Twin Market by Deployment Type
    • RoW Electrical Digital Twin Market by Application
    • Brazil Electrical Digital Twin Market All-Up
    • South Africa Electrical Digital Twin Market All-Up
    • Saudi Arabia Electrical Digital Twin Market All-Up
    • UAE Electrical Digital Twin Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Electrical Digital Twin Market All-Up

Major Players Operating in the Electrical Digital Twin (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Hitachi
  • Microsoft Corporation
  • ABB
  • Johnson Controls
  • Siemens
  • General Electric,
  • Schneider Electric
  • Bentley Systems
  • IBM
  • Wipro