CHICAGO, Nov. 3, 2021 /PRNewswire/ -- According to the new market research report "Electrical Digital Twin Marketby Twin Type (Gas & Steam Power Plant, Wind Farm, Digital Grid, Others), Usage Type (Product, Process, System), Deployment Type (Cloud, On-Premises), End User, Application, and Geography - Global Forecast to 2026", published by MarketsandMarkets™, the Electrical Digital Twin Market size will grow to USD 1.3 billion by 2026 from USD 0.8 billion in 2021, at a CAGR of 12.2% during the forecast period.
The integration of variable renewable energy with the grid and increasing decentralization of distributed energy resources using electrical digital twins are the driving factors for the Electrical Digital Twin Market, globally. Utilities and grid infrastructure operators across regions are increasingly looking toward digital technologies, including electrical digital twins, to help streamline the integration of the growing share of renewable energy technologies into their operational mix. The emergence of Energy 4.0 and the increasing adoption of advanced technologies for implementation of digital twin applications creates ample opportunities for growth of the market.
The system digital twin segment is expected to dominate the Electrical Digital Twin Market, by usage type, during the forecast period.
The system digital twin segment is expected to hold the largest market share and also grow at the fastest rate during the forecast period. The growing need for achieving network-level optimization to fuel demand for system digital twins. The system digital twin is a collection of products and processes that perform as a system or network-wide functions. It can be used to stimulate systems or networks such as substations, power plants, wind farms, and distributed energy resources. The system twin provides visibility into a set of interdependent equipment and a connected view of the end-to-end network of assets based on actual operational data.
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The utilities segment is expected to be the largest Electrical Digital Twin Market, by end user, during the forecast period.
The utilities segment held a larger share of the Electrical Digital Twin Market. Power utilities are rapidly investing in the deployment of electrical digital twins as they aid operators in achieving efficiency in terms of workforce optimization and enhance plant operations by reducing unplanned downtime. To clearly understand the impacts of distributed energy resources (DERs) on the grid, utilities need to streamline interconnection application processes and create digital network analysis models from the existing geographic information system (GIS) network data using electrical digital twins.
North America likely to emerge as the largest Electrical Digital Twin Market
In this report, the Electrical Digital Twin Market has been analyzed for six regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. The growth of the North American market is driven by the increasing investments for the deployment of advance digital technology to upgrade to aging power generation and distribution infrastructure. Furthermore, the increasing need to deliver clean, reliable energy, and a strong focus on renewable energy generation are among a few major factors driving investments in digital technologies such as electrical digital twin. The increased R&D in the field of cloud, big data analytics, IoT and IIoT and increasing demand for efficient and cost-effective technologies to improve assets performance and optimize business operations are also supporting the regional market growth. The governments in US and Canada have also made several policy reforms to accelerate the decarbonization of the power sector. Thus, North America dominated the Electrical Digital Twin Market during the forecasted period.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Electrical Digital Twin Market.
Some of the key players are General Electric (US), Siemens (Germany), ABB (Switzerland), Emerson (US), and AVEVA Group (UK). The leading players are adopting various strategies to increase their share in the Electrical Digital Twin Market.
Digital Twin Market by Technology, Type (Product, Process, and System), Application (predictive maintenance, and others), Industry (Aerospace & Defense, Automotive & Transportation, Healthcare, and others), and Geography - Global Forecast to 2026
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