- Asset Performance Management
- Business & Operations Optimization
- Digital Twin Aggregate
Electrical Digital Twin Market size was valued at USD 825.2 million in 2022 and is expected to grow at a CAGR of 12.2% from 2023 to 2029. The electrical digital twin is a model which enables the utilities to simplify the data maintenance and in the exchange process. In Electrical Digital Twin the data is synchronized from various available systems and then standardized into one database which has multiple users, this is done using standard based adapter or interfaces. The key features of electrical digital twin are, that it provides single accurate source of true data. The key driver in the global electrical digit twin market is the integration of variable renewable energy and decentralizing the distributed energy resource by the use of electrical digital twin. According to the Paris agreement 2015, the globe needs to reduce the carbon footprints in order to control the greenhouse gases emission and also, to prevent the increase of global mean temperature at least by 20 relatives to preindustrial temperature level by the end of this century. This can be achieved by increased deployment of renewable energy sources. The increasing demand for the advanced performed technologies to deliver an innovative analytical, monitoring, and predictive capabilities within short span of time is expected to fuel the growth of electrical digital twin market. However, improper or in adequate knowledge of employee in deploying effectively and maintain the network- based complex may be expected to hinder the growth of electrical digital twin market. Also, limited skilled resource in this segment may also slow down the growth of electrical digital twin market globally. The digital twin stores the data and intellectual capital of the organization in its database which may be against the security policy of the company which may obstruct the market growth in the forecasted years. Several developed countries and developing countries are focusing in elevating the adoption of 3D printing with the use of electrical digital grid which is anticipated to fuel the market growth globally in the forecasted years.
Electrical Digital Twin Market Key Developments:
In September 2022, Threedium & SharpEnd, UK based companies, merged their technology solutions to let the users provide their experience with the help of metaverse.
In march 2022, Valiot upgraded their manufacturing software with the help of Digital twin technology. AI was administered in their value chain empowered manufacturer in order to predict and resolve the unexpected changes in their value chain like demand, supply, production & distribution.
Fastest Growing Market
The global electrical digital twin market is growing due to the increasing demand for industrial internet of things, machine learning, cloud computing and artificial intelligence in the industries across the globe is the key market driver in the global electrical digital twin market during the forecasted period. The usage of AI has evolved the digital twin system into an two way communication with an information layer between the consumer and utilities. This information layer helps in responding to the sudden demand in the market to the consumer. The increase in emission of greenhouse gases and the urge to reduce it by the government bodies is anticipated to fuel the growth of digital twin market at a significant rate.
The Electrical Digital Twin market size was valued at USD 825.2 million in 2022.
The increasing demand for industrial internet of things, machine learning, cloud computing and artificial intelligence across the globe are the key driving factors of the market.
The leading players in the global Electrical Digital Twin market are ABB, GE, Microsoft, Wipro limited, Fujitsu global, Emerson, Siemens, AVEVA, Etteplan, IBM, ACPD services Ltd., Dassault systems, PTC, Hexagon PPM
The digital hydropower plant is expected to dominate the market in the forecasted years due to its increasing demand.