Electrical Digital Twin Market: By Application (Distributed Energy Resources, Digital Gas & Steam Power plant, Digital Wind Farm, Digital Grid, Digital Hydropower plant, Others), By Function (Asset Performance Management, Business & Operations Optimization, Digital Twin Aggregate), By Usage type (Product, Process, System), By Deployment (Cloud, On-Premises), and Geography

Electrical Digital Twin Market size was valued at USD 825.2 million in 2023 and poised grow at a CAGR of 12.2% from 2024 to 2030. The electrical digital twin is a model that enables the utilities to simplify the data maintenance and in-exchange process. In Electrical Digital Twin the data is synchronized from various available systems and then standardized into one database with multiple users, this is done using standard-based adapter or interfaces. The key feature of an electrical digital twins is, that it provides a 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. the globe needs to reduce carbon footprints to control greenhouse gas emissions and also, to prevent the increase of global mean temperature by at least 2⁰ relative to the preindustrial temperature level by the end of this century. This can be achieved by increased deployment of renewable energy sources.

The increasing demand for advanced technologies to deliver innovative analytical, monitoring, and predictive capabilities within a short period is expected to fuel the growth of the electrical digital twin market. However, improper or inadequate knowledge of employees in deploying effectively and maintaining the network-based complex may be expected to hinder the growth of the electrical digital twin market. Also, limited skilled resources in this segment may slow down the growth of the 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 company's security policy and may obstruct market growth in the forecasted years. Several developed countries and developing countries are focusing on elevating the adoption of 3D printing with the use of an 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 the metaverse.
• In March 2022, Valiot upgraded its manufacturing software with the help of Digital twin technology. AI was administered in their value chain empowering manufacturer to predict and resolve the unexpected changes in their value chain like demand, supply, production & distribution.