The new report by Expert Market Research titled, ‘Global Electrical Digital Twin Market Share, Size, Price, Trends, Growth, Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global electrical digital twin market, assessing the market based on its segments like type, application, deployment type, end-user, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 5.2 Billion
• Forecast CAGR (2023-2028): 35 .8%
• Forecast Market Size (2026): USD 32.6 Billion
The growth of global electrical digital twin market is driven by the rapid development in IoT technologies. Additionally, the growing demand across widespread industries for data analysis, predict failures and optimising the process is further projected to boost the market growth. The power utilities sector is expected to dominate the demand for electrical digital twin for avoiding unplanned system shutdowns.
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Moreover, the integration of IoT and cloud-based technologies across energy and utilities, manufacturing, healthcare, agriculture, and automotive industries for improving operations, enhancing system productivity, and augmenting sales will propel the growth over the forecast period.
Industry Definition and Major Segments
The digital twin refers to a dynamic digital clone of a process, product, system, or facility that can be used for a variety of objectives, such as monitoring equipment performance and assessing its working life, ensuring a better digital experience for customers.
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The industry can be broadly categorised on the basis of its type into:
• Digital Gas and Steam Power Plant
• Digital Grid
• Digital Wind Farm
• Digital Hydropower Plant
• Distributed Energy Resources
The industry can be divided based on its application sector as:
• Asset Performance Management
• Business and Operations Optimization
• Digital Twin Aggregate
Based on deployment type, the industry can be divided into:
The industry can be divided based on its end-use as:
• Grid Infrastructure Operators
The regional markets for electrical digital twin market include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Regionally, North America is projected to dominate the global market for electrical digital twins. This can be attributed to the presence of major electrical digital twin manufacturers, software developers, and technology providers. Meanwhile, Europe is also anticipated to witness a robust growth owing the thriving demand from automotive and healthcare sector.
However, the Asia Pacific is expected to show the highest growth rate over the forecast period due to rapid industrialisation and manufacturing infrastructure development in emerging economies such as China and India.
Key Market Players
The major players in the market are ANSYS, Inc. (NASDAQ: ANSS), Cal-Tek S.r.l., Cityzenith Inc., General Electric Company, International Business Machines Corporation, Emerson Electric Co., Siemens AG, Wipro Limited, Oracle Corporation, and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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