Electric Digital Twin Market Size, Share & Growth Report

Global Electrical Digital Twin Market Research Report: Forecast (2024-2030)

By System Type (Product Twins, Process Twins, Systems Twins), By Application (Asset Performance Management, Business & Operation Optimization), By Twin Type (Digital Gas & Steam Power Plant, Digital W... ... wer Plant, Digital Wind Farm, Digital Grid, Digital Hydropower Plant, Distributed Energy Resources), By Deployment (On-Premise, Cloud), By End User (Utility Service Providers, Grid Infrastructure Operators), By Region (North America, South America, Europe, The Middle East & Africa, Asia-Pacific), By Company (General Electric,, Siemens, AVEVA, Microsoft Corporation, ANSYS, SAP, Hitachi Energy Ltd, Emerson Electric Co., Bentley Systems Inc., Schneider Electric, Dassault Systèmes, IBM Corporation, Oracle Corporation, Other) Read more

ICT & Electronics
Nov 2023
Pages 178
Report Format: PDF, Excel, PPT

Market Definition

Electrical Digital Twin refers to a virtual replica of energy systems such as power plants, electricity grids, etc. It uses real-time data derived from sources like IoT devices, sensors, etc., to create models that mirror the same physical infrastructure. It enables simulation of energy assets, real-time monitoring, predictive maintenance, and asset management.

Market Insights & Analysis: Global Electrical Digital Twin Market (2024-30):

The Global Electric Digital Twin Market size was valued at around USD 1.12 billion in 2023 and is projected to grow at a CAGR of about 14.5% during the forecast period, i.e., 2024-30. The digitalization of the energy sector has surged across the globe due to policy support & a shift towards renewable energy sources. Owing to this, the demand for digital twins to optimize operations, improve asset performance, and ensure the effective management of energy systems has surged.

Countries across various regions are actively pursuing plans to expand the digitalization of their energy sectors. In 2022, the European Commission introduced the EU action plan for advancing the digitalization of the energy system. This plan is designed to promote sustainable, secure, and competitive digital energy services, prioritize data privacy & sovereignty, and facilitate investments in digital energy infrastructure.

Report Coverage	Details
Study Period	Historical Data: 2019-22
	Base Year: 2023
	Forecast Period: 2024-30
CAGR (2024-2030)	14.5%
Regions Covered	North America: US, Canada, Mexico
	Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
	Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific
	South America: Brazil, Argentina, Rest of South America
	Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA
Key Companies Profiled	General Electric,, Siemens, AVEVA, Microsoft Corporation, ANSYS, SAP, Hitachi Energy Ltd, Emerson Electric Co., Bentley Systems Inc., Schneider Electric, Dassault Systèmes, IBM Corporation, Oracle Corporation, Other
Market Value (2023)	USD 1.12 Billion

Furthermore, the world's population is steadily growing, leading to a natural boost in the energy demand. This rising need for energy stems from various factors, including the requirement for electricity to power homes, schools, hospitals, and numerous other essential facilities. Additionally, energy is vital for transportation, manufacturing, and agriculture to support the expanding global population. Many developing nations in Latin America & the Asia-Pacific region are making significant advancements in enhancing their electricity infrastructure.

Consequently, a larger segment of their population is gaining access to modern energy sources, leading to a notable increase in energy consumption. However, the expansion within the energy sector presents its own set of challenges, particularly in terms of managing complex energy infrastructure & optimizing its performance. hence, to tackle these challenges effectively, there is a growing demand for digital twin technology across the energy sector, further enhancing the Global Electric Digital Twin Market size.

Global Electrical Digital Twin Market Driver:

Surging Renewable Energy Projects Across the Globe to Augment Market Growth – The installation of renewable energy infrastructure is surging across the globe as countries in Asia-Pacific & Europe are implementing favourable policies & incentives to promote the development of renewable energy projects. The growing awareness about climate change and the adverse effects of greenhouse gas emissions has led to a significant investment in the renewable sector. According to REN21, the global investment in renewable power & fuels, without including hydropower projects larger than 50 MW, reached approximately USD 366 billion in 2021.

Global Electrical Digital Twin Market Research Report (2024-2030) - Table of Contents

Market Segmentation
Introduction
1. Product Definition
2. Research Process
3. Assumptions
Executive Summary
Global Electrical Digital Twin Market Trends & Insights
Global Electrical Digital Twin Market Dynamics
1. Growth Drivers
2. Challenges
Global Electrical Digital Twin Market Policies, Regulations & Product Standards
Global Electrical Digital Twin Market - Porter’s Five Force Analysis
Global Electrical Digital Twin Market Hotspot & Opportunities
Global Electrical Digital Twin Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By System Type
    1. Product Twins - Market Size & Forecast 2019-2030F, (USD Million)
    2. Process Twins - Market Size & Forecast 2019-2030F, (USD Million)
    3. Systems Twins - Market Size & Forecast 2019-2030F, (USD Million)
  2. By Application
    1. Asset Performance Management- Market Size & Forecast 2019-2030F, (USD Million)
    2. Business & Operation Optimization- Market Size & Forecast 2019-2030F, (USD Million)
  3. By Twin Type
    1. Digital Gas & Steam Power Plant - Market Size & Forecast 2019-2030F, (USD Million)
    2. Digital Wind Farm - Market Size & Forecast 2019-2030F, (USD Million)
    3. Digital Grid - Market Size & Forecast 2019-2030F, (USD Million)
    4. Digital Hydropower Plant - Market Size & Forecast 2019-2030F, (USD Million)
    5. Distributed Energy Resources - Market Size & Forecast 2019-2030F, (USD Million)
  4. By Deployment
    1. On-Premise - Market Size & Forecast 2019-2030F, (USD Million)
    2. Cloud - Market Size & Forecast 2019-2030F, (USD Million)
  5. By End User
    1. Utility Service Providers - Market Size & Forecast 2019-2030F, (USD Million)
    2. Grid Infrastructure Operators - Market Size & Forecast 2019-2030F, (USD Million)
  6. By Region
    1. North America
    2. South America
    3. Europe
    4. The Middle East & Africa
    5. Asia-Pacific
  7. By Company
    1. Market Share
    2. Competition Characteristics
North America Electrical Digital Twin Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Type- Market Size & Forecast 2019-2030F, (USD Million)
  2. By Application- Market Size & Forecast 2019-2030F, (USD Million)
  3. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
  4. By Deployment- Market Size & Forecast 2019-2030F, (USD Million)
  5. By End User- Market Size & Forecast 2019-2030F, (USD Million)
  6. By Country
    1. The US
    2. Canada
    3. Mexico
3. The US Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
4. Canada Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
5. Mexico Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
South America Electrical Digital Twin Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Type- Market Size & Forecast 2019-2030F, (USD Million)
  2. By Application- Market Size & Forecast 2019-2030F, (USD Million)
  3. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
  4. By Deployment- Market Size & Forecast 2019-2030F, (USD Million)
  5. By End User- Market Size & Forecast 2019-2030F, (USD Million)
  6. By Country
    1. Brazil
    2. Argentina
    3. Rest of South America
3. Brazil Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
4. Argentina Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
Europe Electrical Digital Twin Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Type- Market Size & Forecast 2019-2030F, (USD Million)
  2. By Application- Market Size & Forecast 2019-2030F, (USD Million)
  3. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
  4. By Deployment- Market Size & Forecast 2019-2030F, (USD Million)
  5. By End User- Market Size & Forecast 2019-2030F, (USD Million)
  6. By Country
    1. The UK
    2. Germany
    3. France
    4. Italy
    5. Spain
    6. Rest of Europe
3. The UK Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
4. Germany Digital Twin Technology for I Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
5. France Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
6. Italy Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
7. Spain Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
The Middle East & Africa Electrical Digital Twin Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Type- Market Size & Forecast 2019-2030F, (USD Million)
  2. By Application- Market Size & Forecast 2019-2030F, (USD Million)
  3. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
  4. By Deployment- Market Size & Forecast 2019-2030F, (USD Million)
  5. By End User- Market Size & Forecast 2019-2030F, (USD Million)
  6. By Country
    1. The UAE
    2. Saudi Arabia
    3. South Africa
    4. Rest of the Middle East & Africa
3. The UAE Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
4. Saudi Arabia Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
5. South Africa Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
Asia-Pacific Electrical Digital Twin Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Type- Market Size & Forecast 2019-2030F, (USD Million)
  2. By Application- Market Size & Forecast 2019-2030F, (USD Million)
  3. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
  4. By Deployment- Market Size & Forecast 2019-2030F, (USD Million)
  5. By End User- Market Size & Forecast 2019-2030F, (USD Million)
  6. By Country
    1. China
    2. Japan
    3. India
    4. South Korea
    5. Australia
    6. Rest of Asia Pacific
3. China Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
4. Japan Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
5. India Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
6. South Korea Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
7. Australia Electrical Digital Twin Market Outlook, 2019-2030F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Application - Market Size & Forecast 2019-2030F, (USD Million)
    2. By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
Global Electrical Digital Twin Market Strategic Imperatives for Success & Growth
Competitive Outlook
1. Company Profiles
  1. General Electric
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  2. Siemens
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  3. AVEVA
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  4. Microsoft Corporation
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  5. ANSYS
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  6. SAP
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  7. Hitachi Energy Ltd.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  8. Emerson Electric Co.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  9. Bentley Systems Inc.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  10. Schneider Electric
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  11. Dassault Systèmes
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  12. IBM Corporation
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  13. Oracle Corporation
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  14. Others
Disclaimer

MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:

1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.

2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.

3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.

4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making

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