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 Po...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
- 178
- 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.
As the renewable energy sector expanded, the demand for advanced digital twin technology also increased because electric digital twins are pivotal in optimizing & managing complex renewable energy infrastructure, ensuring its efficiency, reliability, and sustainability. Moreover, Europe, China, and India are implementing policies to speed up the renewable power capacity additions. European countries are planning to cut power sector emissions & aim to reach the EU's ambitious target of climate neutrality by 2050.
Similarly, India has pledged to achieve carbon neutrality by 2070. As a result, wind and solar energy projects are receiving more funding in nations such as Sweden and Denmark. Concerning this, numerous new renewable projects are being put forward in the region, which would further enhance the adoption of digital twins.
Global Electrical Digital Twin Market Opportunity:
Surging Investments in Smart Grids to Provide New Opportunity for the Market Players – Investments & expenditures related to smart grids are experiencing significant growth on a global scale. Regions such as Europe & China are ramping up their financial commitments to digitalize their electrical grids. In 2022, China budgeted more than USD 74.35 billion for the upgradation & digitalization of its grids.
Likewise, the European distribution system operators & transmission system operators are also foreseeing higher investment needs for the modernization of aging infrastructure and the digitalization of grids. This surging focus on enhancing investments in smart grids would create a new arena for digital twin providers in the energy sector, as digital twin technology plays a critical role in optimizing and managing complex grid systems, ensuring they operate efficiently, reliably, and securely in this era of digital transformation. Consequently, the increased focus on enhancing smart grid investments is creating a burgeoning market for digital twin providers in the energy sector.
Global Electrical Digital Twin Market Challenge:
Market Growth to Impede in Countries with Underdeveloped Energy Infrastructure – The countries in Sub-Saharan Africa with lower energy intensity, such as Chad, Rwanda, Mali, and others, often have limited and underdeveloped energy infrastructure, resulting in widespread electricity access challenges. Given the absence or inadequacy of energy infrastructure in many regions, the adoption of advanced digital twin solutions for energy systems is not a top priority. Moreover, many of these countries face resource constraints, including limited budgets & skilled personnel. Implementing Digital Twins for energy infrastructure would require significant investments in technology, data acquisition, and expertise, which is challenging in resource-constrained environments.
Furthermore, digital twins rely on real-time data from various sensors & devices embedded within the energy infrastructure. These countries have insufficient internet connectivity, owing to which there would be delays, inconsistencies, and data loss during data transmission. These issues significantly affect the ability to create & maintain accurate digital twin models. Hence, the underdeveloped energy infrastructure in these countries would impede its adoption, thereby resulting in a significant opportunity loss.
Global Electrical Digital Twin Market Trend:
Combining Digital Twin Simulations with Virtual Reality is a New Trend in the Market – The integration of immersive capabilities of virtual reality technology with digital models of energy assets power plants, power grids, etc., is creating new trends in the Electrical Digital Twin Market. The usage of VR technology helps to simulate scenarios & explore infrastructure in a more immersive & realistic manner.
Owing to this, companies like Siemens, General Electric, etc., integrated their digital twin platforms with real-time AR & VR visualizations during the historical period. Moreover, with this, it has become easy for the operators to handle asset integrity management, maintenance planning operation optimization, thus driving the market growth during the forecast period.
Global Electrical Digital Twin Market (2024-30): Segmentation Analysis
The Global Electrical Digital Twin Market study by MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment & includes predictions for the period 2024–2030 at the global level. In accordance to the analysis, the market has been further classified as:
Based on Application:
- Asset Performance Management
- Business & Operation Optimization
Business & Operation Optimization has showcased higher growth prospects across the Electrical Digital Twin Market as it analyses data, identifies bottlenecks, streamlines operations, and maximizes productivity. The growing need for solutions that can optimize issues such as increasing demand, fluctuating energy prices, and the integration of renewable energy sources has led to increased usage of digital twins for this application. Moreover, as the energy sector continues to evolve with grid modernization, the demand for digital twin solutions for business & operation optimization is expected to experience significant growth in the coming years.
Based on Twin Type:
- Digital Gas & Steam Power Plant
- Digital Wind Farm
- Digital Grid
- Digital Hydropower Plant
- Distributed Energy Resources
Digital Wind Farms accounted for the largest share in the Global Electrical Digital Twin Market. Digital twin technology is finding substantial adoption in the wind energy sector, particularly within digital wind farms. This is because digital wind farms utilize digital twin solutions to enable real-time monitoring, predictive maintenance, and advanced analytics for optimizing turbine performance. The installation of wind farms has surged across Europe & North America, which has further enhanced the demand for the digital twins.
Moreover, in Europe, countries like Sweden, Norway, and the UK are actively planning to expand their wind energy capacity. This expansion has led to the initiation of several new wind energy projects, including notable ones such as Baltic Eagle and Arklow Bank Wind Park Phase II. These ambitious projects on the horizon are expected to further boost the demand for digital twin applications in wind energy during the forecast period.
Global Electrical Digital Twin Market (2024-30): Regional Projection
Geographically, the Global Electrical Digital Twin Market expands across:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Europe has always been at the forefront of embracing digital technologies, due to which it has witnessed significant investment in digital twin solutions across various sectors, including energy infrastructure. The European Union has actively promoted the adoption of digital technologies to improve energy efficiency, reduce carbon emissions, and enhance the overall sustainability of the energy sector. As a result, European countries have been substantially implementing digital twin solutions in energy infrastructure.
Moreover, the European countries are planning to cut power sector emissions & reach the EU's ambitious target of climate neutrality by 2050. Hence, wind & solar power projects are receiving more funding in the region. Owing to this, many new renewable projects are commencing in the region, further enhancing the adoption of digital twins in the sector.
Global Electrical Digital Twin Industry Recent Development:
- 2022: Microsoft Corporation announced partnership with SSE Renewable and Avanadeis. The companies would work together to create Azure Digital Twins of offshore windfarms and their local environment.
- 2022: Emerson Electric Co. has broadened the scope of their Digital Twin in the sustainability sector. The Ovation™ digital twin now incorporates intelligent grid enhancements, enabling the simulation of vital components to effectively respond to the evolving landscape of power generation.
Gain a Competitive Edge with Our Global Electrical Digital Twin Market Report
- Global Electrical Digital Twin Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
- This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
- Global Electrical Digital Twin Indutry Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.
Frequently Asked Questions
Global Electrical Digital Twin Market Research Report (2024-2030) - Table of Contents
- Market Segmentation
- Introduction
- Product Definition
- Research Process
- Assumptions
- Executive Summary
- Global Electrical Digital Twin Market Trends & Insights
- Global Electrical Digital Twin Market Dynamics
- Growth Drivers
- 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
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By System Type
- Product Twins - Market Size & Forecast 2019-2030F, (USD Million)
- Process Twins - Market Size & Forecast 2019-2030F, (USD Million)
- Systems Twins - Market Size & Forecast 2019-2030F, (USD Million)
- By Application
- Asset Performance Management- Market Size & Forecast 2019-2030F, (USD Million)
- Business & Operation Optimization- Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type
- Digital Gas & Steam Power Plant - Market Size & Forecast 2019-2030F, (USD Million)
- Digital Wind Farm - Market Size & Forecast 2019-2030F, (USD Million)
- Digital Grid - Market Size & Forecast 2019-2030F, (USD Million)
- Digital Hydropower Plant - Market Size & Forecast 2019-2030F, (USD Million)
- Distributed Energy Resources - Market Size & Forecast 2019-2030F, (USD Million)
- By Deployment
- On-Premise - Market Size & Forecast 2019-2030F, (USD Million)
- Cloud - Market Size & Forecast 2019-2030F, (USD Million)
- By End User
- Utility Service Providers - Market Size & Forecast 2019-2030F, (USD Million)
- Grid Infrastructure Operators - Market Size & Forecast 2019-2030F, (USD Million)
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
- By Company
- Market Share
- Competition Characteristics
- By System Type
- Market Size & Analysis
- North America Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2030F, (USD Million)
- By Application- Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- By Deployment- Market Size & Forecast 2019-2030F, (USD Million)
- By End User- Market Size & Forecast 2019-2030F, (USD Million)
- By Country
- The US
- Canada
- Mexico
- The US Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- Canada Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- Mexico Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- Market Size & Analysis
- South America Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2030F, (USD Million)
- By Application- Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- By Deployment- Market Size & Forecast 2019-2030F, (USD Million)
- By End User- Market Size & Forecast 2019-2030F, (USD Million)
- By Country
- Brazil
- Argentina
- Rest of South America
- Brazil Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- Argentina Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- Market Size & Analysis
- Europe Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2030F, (USD Million)
- By Application- Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- By Deployment- Market Size & Forecast 2019-2030F, (USD Million)
- By End User- Market Size & Forecast 2019-2030F, (USD Million)
- By Country
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- The UK Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- Germany Digital Twin Technology for I Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- France Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- Italy Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- Spain Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- Market Size & Analysis
- The Middle East & Africa Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2030F, (USD Million)
- By Application- Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- By Deployment- Market Size & Forecast 2019-2030F, (USD Million)
- By End User- Market Size & Forecast 2019-2030F, (USD Million)
- By Country
- The UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- The UAE Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- Saudi Arabia Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- South Africa Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- Market Size & Analysis
- Asia-Pacific Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2030F, (USD Million)
- By Application- Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- By Deployment- Market Size & Forecast 2019-2030F, (USD Million)
- By End User- Market Size & Forecast 2019-2030F, (USD Million)
- By Country
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- China Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- Japan Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- India Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- South Korea Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- Australia Electrical Digital Twin Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030F, (USD Million)
- By Twin Type- Market Size & Forecast 2019-2030F, (USD Million)
- Market Size & Analysis
- Market Size & Analysis
- Global Electrical Digital Twin Market Strategic Imperatives for Success & Growth
- Competitive Outlook
- Company Profiles
- General Electric
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Siemens
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- AVEVA
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Microsoft Corporation
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- ANSYS
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- SAP
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Hitachi Energy Ltd.
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Emerson Electric Co.
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Bentley Systems Inc.
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Schneider Electric
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Dassault Systèmes
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- IBM Corporation
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Oracle Corporation
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Others
- General Electric
- Company Profiles
- Disclaimer