Electrical Digital Twin Market by Type (Product Digital Twin, Process Digital Twin, and System Digital Twin), Application (Asset Performance Management, and Business & Operations Optimization) and End User (Utilities, and Grid Infrastructure Operators): Global Opportunity Analysis and Industry Forecast, 2021–2030
The global electrical digital twin market was valued at $149.10 million in 2020, and is projected to reach $556.4 million by 2030, registering a CAGR of 12.7% from 2021 to 2030.
Electrical digital twin enables utilities to simplify the data maintenance and data exchange process. A digital twin is a virtual representation of an object or system that spans its lifecycle, is updated from real-time data, and also uses simulation, machine learning and reasoning to help decision-making.
The scope of the report discusses potential opportunities for the market players to enter the global electrical digital twin market. This report also provides in-depth analysis of the market, outlining current trends, key driving factors, and key areas of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. The report features strategies adopted by key market players to maintain their foothold in the market.
The electrical digital twin market is analyzed on the basis of type, application, end user and region. By type, the market is divided into product digital twin, process digital twin, and system digital twin. By application, it is classified into asset performance management, and business & operations optimization. By end user, it is categorized into utilities, and grid infrastructure operators. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.
The key players profiled in the report include General Electric, ABB, Emerson, Siemens, AVEVA, Schneider, SAP, IBM, Oracle Corporation, and Microsoft. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.
These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaboration to enhance their market penetration.
KEY BENEFITS FOR STAKEHOLDERS
This study includes analytical depiction of the electrical digital twin market forecast along with current trends and future estimations to determine the imminent investment pockets.
The report presents information regarding key drivers, restraints, and opportunities in the electrical digital twin market analysis.
The electrical digital twin market trends are quantitatively analyzed from 2020 to 2028 to highlight the financial competency of the industry.
Porter’s five forces analysis illustrates the potency of buyers and suppliers in the industry.
KEYMARKET SEGMENTS
By Type
Product Digital Twin
Process Digital Twin
System Digital Twin
By Application
Asset Performance Management
Business & Operations Optimization
By End User
Utilities
Grid Infrastructure Operators
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook