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Electrical Digital Twin Market by Twin Type (Gas & Steam Power Plant, Wind Farm, Digital Grid, Hydropower Plant, and Der), Application, Deployment (Cloud/Hosted and On-Premises), End-user, Region - Global Forecast to 2024

Electrical Digital Twin Market by Twin Type (Gas & Steam Power Plant, Wind Farm, Digital Grid, Hydropower Plant, and Der), Application, Deployment (Cloud/Hosted and On-Premises), End-user, Region - Global Forecast to 2024

“The global electrical digital twin market is projected to grow at a CAGR of 15.4% from 2019 to 2024”
The global electrical digital twin market is projected to reach USD 1,642 million by 2024 from an estimated USD 804 million in 2019, at a CAGR of 15.4% during the forecast period. This growth can be attributed to factors such as improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance costs. However, limited support for implementation from stakeholders and lack of skilled talent and workforce are hindering the growth of the electrical digital twin market.

“The asset performance management segment is expected to be the fastest growing market from 2019 to 2024.”
The asset performance management segment, by application, is estimated to be the largest and the fastest growing segment during the forecast period. Due to the increase in focus on asset management by power utilities, the adoption of electrical digital twin is likely to drive the market during the forecast period. The focus on asset management is increasing as the power utilities want to continuously monitor asset health, increase grid reliability, and help in maintenance optimization. With the help of digital twining, power utilities can map physical assets to a digital platform that helps in creating a single source of data for all power generation or renewable assets.

“The cloud segment, by deployment type, is expected to be the largest market from 2019 to 2024”
The cloud segment is expected to hold the largest market share and is the fastest growing segment during the forecast period. Electrical digital twin in the cloud acts as a bridge between the digital and physical world by accessing real-time data from the sensors installed in the assets in a power plant. The cloud-based data sharing platform helps power grid operators identify and mitigate issues before they happen by analyzing the present and past data related to plant performance. Moreover, cloud services help in achieving economies of scale by continuously monitoring assets’ health to lower the cost of power plant operations.

“North America: The largest electrical digital twin market”
The North American region is expected to be the largest electrical digital twin market by 2024. The North American digital twin market has been further segmented into the US, Canada, and Mexico. In recent years, the development of software and automation solutions deployed in the power utilities have a positive impact on the growth of the electrical digital twin market. Moreover, the increased research & development (R&D) activities in the field of Internet of Things (IoT) and Industrial Internet of Things (IIoT) and increasing demand for efficient and cost-effective technologies for power utilities are the factors driving the market in this region.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants among other experts to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1 - 62%, Tier 2 - 22%, and Tier 3 - 16%
By Designation: C-Level - 40%, Director Level - 30%, and Others - 30%
By Region: North America - 47%, South America- 12%, Europe - 11%, Asia Pacific - 19%, and the Middle East & Africa - 11%

Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2018. Tier 1: USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: <USD 500 million.

The global electrical digital twin market is dominated by a few major players that have a wide regional presence. The leading players in the electrical digital twin market are Siemens (Germany), GE (US), ABB (Switzerland), Emerson (US), and AVEVA (UK).

Research Coverage:
The report defines, describes, and forecasts the global electrical digital twin market by twin type, application, deployment, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the electrical digital twin market.

Why Buy this Report?
1. The report identifies and addresses the key markets for electrical digital twin, which would help various stakeholders such as utilities, analytics companies, and digital twin providers to review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making effective strategic decisions.


  • INTRODUCTION
    • OBJECTIVES OF THE STUDY
    • DEFINITION
    • MARKET SCOPE
      • MARKET SEGMENTATION
      • REGIONAL SCOPE
    • YEARS CONSIDERED FOR THE STUDY
    • CURRENCY
    • LIMITATIONS
    • STAKEHOLDERS
  • RESEARCH METHODOLOGY
    • SCOPE
    • MARKET SIZE ESTIMATION
      • DEMAND-SIDE ANALYSIS
        • Table INVESTMENT IN DIGITAL TWIN TECHNOLOGIES AND PROJECTS IS THE MAJOR DETERMINING FACTOR FOR THE ELECTRICAL DIGITAL TWIN MARKET
      • SUPPLY-SIDE ANALYSIS
      • FORECAST
      • SOME OF THE INSIGHTS OF INDUSTRY EXPERTS
  • EXECUTIVE SUMMARY
    • Table ELECTRICAL DIGITAL TWIN MARKET SNAPSHOT
  • PREMIUM INSIGHTS
    • ATTRACTIVE OPPORTUNITIES IN THE ELECTRICAL DIGITAL TWIN MARKET
    • ELECTRICAL DIGITAL TWIN MARKET, BY DEPLOYMENT TYPE
    • ELECTRICAL DIGITAL TWIN MARKET, BY TWIN TYPE
    • NORTH AMERICAN ELECTRICAL DIGITAL TWIN MARKET, BY APPLICATION & COUNTRY
    • ELECTRICAL DIGITAL TWIN MARKET, BY END-USER
    • ELECTRICAL DIGITAL TWIN MARKET, BY REGION
  • MARKET OVERVIEW
    • INTRODUCTION
    • MARKET DYNAMICS
      • DRIVERS
      • RESTRAINTS
      • OPPORTUNITIES
      • CHALLENGES
  • ELECTRICAL DIGITAL TWIN MARKET, BY TWIN TYPE
    • INTRODUCTION
      • Table ELECTRICAL DIGITAL TWIN MARKET SIZE, BY TWIN TYPE, 2017-2024 (USD MILLION)
    • DIGITAL GAS & STEAM POWER PLANT
      • NEED TO REDUCE FUEL CONSUMPTION AND ENVIRONMENTAL EMISSIONS IS DRIVING THE MARKET
        • Table DIGITAL GAS & STEAM POWER PLANT: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • DIGITAL GRID
      • ABILITY TO INTEGRATE GREATER LEVELS OF RENEWABLE ENERGY RESOURCES IS DRIVING THE MARKET
        • Table DIGITAL GRID: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • DIGITAL WIND FARM
      • OPTIMIZING OPERATIONS AND IMPROVING THE PERFORMANCE OF A WIND TURBINE ARE DRIVING THE MARKET
        • Table DIGITAL WIND FARM: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • DIGITAL HYDROPOWER PLANT
      • IMPROVED ASSET LIFE AND HIGHER OPERATIONAL EFFICIENCY ARE DRIVING THE MARKET
        • Table DIGITAL HYDROPOWER PLANT: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • DISTRIBUTED ENERGY RESOURCES
      • REAL-TIME OPTIMIZATION OF RESOURCES IS DRIVING THE MARKET
        • Table DISTRIBUTED ENERGY RESOURCES: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • ELECTRICAL DIGITAL TWIN MARKET, BY APPLICATION
    • INTRODUCTION
      • Table ELECTRICAL DIGITAL TWIN MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
    • ASSET PERFORMANCE MANAGEMENT
      • RISE IN NEED TO MINIMIZE UNPLANNED OUTAGES ON ASSETS IS EXPECTED TO DRIVE THE ASSET PERFORMANCE MANAGEMENT SEGMENT
        • Table ASSET PERFORMANCE MANAGEMENT: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • BUSINESS & OPERATIONS OPTIMIZATION
      • INCREASE IN DEMAND FOR OPERATIONAL EXCELLENCE ACROSS POWER UTILITIES IS EXPECTED TO DRIVE THE BUSINESS & OPERATIONS OPTIMIZATION SEGMENT
        • Table BUSINESS & OPERATIONS OPTIMIZATION: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • DIGITAL TWIN AGGREGATE
      • CONTINUOUS MONITORING OF POWER PLANT ASSETS IS LIKELY TO DRIVE THE DEMAND FOR DIGITAL TWIN AGGREGATE
        • Table DIGITAL TWIN AGGREGATE: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • ELECTRICAL DIGITAL TWIN MARKET, BY DEPLOYMENT TYPE
    • INTRODUCTION
      • Table ELECTRICAL DIGITAL TWIN MARKET SIZE, BY DEPLOYMENT TYPE, 2017-2024 (USD MILLION)
    • CLOUD
      • CONTINUOUS MONITORING OF ASSETS THROUGH CLOUD-BASED DEPLOYMENT IS DRIVING THE MARKET
        • Table CLOUD: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • ON-PREMISES
      • NEED FOR INCREASED SECURITY IS DRIVING THE MARKET
        • Table ON-PREMISES: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • ELECTRICAL DIGITAL TWIN MARKET, BY END-USER
    • INTRODUCTION
      • Table ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
    • UTILITIES
      • GROWING PENETRATION OF DIGITAL SOLUTIONS IS EXPECTED TO DRIVE THE UTILITIES SEGMENT
        • Table UTILITIES: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
      • FEDERAL UTILITIES
      • INDEPENDENT POWER PRODUCERS
    • GRID INFRASTRUCTURE OPERATORS
      • RISE IN NEED FOR GRID DIGITALIZATION IS EXPECTED TO DRIVE THE GRID INFRASTRUCTURE OPERATORS SEGMENT
        • Table GRID INFRASTRUCTURE OPERATORS: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • ELECTRICAL DIGITAL TWIN MARKET, BY REGION
    • INTRODUCTION
      • Table ELECTRICAL DIGITAL TWIN MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • NORTH AMERICA
      • Table NORTH AMERICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY TWIN TYPE, 2017-2024 (USD MILLION)
      • Table NORTH AMERICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
      • Table NORTH AMERICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY DEPLOYMENT TYPE, 2017-2024 (USD MILLION)
      • Table NORTH AMERICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • Table NORTH AMERICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
      • US
        • Table US: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • CANADA
        • Table CANADA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • MEXICO
        • Table MEXICO: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
    • ASIA PACIFIC
      • Table ASIA PACIFIC: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY TWIN TYPE, 2017-2024 (USD MILLION)
      • Table ASIA PACIFIC: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
      • Table ASIA PACIFIC: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY DEPLOYMENT TYPE, 2017-2024 (USD MILLION)
      • Table ASIA PACIFIC: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • Table ASIA PACIFIC: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
      • CHINA
        • Table CHINA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • JAPAN
        • Table JAPAN: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • AUSTRALIA
        • Table AUSTRALIA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • REST OF ASIA PACIFIC
        • Table REST OF ASIA PACIFIC: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
    • EUROPE
      • Table EUROPE: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY TWIN TYPE, 2017-2024 (USD MILLION)
      • Table EUROPE: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
      • Table EUROPE: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY DEPLOYMENT TYPE, 2017-2024 (USD MILLION)
      • Table EUROPE: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • Table EUROPE: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
      • GERMANY
        • Table GERMANY: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • UK
        • Table UK: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • FRANCE
        • Table FRANCE: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • THE NORDIC COUNTRIES
        • Table THE NORDIC COUNTRIES: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • REST OF EUROPE
        • Table REST OF EUROPE: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
    • SOUTH AMERICA
      • Table SOUTH AMERICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY TWIN TYPE, 2017-2024 (USD MILLION)
      • Table SOUTH AMERICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
      • Table SOUTH AMERICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY DEPLOYMENT TYPE, 2017-2024 (USD MILLION)
      • Table SOUTH AMERICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • Table SOUTH AMERICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
      • BRAZIL
        • Table BRAZIL: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • ARGENTINA
        • Table ARGENTINA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • REST OF SOUTH AMERICA
        • Table REST OF SOUTH AMERICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
    • MIDDLE EAST & AFRICA
      • Table MIDDLE EAST & AFRICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY TWIN TYPE, 2017-2024 (USD MILLION)
      • Table MIDDLE EAST & AFRICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
      • Table MIDDLE EAST & AFRICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY DEPLOYMENT TYPE, 2017-2024 (USD MILLION)
      • Table MIDDLE EAST & AFRICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • Table MIDDLE EAST & AFRICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
      • SAUDI ARABIA
        • Table SAUDI ARABIA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • UAE
        • Table UAE: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • SOUTH AFRICA
        • Table SOUTH AFRICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
      • REST OF MIDDLE EAST & AFRICA
        • Table REST OF MIDDLE EAST & AFRICA: ELECTRICAL DIGITAL TWIN MARKET SIZE, BY END-USER, 2017-2024 (USD MILLION)
  • COMPETITIVE LANDSCAPE
    • INTRODUCTION
    • COMPETITIVE LEADERSHIP MAPPING
      • VISIONARY LEADERS
      • INNOVATORS
      • DYNAMIC
      • EMERGING
    • MARKET SHARE ANALYSIS
    • COMPETITIVE SCENARIO
      • NEW PRODUCT DEVELOPMENTS
      • MERGERS & ACQUISITIONS
      • CONTRACTS & AGREEMENTS
      • EXPANSIONS & INVESTMENTS
      • OTHERS
  • COMPANY PROFILE
    • ABB
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • AVEVA
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • EMERSON
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • ETTEPLAN
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • GE
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • SIEMENS
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • WIPRO
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
    • SAS INSTITUTE
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
    • ACPD SERVICES
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
    • MICROSOFT
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • IBM
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • FUJITSU
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
  • APPENDIX
    • INSIGHTS OF INDUSTRY EXPERTS
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • AVAILABLE CUSTOMIZATIONS
    • RELATED REPORTS
    • AUTHOR DETAILS

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