Electrical Digital Twin Market to Grow with a CAGR of 9.19% through 2028
Increasing demand for energy efficiency and rising
growth of renewable energy sources are likely to drive the Market in the
forecast period.
According to TechSci Research report, “Electrical
Digital Twin Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Electrical Digital Twin Market
is experiencing a surge in demand in the forecast period. One of the primary drivers of the global electrical
digital twin market is the ongoing transformation driven by Industry 4.0
principles. Industry 4.0 represents the fourth industrial revolution,
characterized by the convergence of digital technologies, data analytics, the Internet
of Things (IoT), and automation. In this context, electrical digital twins play
a pivotal role in reshaping manufacturing and industrial processes. Organizations
are increasingly adopting electrical digital twins to create virtual replicas
of their electrical systems. These digital twins enable real-time monitoring,
analysis, and optimization of electrical infrastructure. They provide a
comprehensive view of electrical assets, from power distribution networks to
individual components, fostering predictive maintenance, reducing downtime, and
enhancing operational efficiency. As businesses across various sectors strive
to stay competitive and agile in the digital age, the integration of electrical
digital twins is crucial. It empowers them to make data-driven decisions,
streamline operations, and adapt quickly to changing market demands.
Consequently, the Industry 4.0 transformation fuels the demand for electrical
digital twins, positioning them as a key driver in the global market's
continued growth.
The global push for energy efficiency is another
significant driver propelling the electrical digital twin market forward. As
concerns about environmental sustainability and energy costs intensify,
organizations are seeking ways to optimize their electrical systems. Electrical
digital twins provide a solution by offering a detailed, real-time view of
energy consumption and distribution. By modeling electrical systems digitally,
companies can identify inefficiencies and implement strategies to reduce energy
waste. They can simulate various scenarios to optimize energy usage, minimize
losses, and enhance the performance of electrical assets. This approach not
only leads to cost savings but also aligns with global efforts to reduce carbon
emissions and combat climate change. Government regulations and initiatives
aimed at promoting energy efficiency further bolster the adoption of electrical
digital twins. Organizations are incentivized to adopt these technologies to
meet energy efficiency targets and reduce their carbon footprint. As energy
efficiency remains a top priority in the global agenda, the demand for
electrical digital twins is set to continue its upward trajectory, making them
a key driver in the evolving energy landscape.
Browse over XX Market data Figures
spread through XX Pages and an in-depth TOC on "Global Electrical
Digital Twin Market.”
The Global Electrical Digital Twin Market is segmented
into type, application, end user and region.
Based on type, The System Digital Twin segment held
the largest Market share in 2022. System Digital Twins provide a holistic
representation of entire electrical systems, which can encompass various
components, assets, and interconnected networks. This comprehensive view allows
organizations to manage and optimize complex electrical infrastructures
efficiently. In many industries, electrical systems are interconnected with
mechanical, software, and control systems. System Digital Twins have the
capacity to integrate these various components, offering a more complete
understanding of how different elements interact within an electrical
ecosystem. System Digital Twins empower organizations with data-driven insights
that can support decision-making processes. By simulating scenarios and
analyzing system behaviors in real-time, businesses can make informed choices
to improve efficiency, reduce downtime, and enhance performance. System Digital
Twins enable predictive maintenance by monitoring the health and performance of
electrical systems. This proactive approach can prevent costly equipment
failures, reduce maintenance costs, and extend the lifespan of assets. System
Digital Twins have applications across multiple industries, including energy,
manufacturing, utilities, and smart cities. Their versatility makes them
appealing to a wide range of organizations looking to optimize their electrical
infrastructure In industries where regulatory compliance is critical, such as
healthcare and utilities, System Digital Twins provide a means to ensure that
electrical systems meet safety and performance standards. This capability is
essential for businesses operating in highly regulated environments. As
organizations expand and their electrical systems grow in complexity, System
Digital Twins can scale accordingly. They can adapt to changes in
infrastructure size and configuration, making them suitable for both
small-scale and large-scale operations.
Based on application, The Asset Performance Management
segment held the largest Market share in 2022. Asset Performance Management,
when integrated with electrical digital twins, allows organizations to optimize
the maintenance of their electrical assets. This includes predictive
maintenance, where digital twins can forecast when equipment may fail, reducing
downtime and costs associated with unplanned maintenance. APM focuses on enhancing the reliability of
assets by continuously monitoring their performance. Digital twins provide
real-time data and insights, allowing organizations to identify and address
potential issues before they lead to asset failures or performance degradation.
By optimizing asset performance and maintenance schedules, organizations can
achieve cost savings. APM-driven by electrical digital twins helps reduce
maintenance costs, energy consumption, and the need for emergency repairs.
Ensuring the reliability of electrical assets is crucial for safety, especially
in industries where electrical failures can lead to hazardous situations. APM
supported by digital twins helps maintain the integrity of electrical systems,
reducing safety risks. Many industries have strict regulatory requirements
related to asset management and maintenance. APM applications can help
organizations meet these compliance standards by providing detailed records of
asset performance and maintenance activities. Electrical assets often play a
significant role in energy consumption. APM applications can leverage digital
twins to optimize the efficiency of these assets, leading to reduced energy
consumption and lower operational costs. APM applications powered by digital
twins provide a wealth of data and insights. This data can support informed
decision-making at all levels of an organization, from maintenance technicians
to top-level executives.
Major companies operating in the Global Electrical
Digital Twin Market are:
- General Electric Company
- Siemens AG
- ABB Ltd
- Schneider Electric Company
- Microsoft Corp.
- International Business Machines
Corporation
- Oracle Corporation
- PTC Inc
- Software AG
- Bentley Systems, Incorporated
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“The Global Electrical Digital Twin Market is expected
to rise in the upcoming years and register a significant CAGR during the
forecast period. The growth of the electrical digital twin market is being
driven by a number of factors, including the increasing adoption of digital
technologies in the electrical sector, the growing need for improved asset
management and efficiency, and the rising demand for renewable energy
integration. The
North American region is expected to account for the largest share of the
global electrical digital twin market in the upcoming years. This is due to the
early adoption of digital technologies in the electrical sector in this region.
However, the Asia Pacific region is expected to grow at the fastest CAGR during
the forecast period, due to the increasing investment in renewable energy and
smart grid projects in this region. Therefore, the Market of Electrical Digital Twin is
expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Electrical Digital Twin Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented 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, By Competition”, evaluated the future growth potential of Global Electrical
Digital Twin Market and provides statistics & information on Market size,
structure and future Market growth. The report intends to provide cutting-edge Market
intelligence and help decision-makers make sound investment decisions., The
report also identifies and analyzes the emerging trends along with essential
drivers, challenges, and opportunities in the Global Electrical Digital Twin Market.
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