PUBLISHER: KBV Research | PRODUCT CODE: 1276299
PUBLISHER: KBV Research | PRODUCT CODE: 1276299
North America Electrical Digital Twin Market Size, Share & Industry Trends Analysis Report By End User, By Application (Asset Performance Management and Business & Operations Optimization), By Type, By Country and Growth Forecast, 2023 - 2029
The North America Electrical Digital Twin Market would witness market growth of 10.9% CAGR during the forecast period (2023-2029).
Real-time asset performance comparison is made possible by monitoring the field performance of power generation, transmission, and distribution operations using a digital twin and the IIoT. The business & operational processes can be improved with the help of this approach's crucial real-time input.
Because testing in a physical environment takes time and money, electrical digital twins also improve the efficiency of grid design or simulation. The grid infrastructure or power generation systems can be improved and upgraded without causing any harm by changing the grid system's characteristics in the digital twin. Engineers can examine how turbines interact with various environments and wind sources, for instance, in a wind farm, by using an electrical digital twin of the turbines. They can combine and match various turbines to create the best configuration for each pad.
Over 60% of Canada's electricity is produced by hydropower, historically the country's main energy source. In particular, the services & industrial industries were affected by COVID-19, as were many other sectors. As a result, power demand in the consumer sector increased somewhat. The goal of federal and provincial regulatory agencies is to maintain the full transmission, generation, and distribution of electricity at its highest efficiency. Major nuclear reactors continue to undergo repair and maintenance. Each of Canada's provinces and territories is looking into renewable energy sources and is in charge of its own electrical power networks. The electrical digital twin market is anticipated to have development potential due to the growing utility sector and the rising use of new technologies.
The US market dominated the North America Electrical Digital Twin Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $464.7 Million by 2029. The Canada market is poised to grow at a CAGR of 12.9% during (2023 - 2029). Additionally, The Mexico market would witness a CAGR of 12.7% during (2023 - 2029).
Based on End User, the market is segmented into Utilities and Grid Infrastructure Operators. Based on Application, the market is segmented into Asset Performance Management and Business & Operations Optimization. Based on Type, the market is segmented into System Digital Twin, Process Digital Twin, and Product Digital Twin. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Emerson Electric Co., General Electric Company, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Schneider Electric SE, Siemens AG, and Bentel Systems, Inc.
Scope of the Study
Market Segments covered in the Report:
By End User
- Utilities
- Grid Infrastructure Operators
By Application
- Asset Performance Management
- Business & Operations Optimization
By Type
- System Digital Twin
- Process Digital Twin
- Product Digital Twin
By Country
- US
- Canada
- Mexico
- Rest of North America
Companies Profiled
- ABB Group
- Emerson Electric Co.
- General Electric Company
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Schneider Electric SE
- Siemens AG
- Bentel Systems, Inc.
Unique Offerings from KBV Research
- Exhaustive coverage
- Highest number of market tables and figures
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- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 North America Electrical Digital Twin Market, by End User
- 1.4.2 North America Electrical Digital Twin Market, by Application
- 1.4.3 North America Electrical Digital Twin Market, by Type
- 1.4.4 North America Electrical Digital Twin Market, by Country
- 1.5 Methodology for the research
Chapter 2. Market Overview
- 2.1 Introduction
- 2.1.1 Overview
- 2.1.1.1 Market Composition & Scenario
- 2.1.1 Overview
- 2.2 Key Factors Impacting the Market
- 2.2.1 Market Drivers
- 2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
- 3.1 KBV Cardinal Matrix
- 3.2 Recent Industry Wide Strategic Developments
- 3.2.1 Partnerships, Collaborations and Agreements
- 3.2.2 Product Launches and Product Expansions
- 3.2.3 Acquisition and Mergers
- 3.3 Top Winning Strategies
- 3.3.1 Key Leading Strategies: Percentage Distribution (2019-2023)
- 3.3.2 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2019, Feb - 2023, Jan) Leading Players
Chapter 4. North America Electrical Digital Twin Market by End User
- 4.1 North America Utilities Market by Country
- 4.2 North America Grid Infrastructure Operators Market by Country
Chapter 5. North America Electrical Digital Twin Market by Application
- 5.1 North America Asset Performance Management Market by Country
- 5.2 North America Business & Operations Optimization Market by Country
Chapter 6. North America Electrical Digital Twin Market by Type
- 6.1 North America System Digital Twin Market by Country
- 6.2 North America Process Digital Twin Market by Country
- 6.3 North America Product Digital Twin Market by Country
Chapter 7. North America Electrical Digital Twin Market by Country
- 7.1 US Electrical Digital Twin Market
- 7.1.1 US Electrical Digital Twin Market by End User
- 7.1.2 US Electrical Digital Twin Market by Application
- 7.1.3 US Electrical Digital Twin Market by Type
- 7.2 Canada Electrical Digital Twin Market
- 7.2.1 Canada Electrical Digital Twin Market by End User
- 7.2.2 Canada Electrical Digital Twin Market by Application
- 7.2.3 Canada Electrical Digital Twin Market by Type
- 7.3 Mexico Electrical Digital Twin Market
- 7.3.1 Mexico Electrical Digital Twin Market by End User
- 7.3.2 Mexico Electrical Digital Twin Market by Application
- 7.3.3 Mexico Electrical Digital Twin Market by Type
- 7.4 Rest of North America Electrical Digital Twin Market
- 7.4.1 Rest of North America Electrical Digital Twin Market by End User
- 7.4.2 Rest of North America Electrical Digital Twin Market by Application
- 7.4.3 Rest of North America Electrical Digital Twin Market by Type
Chapter 8. Company Profiles
- 8.1 ABB Group
- 8.1.1 Company Overview
- 8.1.2 Financial Analysis
- 8.1.3 Segmental and Regional Analysis
- 8.1.4 Research & Development Expense
- 8.1.5 Recent strategies and developments:
- 8.1.5.1 Partnerships, Collaborations, and Agreements:
- 8.1.5.2 Product Launches and Product Expansions:
- 8.1.6 SWOT Analysis
- 8.2 IBM Corporation
- 8.2.1 Company Overview
- 8.2.2 Financial Analysis
- 8.2.3 Regional & Segmental Analysis
- 8.2.4 Research & Development Expenses
- 8.2.5 Recent strategies and developments:
- 8.2.5.1 Partnerships, Collaborations, and Agreements:
- 8.2.5.2 Acquisition and Mergers:
- 8.2.6 SWOT Analysis
- 8.3 Schneider Electric SE
- 8.3.1 Company Overview
- 8.3.2 Financial Analysis
- 8.3.3 Segmental and Regional Analysis
- 8.3.4 Research & Development Expense
- 8.3.5 Recent strategies and developments:
- 8.3.5.1 Partnerships, Collaborations, and Agreements:
- 8.3.5.2 Product Launches and Product Expansions:
- 8.3.5.3 Acquisition and Mergers:
- 8.3.6 SWOT Analysis
- 8.4 Siemens AG
- 8.4.1 Company Overview
- 8.4.2 Financial Analysis
- 8.4.3 Segmental and Regional Analysis
- 8.4.4 Research & Development Expense
- 8.4.5 Recent strategies and developments:
- 8.4.5.1 Partnerships, Collaborations, and Agreements:
- 8.4.5.2 Product Launches and Product Expansions:
- 8.4.6 SWOT Analysis
- 8.5 General Electric Company
- 8.5.1 Company Overview
- 8.5.2 Financial Analysis
- 8.5.3 Segmental and Regional Analysis
- 8.5.4 Research & Development Expense
- 8.5.5 SWOT Analysis
- 8.6 Oracle Corporation
- 8.6.1 Company Overview
- 8.6.2 Financial Analysis
- 8.6.3 Segmental and Regional Analysis
- 8.6.4 Research & Development Expense
- 8.6.5 SWOT Analysis
- 8.7 SAP SE
- 8.7.1 Company Overview
- 8.7.2 Financial Analysis
- 8.7.3 Segmental and Regional Analysis
- 8.7.4 Research & Development Expense
- 8.7.5 Recent strategies and developments:
- 8.7.5.1 Partnerships, Collaborations, and Agreements:
- 8.7.6 SWOT Analysis
- 8.8 Microsoft Corporation
- 8.8.1 Company Overview
- 8.8.2 Financial Analysis
- 8.8.3 Segmental and Regional Analysis
- 8.8.4 Research & Development Expenses
- 8.8.5 SWOT Analysis
- 8.9 Emerson Electric Co.
- 8.9.1 Company Overview
- 8.9.2 Financial Analysis
- 8.9.3 Segmental and Regional Analysis
- 8.9.4 Research & Development Expense
- 8.9.5 Recent strategies and developments:
- 8.9.5.1 Acquisition and Mergers:
- 8.10. Bentley Systems, Inc.
- 8.10.1 Company Overview
- 8.10.2 Financial Analysis
- 8.10.3 Regional Analysis
- 8.10.4 Research & Development Expenses
LIST OF TABLES
- TABLE 1 North America Electrical Digital Twin Market, 2019 - 2022, USD Million
- TABLE 2 North America Electrical Digital Twin Market, 2023 - 2029, USD Million
- TABLE 3 Partnerships, Collaborations and Agreements- Electrical Digital Twin Market
- TABLE 4 Product Launches And Product Expansions- Electrical Digital Twin Market
- TABLE 5 Acquisition and Mergers- Electrical Digital Twin Market
- TABLE 6 North America Electrical Digital Twin Market by End User, 2019 - 2022, USD Million
- TABLE 7 North America Electrical Digital Twin Market by End User, 2023 - 2029, USD Million
- TABLE 8 North America Utilities Market by Country, 2019 - 2022, USD Million
- TABLE 9 North America Utilities Market by Country, 2023 - 2029, USD Million
- TABLE 10 North America Grid Infrastructure Operators Market by Country, 2019 - 2022, USD Million
- TABLE 11 North America Grid Infrastructure Operators Market by Country, 2023 - 2029, USD Million
- TABLE 12 North America Electrical Digital Twin Market by Application, 2019 - 2022, USD Million
- TABLE 13 North America Electrical Digital Twin Market by Application, 2023 - 2029, USD Million
- TABLE 14 North America Asset Performance Management Market by Country, 2019 - 2022, USD Million
- TABLE 15 North America Asset Performance Management Market by Country, 2023 - 2029, USD Million
- TABLE 16 North America Business & Operations Optimization Market by Country, 2019 - 2022, USD Million
- TABLE 17 North America Business & Operations Optimization Market by Country, 2023 - 2029, USD Million
- TABLE 18 North America Electrical Digital Twin Market by Type, 2019 - 2022, USD Million
- TABLE 19 North America Electrical Digital Twin Market by Type, 2023 - 2029, USD Million
- TABLE 20 North America System Digital Twin Market by Country, 2019 - 2022, USD Million
- TABLE 21 North America System Digital Twin Market by Country, 2023 - 2029, USD Million
- TABLE 22 North America Process Digital Twin Market by Country, 2019 - 2022, USD Million
- TABLE 23 North America Process Digital Twin Market by Country, 2023 - 2029, USD Million
- TABLE 24 North America Product Digital Twin Market by Country, 2019 - 2022, USD Million
- TABLE 25 North America Product Digital Twin Market by Country, 2023 - 2029, USD Million
- TABLE 26 North America Electrical Digital Twin Market by Country, 2019 - 2022, USD Million
- TABLE 27 North America Electrical Digital Twin Market by Country, 2023 - 2029, USD Million
- TABLE 28 US Electrical Digital Twin Market, 2019 - 2022, USD Million
- TABLE 29 US Electrical Digital Twin Market, 2023 - 2029, USD Million
- TABLE 30 US Electrical Digital Twin Market by End User, 2019 - 2022, USD Million
- TABLE 31 US Electrical Digital Twin Market by End User, 2023 - 2029, USD Million
- TABLE 32 US Electrical Digital Twin Market by Application, 2019 - 2022, USD Million
- TABLE 33 US Electrical Digital Twin Market by Application, 2023 - 2029, USD Million
- TABLE 34 US Electrical Digital Twin Market by Type, 2019 - 2022, USD Million
- TABLE 35 US Electrical Digital Twin Market by Type, 2023 - 2029, USD Million
- TABLE 36 Canada Electrical Digital Twin Market, 2019 - 2022, USD Million
- TABLE 37 Canada Electrical Digital Twin Market, 2023 - 2029, USD Million
- TABLE 38 Canada Electrical Digital Twin Market by End User, 2019 - 2022, USD Million
- TABLE 39 Canada Electrical Digital Twin Market by End User, 2023 - 2029, USD Million
- TABLE 40 Canada Electrical Digital Twin Market by Application, 2019 - 2022, USD Million
- TABLE 41 Canada Electrical Digital Twin Market by Application, 2023 - 2029, USD Million
- TABLE 42 Canada Electrical Digital Twin Market by Type, 2019 - 2022, USD Million
- TABLE 43 Canada Electrical Digital Twin Market by Type, 2023 - 2029, USD Million
- TABLE 44 Mexico Electrical Digital Twin Market, 2019 - 2022, USD Million
- TABLE 45 Mexico Electrical Digital Twin Market, 2023 - 2029, USD Million
- TABLE 46 Mexico Electrical Digital Twin Market by End User, 2019 - 2022, USD Million
- TABLE 47 Mexico Electrical Digital Twin Market by End User, 2023 - 2029, USD Million
- TABLE 48 Mexico Electrical Digital Twin Market by Application, 2019 - 2022, USD Million
- TABLE 49 Mexico Electrical Digital Twin Market by Application, 2023 - 2029, USD Million
- TABLE 50 Mexico Electrical Digital Twin Market by Type, 2019 - 2022, USD Million
- TABLE 51 Mexico Electrical Digital Twin Market by Type, 2023 - 2029, USD Million
- TABLE 52 Rest of North America Electrical Digital Twin Market, 2019 - 2022, USD Million
- TABLE 53 Rest of North America Electrical Digital Twin Market, 2023 - 2029, USD Million
- TABLE 54 Rest of North America Electrical Digital Twin Market by End User, 2019 - 2022, USD Million
- TABLE 55 Rest of North America Electrical Digital Twin Market by End User, 2023 - 2029, USD Million
- TABLE 56 Rest of North America Electrical Digital Twin Market by Application, 2019 - 2022, USD Million
- TABLE 57 Rest of North America Electrical Digital Twin Market by Application, 2023 - 2029, USD Million
- TABLE 58 Rest of North America Electrical Digital Twin Market by Type, 2019 - 2022, USD Million
- TABLE 59 Rest of North America Electrical Digital Twin Market by Type, 2023 - 2029, USD Million
- TABLE 60 Key Information - ABB Group
- TABLE 61 Key information - IBM Corporation
- TABLE 62 Key information - Schneider Electric SE
- TABLE 63 Key Information - Siemens AG
- TABLE 64 KEY INFORMATION - General Electric Company
- TABLE 65 Key Information - Oracle Corporation
- TABLE 66 Key Information - SAP SE
- TABLE 67 key information - Microsoft Corporation
- TABLE 68 Key Information - Emerson Electric Co.
- TABLE 69 Key Information - Bentley Systems, Inc.
List of Figures
- FIG 1 Methodology for the research
- FIG 2 KBV Cardinal Matrix
- FIG 3 Key Leading Strategies: Percentage Distribution (2019-2023)
- FIG 4 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2019, Feb - 2023, Jan) Leading Players
- FIG 5 Recent strategies and developments: ABB Group
- FIG 6 SWOT Analysis: ABB Group
- FIG 7 Recent strategies and developments: IBM Corporation
- FIG 8 Swot analysis: IBM Corporation
- FIG 9 Recent strategies and developments: Schneider Electric SE
- FIG 10 Swot analysis: Schneider Electric SE
- FIG 11 Recent strategies and developments: Siemens AG
- FIG 12 Swot analysis: Siemens AG
- FIG 13 Swot analysis: General electric (GE) Co.
- FIG 14 SWOT analysis: Oracle Corporation
- FIG 15 SWOT Analysis: SAP SE
- FIG 16 SWOT Analysis: Microsoft Corporation
