Global Electrical Digital Twin Market Size, Share, Growth Analysis, By Twin Type, By Usage Type, By Deployment Type, By End-User, By Application - Industry Forecast 2022-2028

The Global Electrical Digital Twin Market was valued at USD 0.75 Billion in 2021, and it is expected to reach a value of USD 1.45 Billion by 2028, at a CAGR of 12.3% over the forecast period (2022-2028).

Global Electrical Digital Twin refers to the consumption and production of cocoa and chocolate products in the Asia Pacific region. The Asia Pacific region includes countries such as China, India, Japan, South Korea, Australia, and New Zealand, among others. Top-down and bottom-up approaches were used to estimate and validate the size of Global Electrical Digital Twin and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

The Global Electrical Digital Twin Market is segmented based on the Twin Type, Usage Type, Deployment Type, End-User, Application, and Region. Based on the Twin Type, the Global Electrical Digital Twin Market is segmented as Digital Gas & Steam Power Plant, Digital Wind Farm, Digital Grid, Digital Hydropower Plant, and Distributed Energy Resources. Based on the Usage Type, the Global Electrical Digital Twin Market is segmented as Product Digital Twin, Process Digital Twin, and System Digital Twin. Based on the Deployment Type, the Global Electrical Digital Twin Market is segmented as On-Premises and Cloud. Based on the End-User, the Global Electrical Digital Twin Market is segmented as Utilities, Grid Infrastructure Operators. Based on Application, the Global Electrical Digital Twin Market is segmented as Asset Performance Management, Business & Operations Optimization. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

Electricity grid operators can improve the reliability, efficiency, and security of their planning, operation, and maintenance activities through the use of electrical digital twins. The integration of decentralized energy resources (DER) creates significant challenges for utilities and grid operators, requiring them to deploy faster and more effective solutions to monitor, regulate, automate, and manage their power networks. Electrical digital twins provide a valuable tool for addressing these challenges, particularly in the context of grid modernization. These tools can support the planning, analysis, and design of modernization efforts, and facilitate the assessment of the impact of DER. As a result, utility companies can streamline the DER interconnection process, enhance customer service, optimize investments, and improve operational efficiency.

Restraint

Creating a digital twin requires precise capturing of physical characteristics and replicating the behaviors of both simple and complex objects, along with their interrelationships. For instance, developing an electrical digital twin is challenging due to the involvement of various parties such as facility managers, design engineers, electrical engineers, equipment vendors, and others. Obtaining asset data from suppliers is also complicated, as it requires coordination among several supply chain stages. Moreover, ensuring the required connectivity in the supply chain to access asset data can also be challenging. The complexity of the object being replicated presents another hurdle.

Trend

The global electrical digital twin market is being influenced by significant trends such as the growing demand in the healthcare industry for real-time coverage and the increasing use of digital twins for preventive maintenance, which helps to reduce unplanned outages. However, market expansion is hindered by the higher complexity of systems. Moreover, the adoption of advanced technology for deploying digital twin applications has somewhat impacted the development of the Electrical Digital Twin Market. These factors are expected to have a substantial impact on the worldwide electrical digital twin market in the forecast period, presenting lucrative opportunities for market growth in the coming years.