Global Electrical Digital Twin Market Report and Forecast 2024-2032

Global Electrical Digital Twin Market Outlook

The global electrical digital twin market is estimated to grow from USD 12.88 billion in 2023 to USD 202.65 billion by 2032, growing at a CAGR of 35.9% in the 2024-2032 forecast period.

The factors accelerating the demand for digital twin include the rising adoption of emerging technologies such as IoT and cloud for digital twin implementation and promising digital twin opportunities in sectors such as aerospace and defence, healthcare, and automotive and transportation.

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Market Segmentation

Digital twins are commonly used in various industries for predictive maintenance. Digital twin-based predictive maintenance uses a real-time sensor to monitor and evaluate material, operation, or system’s health and working conditions for its failure modes and criticality against historical data. One can use this analyzed data to take predictive steps. In the incoming sensor data of the physical asset, a neural network senses irregular patterns and represents patterns in predictive models. Such data can be used to predict failures; if the configuration parameters of a physical asset are likely to result in failure, a virtual twin can identify the problem, determine its criticality, alert technicians, and suggest corrective action.

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The electrical digital twin industry can be divided based on segments like type, application, deployment type, and end-use.

The industry can be broadly categorised on the basis of its type into:

• Digital Gas and Steam Power Plant 
• Digital Grid 
• Digital Wind Farm 
• Digital Hydropower Plant 
• Distributed Energy Resources

The industry can be divided based on its application sector as:

• Asset Performance Management 
• Business and Operations Optimization 
• Digital Twin Aggregate

Based on deployment type, the industry can be divided into:

• Cloud 
• On-Premises

The industry can be divided based on its end-use as:

• Utilities 
• Grid Infrastructure Operators

The EMR report looks into the regional electrical digital twin market like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.

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Market Analysis

The growing demand for connected devices and the rising demand for digital twins for maintenance, repair, designing, and production in the automotive sector is expected to drive the digital twin market in the coming years. Due to the robust infrastructure economy and the presence of significant vendors in the region, North America is the leading market in the market. However, the Asia Pacific market is expected to witness the highest growth in the coming years.

Competitive Landscape

The report presents a detailed analysis of the following key players in the global electrical digital twin market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• ANSYS, Inc.
• Cal-Tek Srl
• GE Digital
• Emerson Electric Co.
• Siemens AG
• Cityzenith
• International Business Machines Corporation
• Wipro Limited
• Oracle Corp.
• Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report