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The global electrical digital twin market is estimated to grow from USD 5.2 billion in 2020 to USD 32.6 billion by 2026, growing at a CAGR of 35.8% in the 2021-2026 forecast period.
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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.
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-user.
The industry can be broadly categorised on the basis of its type into:
The industry can be divided based on its application sector as:
Based on deployment type, the industry can be divided into:
The industry can be divided based on its end-use as:
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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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.
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:
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.
|Scope of the Report||Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Application, Deployment Type, End-User, Region|
|Breakup by Type||Digital Gas & Steam Power Plant, Digital Grid, Digital Wind Farm, Digital Hydropower Plant, Distributed Energy Resources|
|Breakup by Application||Asset Performance Management, Business & Operations Optimization, Digital Twin Aggregate|
|Breakup by Deployment Type||Cloud, On-Premises|
|Breakup by End-User||Utilities, Grid Infrastructure Operators|
|Breakup by Region||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Market Dynamics||SWOT, Porter's Five Forces, EMR’s Key Indicators for Price and Demand|
|Competitive Landscape||Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications|
|Companies Covered||ANSYS, Inc. (NASDAQ: ANSS), Cal-Tek S.r.l., Cityzenith Inc., General Electric
Company (NYSE: GE), International Business Machines Corporation (NYSE: IBM),
Emerson Electric Co. (NYSE: EMR), Siemens AG (ETR: SIE), Wipro Limited
(NSE: WIPRO), Oracle Corporation (NYSE: ORCL), Others
|Report Price and Purchase Option||Explore our purchase options that are best suited to your resources and industry needs.|
|Delivery Format||Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.|
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
1.1 Objectives of the Study
1.1.1 Research Objective
1.1.2 Key Findings of the Report
2 Research Methodology
2.1 Data Extraction
2.2 Data Corroboration
2.3 Market Structure
2.5 Market Models
3.1 Market Outlook
3.2 Market Scope and Segmentation
3.3 Additional Insights
4 Executive Summary
4.1 Key Market Developments
4.2 Market Analysis
4.3 Key Players
4.4 Market Revenue and Growth
5 Market Dynamics
5.1 Market Driver Analysis
5.2 Market Restraint Analysis
5.3 Industry Challenges
5.4 Industry Opportunities
6 Global Electrical Digital Twin Market Analysis
6.1 Global Electrical Digital Twin Historical Market (2016-2020) & Forecast (2021-2026)
6.2 Global Electrical Digital Twin Market Breakup by Type
6.2.1 Digital Gas & Steam Power Plant
6.2.2 Digital Grid
6.2.3 Digital Wind Farm
6.2.4 Digital Hydropower Plant
6.2.5 Distributed Energy Resources
6.3 Global Electrical Digital Twin Market Breakup by Type: Historical Market (2016-2020) & Forecast (2021-2026)
6.3.1 Digital Gas & Steam Power Plant
6.3.2 Digital Grid
6.3.3 Digital Wind Farm
6.3.4 Digital Hydropower Plant
6.3.5 Distributed Energy Resources
6.4 Electrical Digital Twin Market Breakup by Application
6.4.1 Asset Performance Management
6.4.2 Business & Operations Optimization
6.4.3 Digital Twin Aggregate
6.5 Electrical Digital Twin Market Breakup by Application: Historical Market (2016-2020) & Forecast (2021-2026)
6.5.1 Asset Performance Management
6.5.2 Business & Operations Optimization
6.5.3 Digital Twin Aggregate
6.6 Global Electrical Digital Twin Market Breakup by Deployment Type
6.7 Global Electrical Digital Twin Market Breakup by Deployment Type: Historical Market (2016-2020) & Forecast (2021-2026)
6.8 Global Electrical Digital Twin Market Breakup by End-User
6.8.2 Grid Infrastructure Operators
6.9 Global Electrical Digital Twin Market Breakup by End-User: Historical Market (2016-2020) & Forecast (2021-2026)
6.9.2 Grid Infrastructure Operators
6.10 Global Electrical Digital Twin Market Breakup by Region
6.10.1 North America
188.8.131.52 United States of America
184.108.40.206 United Kingdom
6.10.3 Asia Pacific
6.10.4 Latin America
6.10.5 Middle East & Africa
220.127.116.11 Saudi Arabia
18.104.22.168 United Arab Emirates
22.214.171.124 South Africa
6.11 Global Electrical Digital Twin Market Breakup by Region: Historical Market (2016-2020) & Forecast (2021-2026)
6.11.1 North America
126.96.36.199 United States of America
188.8.131.52 United Kingdom
6.11.3 Asia Pacific
6.11.4 Latin America
6.11.5 Middle East & Africa
184.108.40.206 Saudi Arabia
220.127.116.11 United Arab Emirates
18.104.22.168 South Africa
7 SWOT Analysis
8 Porter’s Five Forces Analysis
8.2 Buyer’s Power
8.3 Supplier’s Power
8.4 New Entrants
8.5 Degree of Rivalry
9 Competitive Landscape & Supplier Analysis
9.1 ANSYS, Inc. (NASDAQ: ANSS)
9.1.1 Company Overview
9.1.2 Financial Analysis
9.2 Cal-Tek S.r.l.
9.2.1 Company Overview
9.2.2 Financial Analysis
9.3 Cityzenith Inc.
9.3.1 Company Overview
9.3.2 Financial Analysis
9.4 General Electric Company (NYSE: GE)
9.4.1 Company Overview
9.4.2 Financial Analysis
9.5 International Business Machines Corporation (NYSE: IBM)
9.5.1 Company Overview
9.5.2 Financial Analysis
9.6 Emerson Electric Co. (NYSE: EMR)
9.6.1 Company Overview
9.6.2 Financial Analysis
9.7 Siemens AG (ETR: SIE)
9.7.1 Company Overview
9.7.2 Financial Analysis
9.8 Wipro Limited (NSE: WIPRO)
9.8.1 Company Overview
9.8.2 Financial Analysis
9.9 Oracle Corporation (NYSE: ORCL)
9.9.1 Company Overview
9.9.2 Financial Analysis
10 Industry Events and Developments
In 2020, the global electrical digital twin market attained a value of nearly USD 5.2 billion.
The market is projected to grow at a CAGR of 35.8% between 2021 and 2026.
The market is estimated to witness a healthy growth in the forecast period of 2021-2026 to reach about USD 32.6 billion by 2026.
The major drivers of the industry, such as the advent of IoT, growing popularity of cloud based technology, growing automotive industry, increased product utilisation in sectors like aerospace and defence and healthcare, growing demand for cost-effective manufacturing technology, and the rising product demand from the developing regions, are expected to aid the market growth.
The key market trends guiding the growth of the electrical digital twin industry include the increasing R&D activities and the growing technological advancements.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with North America accounting for the largest share in the market.
Digital gas and steam power plant, digital grid, digital wind farm, digital hydropower plant, and distributed energy resources are the leading electrical digital twin types in the industry.
The significant applications of the product include asset performance management, business and operations optimization, and digital twin aggregate.
Cloud and on-premises are the major deployment types of the product in the market.
Utilities and grid infrastructure operators are the significant end-user segments of the product.
The major players in the industry are ANSYS, Inc., Cal-Tek S.r.l., Cityzenith Inc., General Electric Company, International Business Machines Corporation, Emerson Electric Co., Siemens AG, Wipro Limited, and Oracle Corporation, among others.
The global electrical digital twin market attained a value of USD 5.2 billion in 2020, driven by the growing product demand to reduce maintenance cost and enhance manufacturing efficiency, and the advent of IoT. Aided by the growing investment in the research and development activities and rapid technological advancements, the market is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 35.8%. The market is projected to reach USD 32.6 billion by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on types, the electrical digital twin industry can be segmented into digital gas and steam power plant, digital grid, digital wind farm, digital hydropower plant, and distributed energy resources. On the basis of application, the market is divided into asset performance management, business and operations optimization, and digital twin aggregate. By deployment type, the industry is bifurcated into cloud and on-premises. Based on end-user, the industry is categorised into utilities and grid infrastructure operators. The major regional markets for electrical digital twin are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with North America accounting for the largest share of the market. The key players in the above market include ANSYS, Inc., Cal-Tek S.r.l., Cityzenith Inc., General Electric Company, International Business Machines Corporation, Emerson Electric Co., Siemens AG, Wipro Limited, Oracle Corporation, and others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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