The global electrical digital twin market is estimated to grow from USD 5.2 billion in 2019 to USD 32.6 billion by 2025, growing at a CAGR of 35.8% in the 2020-2025 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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Properties and Applications
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.
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.
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.
Key Questions Answered in the 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 (2015-2019) & Forecast (2020-2025)
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 (2015-2019) & Forecast (2020-2025)
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 (2015-2019) & Forecast (2020-2025)
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 (2015-2019) & Forecast (2020-2025)
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 (2015-2019) & Forecast (2020-2025)
6.9.2 Grid Infrastructure Operators
6.10 Global Electrical Digital Twin Market Breakup by Region
6.10.1 North America
126.96.36.199 United States of America
188.8.131.52 United Kingdom
6.10.3 Asia Pacific
6.10.4 Latin America
6.10.5 Middle East & Africa
184.108.40.206 Saudi Arabia
220.127.116.11 United Arab Emirates
18.104.22.168 South Africa
6.11 Global Electrical Digital Twin Market Breakup by Region: Historical Market (2015-2019) & Forecast (2020-2025)
6.11.1 North America
22.214.171.124 United States of America
126.96.36.199 United Kingdom
6.11.3 Asia Pacific
6.11.4 Latin America
6.11.5 Middle East & Africa
188.8.131.52 Saudi Arabia
184.108.40.206 United Arab Emirates
220.127.116.11 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 Events and Developments
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