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Global Electrical Digital Twin Market: By Type: Digital Gas and Steam Power Plant, Digital Grid, Digital Wind Farm, Digital Hydropower Plant, Distributed Energy Resources; By Application; By Deployment Type; By End-Use; Regional Analysis; Historical Market and Forecast (2018-2028); Competitive Landscape; Industry Events and Developments
Global Electrical Digital Twin Market Outlook
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 2023-2028 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.
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
- International Business Machines Corporation
- Emerson Electric Co.
- Siemens AG
- Wipro Limited
- Oracle Corp.
- Cityzenith
- 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.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Application, Deployment Type, End-Use, 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-Use | 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, 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., Cal-Tek Srl, GE Digital, Emerson Electric Co., Siemens AG, Cityzenith, International Business Machines Corporation, Wipro Limited, Oracle Corp., 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. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Electrical Digital Twin Market Analysis
8.1 Key Industry Highlights
8.2 Global Electrical Digital Twin Historical Market (2018-2022)
8.3 Global Electrical Digital Twin Market Forecast (2023-2028)
8.4 Global Electrical Digital Twin Market by Type
8.4.1 Digital Gas and Steam Power Plant
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Digital Grid
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Digital Wind Farm
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Digital Hydropower Plant
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.4.5 Distributed Energy Resources
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2018-2022)
8.4.5.3 Forecast Trend (2023-2028)
8.5 Global Electrical Digital Twin Market by Application
8.5.1 Asset Performance Management
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Business and Operations Optimization
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Digital Twin Aggregate
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.6 Global Electrical Digital Twin Market by Deployment Type
8.6.1 Cloud
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 On-Premises
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.7 Global Electrical Digital Twin Market by End-Use
8.7.1 Utilities
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Grid Infrastructure Operators
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.8 Global Electrical Digital Twin Market by Region
8.8.1 Market Share
8.8.1.1 North America
8.8.1.2 Europe
8.8.1.3 Asia Pacific
8.8.1.4 Latin America
8.8.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 ANSYS, Inc.
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Cal-Tek Srl
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 GE Digital
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 Emerson Electric Co.
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Siemens AG
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 Cityzenith
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 International Business Machines Corporation
12.2.7.1 Company Overview
12.2.7.2 Product Portfolio
12.2.7.3 Demographic Reach and Achievements
12.2.7.4 Certifications
12.2.8 Wipro Limited
12.2.8.1 Company Overview
12.2.8.2 Product Portfolio
12.2.8.3 Demographic Reach and Achievements
12.2.8.4 Certifications
12.2.9 Oracle Corp.
12.2.9.1 Company Overview
12.2.9.2 Product Portfolio
12.2.9.3 Demographic Reach and Achievements
12.2.9.4 Certifications
12.2.10 Others
13 Industry Events and Developments
List of Key Figures and Tables
1. Global Electrical Digital Twin Market: Key Industry Highlights, 2018 and 2028
2. Global Electrical Digital Twin Historical Market: Breakup by Type (USD Billion), 2018-2022
3. Global Electrical Digital Twin Market Forecast: Breakup by Type (USD Billion), 2023-2028
4. Global Electrical Digital Twin Historical Market: Breakup by Application (USD Billion), 2018-2022
5. Global Electrical Digital Twin Market Forecast: Breakup by Application (USD Billion), 2023-2028
6. Global Electrical Digital Twin Historical Market: Breakup by Deployment Type (USD Billion), 2018-2022
7. Global Electrical Digital Twin Market Forecast: Breakup by Deployment Type (USD Billion), 2023-2028
8. Global Electrical Digital Twin Historical Market: Breakup by End-Use (USD Billion), 2018-2022
9. Global Electrical Digital Twin Market Forecast: Breakup by End-Use (USD Billion), 2023-2028
10. Global Electrical Digital Twin Historical Market: Breakup by Region (USD Billion), 2018-2022
11. Global Electrical Digital Twin Market Forecast: Breakup by Region (USD Billion), 2023-2028
12. North America Electrical Digital Twin Historical Market: Breakup by Country (USD Billion), 2018-2022
13. North America Electrical Digital Twin Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Europe Electrical Digital Twin Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Europe Electrical Digital Twin Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Asia Pacific Electrical Digital Twin Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Asia Pacific Electrical Digital Twin Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Latin America Electrical Digital Twin Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Latin America Electrical Digital Twin Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Middle East and Africa Electrical Digital Twin Historical Market: Breakup by Country (USD Billion), 2018-2022
21. Middle East and Africa Electrical Digital Twin Market Forecast: Breakup by Country (USD Billion), 2023-2028
22. Global Electrical Digital Twin Market Structure
Key Questions Answered in the Report
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 2023-2028 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 Srl, GE Digital, Emerson Electric Co., Siemens AG, Cityzenith, International Business Machines Corporation, Wipro Limited, and Oracle Corp., among others.
Analyst Review
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 2023-2028, 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-use, 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 Srl, GE Digital, Emerson Electric Co., Siemens AG, Cityzenith, International Business Machines Corporation, Wipro Limited, and Oracle Corp., among 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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