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Global Electrical Digital Twin Market Size, Share, Forecast: 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; Market Dynamics: SWOT Analysis, Competitive Landscape; 2024-2032
Global Electrical Digital Twin Market Outlook
The global electrical digital twin market is estimated to grow from USD 12.98 billion in 2023 to USD 167.22 billion by 2032, growing at a CAGR of 32.4% in the 2024-2032 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 | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| 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 Opportunities and Challenges in the Market
8 Global Electrical Digital Twin Market Analysis
8.1 Key Industry Highlights
8.2 Global Electrical Digital Twin Historical Market (2018-2023)
8.3 Global Electrical Digital Twin Market Forecast (2024-2032)
8.4 Global Electrical Digital Twin Market by Type
8.4.1 Digital Gas and Steam Power Plant
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Digital Grid
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Digital Wind Farm
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Digital Hydropower Plant
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Distributed Energy Resources
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.5 Global Electrical Digital Twin Market by Application
8.5.1 Asset Performance Management
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Business and Operations Optimization
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Digital Twin Aggregate
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Electrical Digital Twin Market by Deployment Type
8.6.1 Cloud
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 On-Premises
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Electrical Digital Twin Market by End-Use
8.7.1 Utilities
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Grid Infrastructure Operators
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Electrical Digital Twin Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Electrical Digital Twin Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Electrical Digital Twin Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Electrical Digital Twin Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Electrical Digital Twin Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Electrical Digital Twin Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 ANSYS, Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Cal-Tek Srl
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 GE Digital
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Emerson Electric Co.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Siemens AG
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Cityzenith
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 International Business Machines Corporation
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Wipro Limited
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Oracle Corp.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electrical Digital Twin Market: Key Industry Highlights, 2018 and 2032
2. Global Electrical Digital Twin Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Electrical Digital Twin Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Electrical Digital Twin Historical Market: Breakup by Application (USD Billion), 2018-2023
5. Global Electrical Digital Twin Market Forecast: Breakup by Application (USD Billion), 2024-2032
6. Global Electrical Digital Twin Historical Market: Breakup by Deployment Type (USD Billion), 2018-2023
7. Global Electrical Digital Twin Market Forecast: Breakup by Deployment Type (USD Billion), 2024-2032
8. Global Electrical Digital Twin Historical Market: Breakup by End-Use (USD Billion), 2018-2023
9. Global Electrical Digital Twin Market Forecast: Breakup by End-Use (USD Billion), 2024-2032
10. Global Electrical Digital Twin Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Electrical Digital Twin Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Electrical Digital Twin Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Electrical Digital Twin Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Electrical Digital Twin Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Electrical Digital Twin Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Electrical Digital Twin Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Electrical Digital Twin Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Electrical Digital Twin Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Electrical Digital Twin Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Electrical Digital Twin Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Electrical Digital Twin Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Electrical Digital Twin Market Structure
Key Questions Answered in the Report
In 2023, the global electrical digital twin market attained a value of nearly USD 12.98 billion.
The market is projected to grow at a CAGR of 32.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 167.22 billion by 2032.
The major drivers expected to aid market growth are the advent of IoT, rising popularity of cloud based technology, growing automotive industry, increased product utilisation in sectors like aerospace and defence and healthcare, and the growing demand for cost-effective manufacturing technology.
The key trends guiding the growth of the electrical digital twin market include the rising product demand from developing regions, increasing research and development activities, and rapid technological advancements.
The major regions in the market 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 market.
The significant applications of the product include asset performance management, business and operations optimisation, 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-uses of the product in the market.
The major players in the market 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 12.98 billion in 2023, 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 2024-2032, growing at a CAGR of 32.4%. The market is projected to reach USD 167.22 billion by 2032.
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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