Electrical Digital Twin Market

The grid infrastructure operators and utilities across the globe are increasingly resorting to digital technology such as electrical digital twins to assist them to integrate renewable energy technologies into their operating mix. Moreover, the electrical digital twin market has gained significant traction as a result of increased acceptance of innovative technologies such as the internet of things (IoT) and cloud for digital twin applications, as well as appealing digital twin prospects in industries such as healthcare, automotive, and transportation, aerospace and defense. During the forecast period of 2021-2031, these factors will boost the expansion of the electrical digital twin market.

The research report by TMR based on a thorough market survey lists specific market-impacting elements and modifications to market regulation that have an affect on the market's present and future developments. The market survey conducted by the team of analysts includes various aspects that influence the growth of the electrical digital twin market such as key trends, competitive analysis, regional perspective, restraints, and development. While putting forth the prediction analysis of the regional environment, the research takes into account the presence and accessibility of international brands as well as the difficulties they encounter owing to strong or weak competition from local and domestic brands, the influence of domestic tariffs, and trade routes.

Electrical Digital Twin Market: Key Drivers and Opportunities

The electrical digital twin enables utilities to ease data management and the sharing of electrical equipment such as sensors. Through standards-based adapters or interfaces, data from several systems are coordinated and consolidated into a single multi-user database. One of the key characteristics is a reliable single source of data truth. The digital twin grows increasingly thorough as more integrated technologies are introduced into it, resulting in a digital thread that standardizes the whole process and delivers optimal outcomes. They are typically found in healthcare, water supply, and other sectors. Additionally, the hospital-specific features, include the mobility of staff members and patients as well as the real-time location monitoring of equipment, people, and systems. These elements are advancing the growth of the electrical digital twin market.

To keep greenhouse gas emissions low and global mean surface temperature above pre-industrial levels by the end of the century, the world must embrace low-carbon energy sources. Manufacturers are turning to renewable energy sources such as wind and solar PV to meet increased energy demand. Electrical digital twin adoption patterns show global efforts; governments have created rules and incentives to decarbonize businesses. Global renewable energy generation is expected to increase in the coming years producing substantial renewable electricity. Solar (utility-scale), distributed production and storage, grid-scale energy storage, and wind are expected to grow considerably which may eventually facilitate the growth of the electrical digital twin market.

Concurrently, it is projected that throughout the course of the forecast period, the decentralization of distributed energy resources employing electrical digital twins would accelerate market growth. The global electrical digital twin market is also being driven by factors like the improvement in efficiency and optimization of power sector operations along with the decrease in unexpected downtime and operation as well as maintenance expenses.

Electrical Digital Twin Market: Competitive Scenario

The leading players operating in the electrical digital twin market are focusing on relentless research and development activities and formulating new techniques to facilitate production capabilities. Furthermore, the advertisement and promotional activities play a vital role in creating product awareness which may ultimately propel the growth of the electrical digital twin market.

Some key players operating in the electrical digital twin market are ABB, IBM, Wipro Limited, Oracle, Fujitsu, BENTLEY SYSTEMS, INCORPORATED, and Microsoft

Electrical Digital Twin Market: Regional Dynamics

In terms of market share and revenue generation, North America dominates the electrical digital twin market, and this dominance will only grow over the course of the projection. High economic growth and a significant number of suppliers providing digital twins in the region are accredited with the exponential growth of the electrical digital twin market.

On the other hand, Asia-Pacific is anticipated to experience lucrative growth over the forecast period as a result of the region's dense population, rising per capita income as a result of extensive industrialization and urbanization, as well as the increased adoption of the internet of things (IoT).