Electrical Digital Twin Market to Surpass 121.48 Billion by 2030 Drives Due to Integration of Variable Renewable Energy
SkyQuest projects that the electrical digital twin market will attain a USD 121.48 billion value by 2030, with a CAGR of 36.3% over the forecast period (2023-2030). Electrical digital twins empower grid operators to simulate vital operational scenarios for reliable and efficient electrical system planning, operation, and maintenance. The electrical digital twin market provides swift solutions for utilities and grid operators amid the decentralization of distributed energy resources (DER). These twins aid in managing complex DER integration challenges and grid modernization, streamlining interconnection, enhancing customer service, and optimizing operational efficiency.
Westford, USA, Aug. 14, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, global electrical digital twin market gains traction as industries adopt smart infrastructure. Digital twins simulate and optimize electrical systems' performance, enhancing energy efficiency and reliability. The drive toward interconnected and intelligent systems propels the market growth.
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Tables - 143
Figures - 78
Transition to renewable energy sources drives demand of electrical digital twin market. Electrical digital twins enable the seamless integration and management of complex renewable energy systems, addressing challenges like grid stability and resource allocation and bolstering market expansion.
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Prominent Players in the Electrical Digital Twin Market
General Electric
Siemens AG
Schneider Electric SE
ABB Ltd.
Rockwell Automation Inc.
Bentley Systems Inc.
Dassault Systèmes SE
IBM Corporation
SAP SE
ANSYS Inc.
Hexagon AB
PTC Inc.
Autodesk Inc.
Infosys Limited
Oracle Corporation
Aveva
Honeywell International Inc.
L&T Technology Services Limited
Emerson
ESI Group
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System Digital Twin Segment is Expected to Grow the Market Due to its Ability to Replicate Complex Interconnected Electrical Systems
System digital twin segment experiences rapid growth in the global electrical digital twin market due to its ability to replicate complex interconnected electrical systems. These digital replicas facilitate real-time monitoring, predictive analysis, and optimization, aiding industries in enhancing system reliability, efficiency, and operational performance, driving the segment's swift expansion.
Asia Pacific emerges as a rapidly growing region in the global electrical digital twin market due to expanding industrialization and innovative infrastructure initiatives. The region's increasing demand for energy-efficient solutions and Industry 4.0 adoption accelerates the adoption of electrical digital twins, solidifying its significant market growth.
Utilities Segment is Expected to Dominate the Market Due to its Essential Role in Managing Power Networks
Utilities segment dominates the global electrical digital twin market due to its essential role in managing power networks. As distributed energy resources (DER) increase, utilities rely on digital twins for monitoring, regulating, and automating operations. This facilitates grid modernization, enhances customer service, and optimizes investments for operational efficiency.
North America asserts dominance in the global electrical digital twin market due to its advanced utility infrastructure and industry 4.0 adoption. The region's emphasis on efficient energy management, grid modernization, and technological innovation drives the widespread integration of electrical digital twins, solidifying its leading position in the market.
A comprehensive analysis of the major players in the electrical digital twin market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the Electrical Digital Twin Market
In 2022, General Electric announced a new digital twin platform for power plants. The platform uses AI and machine learning to analyze data from sensors and other sources to predict potential problems and optimize operations.
Recently, Siemens launched a new digital twin software suite for wind turbines. The suite includes a real-time monitoring system that can detect and predict problems and a planning tool that can help operators optimize the performance of their turbines.
Key Questions Answered in Electrical Digital Twin Market Report
What specific growth drivers are projected to impact the market during the forecast period?
List the top companies in the market and explain how they have achieved their positions of influence.
In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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