Electrical Digital Twin Market - Global Industry Analysis, Size, Share, Trends, Growth, and Forecasts, 2021 - 2031
Electrical Digital Twin Market - Global Industry Analysis, Size, Share, Trends, Growth, and Forecasts, 2021 - 2031
Report Digest
Electrical Digital Twin Market - An Overview
The global electrical digital twin market is expected to witness strong growth during the forecast period between 2021 and 2031.
Electrical digital twins are systems that transform real-time features of various facilities and help in the development of improved virtual representation of sub-systems.
The subsequent virtual representation of sub-systems have been found to possess an extensive application range since every electrical manufacturing plant produces large amounts of data.Electrical digital twins have proven beneficial in allowing utilities in simplifying complex data management and exchange procedures.
The outbreak of the COVID-19 pandemic positively impacted the growth in the global electrical digital twin market.
While electrical units were forced to shut down temporarily or permanently owing to social distancing regulations and lockdowns, it led to rapid development in the field of digital transformation for utilities, which led to several opportunities for electrical digital twins.
The extensive deployment of electrical digital twins proved beneficial in improving labor productivity and operational flexibility, which helped increased product demand and offered significant revenue-generating opportunities for the market, during the pandemic phase.
Electrical Digital Twin Market - Trends and Opportunities
Rising demand for renewable energy sources from various end-use industries is the key growth driver for the global electrical digital twin market.
Also, increasing trend of decentralizing distributed energy sources is expected to provide significant revenue generation opportunities for the key electrical digital twin market players, in the coming years.
In addition to this, rising establishment of distant electrical stations is also anticipated to fuel the growth in the global electrical digital twin market, in the years ahead.
Other factors such as growing measures to implement different energy generation techniques could also offer opportunities to generate revenue for the market players, in the years ahead.
Cloud-based deployment type is expected to contribute the most to the overall electrical digital twin market because of advantages such as adaptability, reduced energy consumption, and scalability.
Electrical Digital Twin Market - Competitive Landscape
The global electrical digital twin market is extremely competitive, with the presence of several prominent market players. Many of them have become successful owing to years of delivering consistent results and are expected to account for a large share in the overall market, in future.
Research and development activities to produce improved quality of products that would meet the requirements of large number of consumers could be a key growth strategy for leading electrical digital twin market players, in future.
Well-established electrical digital twin market players could collaborate with smaller players in a bid to expand their market presence and increase their revenue shares.
Siemens signed a collaborative agreement with Threedy, in June 2021, to manufacture a visual computing platform. The agreement was expected to improve ‘Sidrive IQ’ in coordination with Threedy’s visual computing platform ‘Instant3Dhub’. The collaboration is anticipated to offer consumers accessibility to visual digital twin information.
A few leading players in the global electrical digital twin market include General Electric, Dassault Systems, ABB, Wipro Limited, and Microsoft.
Electrical Digital Twin Market - Regional Assessment
North America is expected to be the leader in the global electrical digital twin market owing to ease of availability of technologically advanced solutions as well as the presence of novel power generating infrastructure facilities in countries such as US and Canada, contributing hugely to market growth in the region.
Asia Pacific is expected to offer revenue generation opportunities for the global electrical digital twin market because of rising power consumption and the establishment of large number of manufacturing units in countries such as India.
Europe is anticipated to witness strong growth in the overall electrical digital twin market owing to supportive government policies for the adoption of novel energy generation techniques in countries such as UK and Germany.
The rest of the world is expected to witness moderate growth in the global electrical digital twin market, in future.
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- Industrial Analogy
- COVID-19 Impact
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- How has COVID-19 affected the market?
- What will be the post-pandemic scenario of the market?
- What are the major threats that will dent the growth prospects of the market?
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