Electrical Digital Twin Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Electrical Digital Twin Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Report Digest
Global Electrical Digital Twin Market: Overview
The electrical industry continually assimilates new technologies and operational models. The ever-increasing need for power across a wide spectrum of industries has compelled electricity providers to overhaul their approach. Supply of electricity across the residential, industrial, and commercial sectors requires regulation and monitoring of the highest accord. Hence, the relevance of utilities in a largely electrified world cannot be undermined. The global electrical digital twin market is growing in conjunction with advancements in the electricity sector.
Power utilities are required to transmit electricity across a large expanse of residential and industrial settlements. This factor puts on onus upon utility operators to maintain safety, resilience, and sufficiency across the power grid. This factor has played a tremendously important role in establishing the importance of electrical digital twins. There is a stellar need to preclude discrepancies in the supply of electricity. This apprehension leads utility operators to simulate power grids by means of a virtual electrical digital system.
Several regions have allocated huge amount of investments towards betterment of power grids. Several countries are shifting from traditional power grids to smart grids. In this scenario of rapid overhauls, the demand for electrical digital twin is bound to rise. Furthermore, sloppy practices in the electrical industry have led government authorities to mandate the use of digital twins.
A syndicate report reviews the growth trends operating in the global electrical digital twin market. The global electrical digital twin market is segmented along the following parameters: type, application, deployment, end-user, and region. On the basis of deployment, cloud-based technology is projected to become immensely popular in key regions.
Global Electrical Digital Twin Market: Notable Developments
Some of the featured developments in the global electrical digital twin market are listed herein.
- Siemens Inc. has flashed its capabilities in developing effective electrical digital twins. The company considers data as the central theme of the digital revolution. The digital twin technology by Siemen helps in protection of data. Furthermore, data exchange and synchronisation are amongst other key functionalities within this technology. The global electrical digital twin market has morphed the operational structure of the electricity sector.
- Schneider Electric’s Cikarang Smart Factory in Indonesia is changing the face of the energy sector. The EcoStruxure™ Architecture developed at the factory offers digital twin capabilities. Other companies are expected to invest in developing their own technologies or architecture with improved digital twin models.
Names of the prominent players operating in the global electrical digital twin market are listed below:
- GE (US)
- Emerson (US)
- ABB (Switzerland)
- AVEVA (UK)
Global Electrical Digital Twin Market: Growth Drivers
- Need to Eliminate Digital Losses
The transmission of electricity via power grids involves substantial amount of risk. Even minor deviances from the required value of input or output can cause major fallouts. Hence, there is a need to test-run all power grids in a virtual space. This factor generates huge-scale demand within the global electrical digital twin market.
- Corrections and Adjustments in Electricity Supply
Power outages can be a severe deadlock for the energy sector. Power utilities are majorly driven by the need to optimize electricity supply and consumption. The recurring need to scale electricity supplies according to the needs of the sectors has given rise to adjustments. Digital twins help in making such adjustments, and this factor has played an integral role in propelling market demand.
The global electrical digital twin market is segmented on the basis of:
Twin Type
- Gas & Steam Power Plant
- Wind Farm
- Digital Grid
- Hydropower Plant,
- Der
Deployment
- Cloud/Hosted
- On-Premises
The study presents a granular assessment and quantitative evaluation of:
- Key growth factors and prominent trends
- Size and share of key segments in overall market
- Key challenges and winning imperatives
- Factors shaping competitive landscape
- Insights into how contours of market will change in coming years
- Technological advances
- New avenues and imminent investment pockets
- Regulatory landscape shaping current and future strategies of companies
The region-wise assessment includes market dynamics in:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
- Which key factors will shape the competitive landscape?
- Which trends will stimulate research and development activities in different geographies?
- Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
- Which disruptions in market growth are likely to come with the new business models?
- Which are some of the recent overhauls in policies that may change the course of the market significantly?
- Which are the geographies that will form sizable sources of new streams to new and established players alike?
- How are top players likely to realign their strategy to counter the forces of competition?
- Which key strategies emerging players are likely to focus on to consolidate their position?
- Which changes in end-user preferences might affect the status quo held by the leading players?
- Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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