Electrical Digital Twin Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

Electrical digital twin aligns closely with the real and virtual worlds by providing the modeling of data across their entire IT infrastructure with a single source of true. The Electrical Digital Twin allows simplifying the process of data maintenance and exchange by the utility. Data is synchronized from various systems, then standardized via standard adapters or interfaces into one multi-user database.

MARKET SCOPE

The "Global Electrical Digital Twin Market Analysis to 2031" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the electrical digital twin market with detailed market segmentation by twin type, deployment, end-user, application, and geography. The report provides key statistics on the market status of the leading electrical digital twin market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on twin type, the global electrical digital twin market is segmented into digital gas and steam power plant, digital wind farm, digital grid, digital hydropower plant, and others.
  
•   On the basis of deployment, the market is segmented into cloud/hosted and on-premise.
  
•   Based on end-user the market is segmented into aerospace and defense, automotive, transportation, energy and utilities, and others.
  
•   based on application, the market is segmented into asset performance management, business and operations optimization, and digital twin aggregate.
  

MARKET DYNAMICS

Drivers:

•   The growth in the electrical digital twin market can be attributed to factors such as streamlined integration of renewable energy technologies, improved accuracy and efficiency in power sector operations, and reduced unplanned downtime and maintenance costs.
  
•   Also, increased R&D activities in the fields of the Internet of Things (IoT) and the Industrial Internet of Things (IIoT) and increased demand for efficient and cost-effective power utility technologies are expected to drive the growth of the electrical digital twin market.
  

Restraints:

•   Data privacy and security concerns may hinder the growth of the electrical digital twin market.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The electrical digital twin market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the electrical digital twin market in these regions.

IMPACT OF COVID-19 ON ELECTRICAL DIGITAL TWIN MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

MARKET PLAYERS

The report covers key developments in the electrical digital twin market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from electrical digital twin market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the electrical digital twin market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   ANSYS, Inc.
  
•   Enline
  
•   Emerson Electric Co.
  
•   FUJITSU
  
•   GE DIGITAL
  
•   IBM
  
•   Microsoft
  
•   ABB
  
•   AVEVA Group plc
  
•   Siemens
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Electrical Digital Twin Report Scope