Electrical Digital Twins Market Size, Share & Industry Analysis, By Application (Distributed Energy Resources, Digital Gas & Steam Power Plant, Digital Wind Farm, Digital Grid, Digital Hydropower Plant, Others), By Function (Asset Performance Mangement, Business & Operations Optimization, Digital Twin Aggregate) and Regional Forecast, 2024-2032

Growing electrification need for remote places along with increasing efforts to operate and maintain digital systems efficiently is expected to cater to the global electrical digital twin market size. An electrical digital twin is mainly a system that covers real-time aspects of different facilities and creates an enhanced virtual representation of the asset or subsystem.

It is designed to stimulate a complex set of algorithms collected in various formats or locations and thereby calculate actual and predicted useful parameters. These virtual representation systems have a wide range of applications as every operating plant generates a massive amount of data which needs to be comprehended for the resourceful working of the facilities.

Based on application, the electrical digital twin market can be majorly divided into Distributed Energy Resources, Digital Gas & Steam Power Plant, Digital Wind Farm, Digital Grid, Digital Hydropower Plant, and Others. Digital gas & steam power plant segment is anticipated to observe significant growth owing to effective monitoring and analysis of bulk data in power generation plants to minimize unplanned shutdown scenarios.

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Increasing setup of distant electrical stations, which practically have many difficulties in evaluating real-time issues is projected to positively affect digital grid market outlook. Rising measures to implement green energy alternatives along with a regional regulatory framework to set up large renewable plants is expected to propel digital wind farm growth.

Hydropower plant segments are likely to witness a significant rise due to the increasing refurbishing needs for age-old bulk capacity generation units along with the incorporation of new plants. Based on function, the electrical twin market is segmented as asset performance management, business & operation optimization, and digital twin aggregate.

The growing need for advanced performance technologies to deliver innovative analytical, monitoring, and predictive capabilities within very less time is set to positively cater to the global electrical digital twin market landscape. The systems allow companies to integrate smart components to their existing services & products and hence significantly improve customer experience with new business inventions.

Inadequate knowledge to effectively deploy and maintain network-based complex representation platforms may hinder the global electrical digital twin market. Limited availability of skilled workforce along with data privacy concerns among the customers might adversely affect the industry share.

Key Players Covered

Some of the key companies operating in the electrical digital twin market are GE, ABB, Microsoft, Wipro Limited, Fujitsu Global, Emerson, Siemens, AVEVA, Etteplan, IBM, ACPD Services Ltd., Dassault Systèmes, PTC, and Hexagon PPM.

Segmentation

Regional Analysis

The global electrical digital twin market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to hold substantial share across the market scenario owing to easy accessibility & adaptability to advanced power solutions along with the presence of innovative generation facilities. Increasing power consumption and demand coupled with setup of bulk production sites will cater to the Asia Pacific market potential. Favorable policies by European organizations to adopt and operate new clean energy generation techniques will expand the grid infrastructure and in turn, will positively influence the regional industry landscape. In Latin America, the expansion of new renewable energy production plants along with the rising need for electrification in remote areas is set to shape the market trends in the region.

Key Industry Developments

• In February 2019, ABB and Dassault Systèmes entered into a cooperation agreement to provide software solutions to digital industries. The collaboration aims to combine the Dassault Systèmes 3DEXPERIENCE platform and ABB’s Ability digital solutions to enhance the customer access and installed base of both the companies.


• In December 2018, GE announced to launch its new dedicated unit for Industrial Internet of Things (IIoT). The new company is set to have an independent organizational structure, strong existing industrial base, and start with annual software revenue of about US$ 1.2 billion.


• In October 2018, Siemens introduced new PlantSight digital twin cloud services in partnership with Bentley Systems. The expansion targets to extend the company’s digital portfolio and provide efficient plant operations for the customers.