The global electrical digital twin market was valued at $149.10 million in 2020, and is projected to reach $556.4 million by 2030, registering a CAGR of 12.7% from 2021 to 2030.
Electrical digital twin enables utilities to simplify the data maintenance and data exchange process. A digital twin is a virtual representation of an object or system that spans its lifecycle, is updated from real-time data, and also uses simulation, machine learning and reasoning to help decision-making.
The scope of the report discusses potential opportunities for the market players to enter the global electrical digital twin market. This report also provides in-depth analysis of the market, outlining current trends, key driving factors, and key areas of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. The report features strategies adopted by key market players to maintain their foothold in the market.
The electrical digital twin market is analyzed on the basis of type, application, end user and region. By Type, the market is divided into product digital twin, process digital twin, and system digital twin. By application, it is classified into asset performance management, and business & operations optimization. By end user, it is categorized into utilities, and grid infrastructure operators. By Region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.
The key players profiled in the report include General Electric, ABB, Emerson, Siemens, AVEVA, Schneider, SAP, IBM, Oracle Corporation, and Microsoft. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.
These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaboration to enhance their market penetration.
Electrical digital twin enables utilities to simplify the data maintenance and data exchange process. A digital twin is a virtual representation of an object or system that spans its lifecycle, is updated from real-time data, and also uses simulation, machine learning and reasoning to help decision-making.
The scope of the report discusses potential opportunities for the market players to enter the global electrical digital twin market. This report also provides in-depth analysis of the market, outlining current trends, key driving factors, and key areas of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. The report features strategies adopted by key market players to maintain their foothold in the market.
The electrical digital twin market is analyzed on the basis of type, application, end user and region. By Type, the market is divided into product digital twin, process digital twin, and system digital twin. By application, it is classified into asset performance management, and business & operations optimization. By end user, it is categorized into utilities, and grid infrastructure operators. By Region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.
The key players profiled in the report include General Electric, ABB, Emerson, Siemens, AVEVA, Schneider, SAP, IBM, Oracle Corporation, and Microsoft. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.
These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaboration to enhance their market penetration.
KEY BENEFITS FOR STAKEHOLDERS
- This study includes analytical depiction of the electrical digital twin market forecast along with current trends and future estimations to determine the imminent investment pockets
- The report presents information regarding key drivers, restraints, and opportunities in the electrical digital twin market analysis
- The electrical digital twin market trends are quantitatively analyzed from 2020 to 2028 to highlight the financial competency of the industry
- Porter’s five forces analysis illustrates the potency of buyers and suppliers in the industry
KEY MARKET SEGMENTS
By Type
- Product Digital Twin
- Process Digital Twin
- System Digital Twin
By Application
- Asset Performance Management
- Business & Operations Optimization
By End User
- Utilities
- Grid Infrastructure Operators
By Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Electric Digital Twin Market, by Type
Chapter 5: Electric Digital Twin Market, by Applicaton
Chapter 6: Electric Digital Twin Market, by End-user
Chapter 7: Electric Digital Twin Market, by Region
Chapter 8: Competitive Landscape
Chapter 9: Company Profiles
List of Tables
List of Figures
Executive Summary
According to a recent report titled, “Electrical Digital Twin Market by Type, Application and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global electrical digital twin market was valued at $149.10 million in 2020, and is projected to reach $556.4 million by 2030, registering a CAGR of 14.2% from 2021 to 2030.The rising demand in healthcare sector to cover real time aspects, and rising use of digital twin for predictive maintenance to avoid unexpected interruption are expected to drive the growth of the market in the future. However, higher system complexities hinder the market growth. The growing adoption of advanced technologies for implementation of digital twin applications is expected to be opportunistic for the electrical digital twin market growth.
By type, it is fragmented into product digital twin, process digital twin, and system digital twin. The system digital twin segment was the highest revenue contributor accounting for $514 million in 2020, and is expected to witness the fastest growth at a CAGR of 11.0% during the forecast period.
By application, the market is divided into asset performance management, and business and operations optimization. The asset performance management segment was the highest revenue contributor accounting for $775.4 million in 2020 and is expected to witness the fastest growth at a CAGR of 11.3% during the forecast period.
By end user, the market is divided into utilities, and grid infrastructure operators. The grid infrastructure operators segment is expected to be the fastest growing segment registering a CAGR of 13.8% during the forecast period. However, the utilities segment is the highest revenue contributor that accounted for $710.6 million in 2020.
By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor that was valued at $436.7 million in 2020. This region is further expected to attain a market value of $ 1211.5 million by 2030 to grow at a CAGR of 10.8%.
COVID-19 Impact:
COVID-19 has caused the overall semiconductor industry to mobilize quickly and make short-term decisions with long-term implications. Semiconductor companies operate in a complex ecosystem, working across the value chain with numerous raw materials, assembly, test, package, and equipment suppliers & partners across the globe.
Demand from the IT & telecommunication segment is expected to increase, owing to factors such as rise in broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further push the need for digital transformation and technologies, such as 5G, IoT, AI, and intelligent edge computing for future optimization.
Some of the electrical digital twin manufacturers have witnessed temporary delays in production, increased costs, and revenue losses due to the pandemic.
The manufacturing sector witnessed severe loss, and thus, no new orders have been placed during the pandemic. In addition, this impact is estimated to continue till 2021. Moreover, international consumer electronics and electrical digital twin markets are in a very weak state, owing to lockdowns imposed to tackle the pandemic. Although the markets in the U.S. and Europe witnessed mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Therefore, the electrical digital twin market is facing major obstacles from the emergence of COVID-19 pandemic.
The pandemic is impacting production process of several industries, including semiconductor and electronics. Trade barriers are further constraining the demand and supply outlook. The overall production process is adversely affected as governments of different countries have already announced total lockdown and temporary shutdown of industries.
Key Findings Of The Study
- By type, the system digital twin segment is expected to generate the highest revenue during the forecast period
- By application, the asset performance management segment is expected to register the highest revenue during the forecast period
- By end user, the grid infrastructure operators segment is expected to register the highest revenue during the forecast period
- By region, North America is expected to register the highest revenue during the forecast period
- The key players profiled in the report include General Electric, ABB, Emerson, Siemens, AVEVA, Schneider, SAP, IBM, Oracle Corporation, and Microsoft These key players have adopted several strategies, such as new product launch & development, acquisition, partnership & collaboration, and business expansion, to increase their footprint in the electrical digital twin industry during the forecast period
Companies Mentioned
- ABB GROUP
- AVEVA
- EMERSON
- GENERAL ELECTRIC
- IBM CORPORATION
- MICROSOFT CORPORATION
- ORACLE CORPORATION
- SAP
- SCHNEIDER ELECTRIC
- SIEMENS AG
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 277 |
| Published | February 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 168.32 million |
| Forecasted Market Value ( USD | $ 556.4 million |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
