According to MarkNtel Advisors study the Global Electric Digital Twin Market size was valued at around USD 1.12 billion in 2023 and is projected to grow at a CAGR of about 14.5% during the forecast period, i.e., 2024-30.
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Key Findings of the Study: Electrical Digital Twin market
Surging Renewable Energy Projects Across the Globe to Augment Market Growth – The installation of renewable energy infrastructure is surging across the globe as countries in Asia-Pacific Europe are implementing favourable policies incentives to promote the development of renewable energy projects. The growing awareness about climate change and the adverse effects of greenhouse gas emissions has led to a significant investment in the renewable sector. According to REN21, the global investment in renewable power fuels, without including hydropower projects larger than 50 MW, reached approximately USD 366 billion in 2021.
Surging Investments in Smart Grids to Provide New Opportunity for the Market Players – Investments expenditures related to smart grids are experiencing significant growth on a global scale. Regions such as Europe China are ramping up their financial commitments to digitalize their electrical grids. In 2022, China budgeted more than USD 74.35 billion for the upgradation digitalization of its grids.
Likewise, the European distribution system operators transmission system operators are also foreseeing higher investment needs for the modernization of aging infrastructure and the digitalization of grids. This surging focus on enhancing investments in smart grids would create a new arena for digital twin providers in the energy sector, as digital twin technology plays a critical role in optimizing and managing complex grid systems, ensuring they operate efficiently, reliably, and securely in this era of digital transformation. Consequently, the increased focus on enhancing smart grid investments is creating a burgeoning market for digital twin providers in the energy sector.
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Scope of the Report and Electrical Digital Twin Market Segmentation:
By System Type
- Product Twins - Market Size Forecast 2019-2030F, (USD Million)
- Process Twins - Market Size Forecast 2019-2030F, (USD Million)
- Systems Twins - Market Size Forecast 2019-2030F, (USD Million)
By Application
- Asset Performance Management- Market Size Forecast 2019-2030F, (USD Million)
- Business Operation Optimization- Market Size Forecast 2019-2030F, (USD Million)
By Twin Type
- Digital Gas Steam Power Plant - Market Size Forecast 2019-2030F, (USD Million)
- Digital Wind Farm - Market Size Forecast 2019-2030F, (USD Million)
- Digital Grid - Market Size Forecast 2019-2030F, (USD Million)
- Digital Hydropower Plant - Market Size Forecast 2019-2030F, (USD Million)
- Distributed Energy Resources - Market Size Forecast 2019-2030F, (USD Million)
By Deployment
- On-Premise - Market Size Forecast 2019-2030F, (USD Million)
- Cloud - Market Size Forecast 2019-2030F, (USD Million)
By End User
- Utility Service Providers - Market Size Forecast 2019-2030F, (USD Million)
- Grid Infrastructure Operators - Market Size Forecast 2019-2030F, (USD Million)
Digital Wind Farms accounted for the largest share in the Global Electrical Digital Twin Market.
Electrical Digital Twin Market Development:
- 2022: Microsoft Corporation announced partnership with SSE Renewable and Avanadeis. The companies would work together to create Azure Digital Twins of offshore windfarms and their local environment.
- 2022: Emerson Electric Co. has broadened the scope of their Digital Twin in the sustainability sector. The Ovation™ digital twin now incorporates intelligent grid enhancements, enabling the simulation of vital components to effectively respond to the evolving landscape of power generation
Geographical Analysis:
By Region
- North America
- South America
- Europe
- The Middle East Africa
- Asia-Pacific
Europe has always been at the forefront of embracing digital technologies, due to which it has witnessed significant investment in digital twin solutions across various sectors, including energy infrastructure.
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