According to the report published by Allied Market Research, the global electrical digital twin market generated $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 report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Significant surge in the demand for electrical digital twin in the healthcare sector to cover real time aspects, extensive use of digital twin for predictive maintenance, and wide application of digital twin to facilitate data maintenance and data exchange processes are expected to drive the growth of the global electrical digital twin market. On the other hand, higher system complexities hinder the growth to some extent. However, increase in the adoption of advanced technologies for implementation of digital twin applications are expected to create ample opportunities for the growth of the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the global electrical digital twin market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in widespread concerns and economic hardship for consumers, businesses, and communities across the globe.
- Incorporation of stringent social distancing restrictions by the governments to curb the spread of the virus during the pandemic created adverse challenges in supply and daily activities, causing delayed initiatives and missed opportunities.
- However, the market is expected to recoup soon.
The report offers a detailed segmentation of the global electrical digital twin market based on type, application, end-user and region.
Based on type, the system digital twin segment held the largest market share, garnering two-fifths of the total market. The process digital twin segment, on the other hand, is expected to cite the fastest CAGR of 13.8% during the forecast period.
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Based on end-user, the utilities segment held the majority share in 2020, holding nearly three-fifths of the total market. The infrastructure segment, on the other hand, is predicted to exhibit the fastest CAGR of 13.8% during the forecast period.
By region, the market across North America held the lion’s share in 2020, garnering more than one-third of the total market. The Asia-Pacific region, on the other hand is anticipated to exhibit the fastest CAGR of 15.4% during the forecast period.
The key players analyzed in the global electrical digital twin market report include GE, ABB, Microsoft, Wipro Limited, Fujitsu Global, Emerson, Siemens, AVEVA, Etteplan, IBM, ACPD Services Ltd., Dassault Systèmes, PTC, and Hexagon PPM.
Key Benefits for Stakeholders
- This study comprises analytical depiction of the electrical digital twin market size, opportunity along with current trends and future estimations to depict imminent investment pockets.
- The overall electrical digital twin market analysis is determined to understand profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The electrical digital twin market outlook forecast is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates potency of buyers and the market share of key vendors.
- The report includes the trends and the electrical digital twin market share of key vendors.
Electrical Digital Twin Market Report Highlights
| Aspects | Details |
|---|---|
| BY TYPE | PRODUCT DIGITAL TWINPROCESS DIGITAL TWINSYSTEM DIGITAL TWIN |
| BY APPLICATON | ASSET PERFORMANCE MANAGEMENTBUSINESS & OPERATIONS OPTIMIZATION |
| BY END USER | UTILITIESGRID INFRASTRUCTURE OPERATORS |
| BY REGION | NORTH AMERICA (U.S, Canada, Mexico)EUROPE (UK, Germany, France, Rest of Europe)ASIA-PACIFIC (China, Japan, India, South Korea, Rest of Asia-Pacific)LAMEA (Latin America, Middle East, Africa) |
| Key Market Players | ABB GROUP, AVEVA, EMERSON, GENERAL ELECTRIC, IBM CORPORATION, MICROSOFT CORPORATION, ORACLE CORPORATION, SAP, SCHNEIDER ELECTRIC, SIEMENS AG |
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