According to a recent report published by Allied Market Research, 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 $1267.8 million in 2020, and is projected to reach $4161.8 million by 2030, registering a CAGR of 12.7% 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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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.
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%.
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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.