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 global electrical digital twin market size is expected to witness considerable growth, owing to rising use of digital twin for predictive maintenance and emergence of advance technologies.
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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.
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.
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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%.
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 market during the forecast period.