The global electrical digital twin market is projected to reach $1,642 million by 2024 from an estimated $804 million in 2019, at a CAGR of 15.4% during the forecast period.
According to the "Electrical Digital Twin Market by Twin Type (Gas & Steam Power Plant, Wind Farm, Digital Grid, Hydropower Plant, and DER), Application, Deployment (Cloud/Hosted and On-Premises), End-user, Region - Global Forecast to 2024" this growth can be attributed to factors such as improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance costs.
However, limited support for implementation from stakeholders and lack of skilled talent and workforce are hindering the growth of the electrical digital twin market.
The asset performance management segment is expected to be the fastest growing market from 2019 to 2024
The asset performance management segment, by application, is estimated to be the largest and the fastest growing segment during the forecast period. Due to the increase in focus on asset management by power utilities, the adoption of an electrical digital twin is likely to drive the market during the forecast period. The focus on asset management is increasing as the power utilities want to continuously monitor asset health, increase grid reliability, and help in maintenance optimization. With the help of digital twinning, power utilities can map physical assets to a digital platform that helps in creating a single source of data for all power generation or renewable assets.
The cloud segment, by deployment type, is expected to be the largest market from 2019 to 2024
The cloud segment is expected to hold the largest market share and is the fastest growing segment during the forecast period. Electrical digital twin in the cloud acts as a bridge between the digital and physical world by accessing real-time data from the sensors installed in the assets in a power plant. The cloud-based data sharing platform helps power grid operators identify and mitigate issues before they happen by analyzing the present and past data related to plant performance. Moreover, cloud services help in achieving economies of scale by continuously monitoring assets' health to lower the cost of power plant operations.
North America: The largest electrical digital twin market
The North American region is expected to be the largest electrical digital twin market by 2024. The North American digital twin market has been further segmented into the US, Canada, and Mexico. In recent years, the development of software and automation solutions deployed in the power utilities have a positive impact on the growth of the electrical digital twin market.
Moreover, the increased research & development (R&D) activities in the field of Internet of Things (IoT) and Industrial Internet of Things (IIoT) and increasing demand for efficient and cost-effective technologies for power utilities are the factors driving the market in this region.
The global electrical digital twin market is dominated by a few major players that have a wide regional presence. The leading players in the electrical digital twin market are Siemens (Germany), GE (US), ABB (Switzerland), Emerson (US), and AVEVA (UK).
More detail about the report can be viewed here.