Electrical Digital Twin Market Size to Reach USD 9.35 Billion by 2026 | Valuates Reports
BANGALORE, India, June 8, 2020 /PRNewswire/ -- The global Electrical Digital Twin market size was USD 2.69 Billion in 2019 and is expected to reach USD 9.35 Billion by the end of 2026, with a CAGR of 19.35 percent between 2020 and 2026.
The major players have begun to deliver goods and solutions that help build the digital twin that form a central part of the power utilities digital transformation. Some of the digital twin market's leading producers are General Electric, PTC, and Siemens, with revenues of 31.51%, 9.26%, and 26.46% respectively in 2019.
Electric Digital Twin closely aligns real and virtual worlds by providing a single source of truth to model data across their entire IT infrastructure. The Electrical Digital Twin enables utilities to simplify the data maintenance and exchange process. Data is synchronized from various systems then standardized into one multi-user database via standard-based adapters or interfaces.
The major regions covered in the report are North America, Europe, China, Rest of Asia Pacific, Central & South America, Middle East & Africa, etc.
This report covers a chapter on COVID-19 impacts in the Electrical Digital Twin Market.
TRENDS INFLUENCING THE ELECTRICAL DIGITAL TWIN MARKET SIZE
Factors such as improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance costs can be attributed to the growth of the Electrical Digital Twin Market size.
Furthermore, increased research and development ( R&D) activities in the field of the Internet of Things ( IoT) and the Industrial Internet of Things (IIoT) and increased demand for efficient and cost-effective power utility technologies are expected to drive the growth of the Electrical Digital Twin Market SIZE.
The electrical digital twin allows utilities to optimize grid performance with a single truth source for data, allowing for automated data exchange between internal and external systems. The electrical digital twin unifies protection data which is traditionally contained in separate systems and allows for automated synchronization with field data. These advantages are expected to increase the digital twin market size.
The focus on asset management is increasing as the power utilities want to monitor asset health continuously, increase grid reliability, and help optimize maintenance. Using digital twins, power utilities can map physical assets to a digital network that helps to establish a common database for all energy generation or renewable assets. The major opportunities in the electrical digital twin market are the growing impact of machine learning and AI on digital twin-application.
ELECTRICAL DIGITAL TWIN MARKET SHARE ANALYSIS
It is projected that North America will be the largest market between 2019 and 2024. The digital twin market in North America was further segmented into the USA, Canada, and Mexico. The US dominated the North American digital electrical twin market with a strong presence of digital electrical twin manufacturers, software developers, and technology providers that play a vital role in digital twin development.
The cloud segment is expected to hold the largest market share and is the segment with the fastest growth over the forecast period. Digital electrical twins in the cloud serve as a link between the digital and physical environment by accessing real-time data from the sensors mounted in a power plant's properties. The cloud-based data sharing platform helps power grid operators identify and mitigate problems before they happen by analyzing plant performance-related current and past data.
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ELECTRICAL DIGITAL TWIN MARKET SEGMENTATION
Electrical Digital Twin Market By the type, the market is primarily split into
Electrical Digital Twin Market By the application, this report covers the following segments
The Electrical Digital Twin key manufacturers in this market include:
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Digital Twin Market Report
The Global Digital Twin Market to grow from USD 4,306.60 Million in 2019 to USD 20,040.93 Million by 2025, at a Compound Annual Growth Rate (CAGR) of 29.21%
Increasing the use of Digital Twin for predictive maintenance, adoption of new technology such as IoT and cloud, and decreasing time and expense of product creation with digital twin adoption are the factors attributable to market growth. However, due to the use of IoT and cloud platforms, some factors like risks associated with data protection could hinder the market growth.
In 2018, the global Digital Thread market size was USD 100 Million, and it is expected to reach USD 2.230 Billion by the end of 2025, with a CAGR of 47.6% during 2019-2025.
This report focuses on the global status of digital threads, future forecasts, growth opportunities, key players, and key markets. The objective of the study is to present the development of Digital Threads in the United States, Europe, and China.
The COVID -19 pandemic has spread to nearly 100 countries across the globe since the outbreak in December 2019. The global impacts of the 2019 coronavirus disease (COVID-19) are already starting to be felt and will affect the Electrical Digital Twin Software market significantly in 2020.
Digital Twin are virtual replicas of physical entities devices that can be used by data scientists and IT professionals to run tests before they construct and deploy actual devices.
The major regions covered in the report are North America, Europe, China, Rest of Asia Pacific, Central & South America, Middle East & Africa, etc. Based on global revenue, the report lists the major players in the regions and their market share, respectively. It also explains their strategic movements in recent years, investments in product innovation, and leadership changes to stay ahead in the competition.
Digital Twin is a convergence technology that involves making a digital replica of a physical entity. In addition to performing digital simulation analysis and presenting the real-time state of things, Digital Twin can be used to predict and make recommendations for decision making, including aircraft manufacturing maintenance, human-machine collaboration, and manufacturing-related product lifecycle management.
The focus of this report is on the global status of Digital Twin Cloud Service, future forecast, growth opportunity, key market, and key players. The objective of this study is to present the development of the Digital Twin Cloud Service in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
This report focuses on the status of global Digital Twin and Teleoperations, future outlook, opportunities for growth, key industry, and key players. The aims of the study are to present the creation of Digital Twin and Teleoperations in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
The COVID -19 pandemic has spread to nearly 100 countries across the globe since the outbreak in December 2019. The global impacts of the 2019 coronavirus disease (COVID-19) are already starting to be felt and will affect the Digital Twin Software market significantly in 2020.
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