The Electrical Digital Twin Market Size was valued at USD 0.9 Bn in 2023 and is predicted to reach USD 2.4 Bn by 2031 at a 13.1% CAGR during the forecast period for 2024-2031.
An electrical digital twin is a digitized copy of an electrical system that lets it be viewed, simulated, and analyzed in real-time to improve decision-making for power networks, boost performance, and determine necessary repairs. The market for electrical digital twins is growing because more people want power systems to handle energy more efficiently, be monitored in real-time, and have maintenance planned ahead of time. As businesses try to improve efficiency and reduce downtime, digital twins make it possible to run accurate models and analyses, which help make decisions and improve performance. Furthermore, the growing use of green energy, smart grids, and the push for digital change in the power sector all add to the need for electrical digital twin technologies. A significant factor propelling this market is the requirement for enhanced operational efficiency and decreased costs. In addition, the market is anticipated to be driven by increased government investments in research and development to optimize better electrical digital twin service processes.
However, the market expansion is hindered by obstacles such as high implementation costs, shortage of expertise, and problems with regulation and compliance. Several variables can hinder adoption in this market. In addition, electrical digital twin systems saw a surge in usage during the COVID-19 epidemic, when remote monitoring and predictive maintenance were essential. Global markets expanded during the coming years due to technological developments and rising demand for electrical digital twins.
Competitive Landscape
Some of the Major Key Players in the Electrical Digital Twin Market are
- General Electric
- Siemens
- AVEVA
- Microsoft Corporation
- ANSYS
- SAP
- Hitachi Energy Ltd
- Emerson Electric Co.
- Bentley Systems Inc.
- Schneider Electric
- Dassault Systèmes
- IBM Corporation
- Oracle Corporation
- Others
Market Segmentation:
The electrical digital twin market is segmented based on system type, application, twin type, deployment, and end-user. Based on the system type, the market is segmented into product, process, and systems twins. The market is segmented by application into asset performance management and business & operation optimization. Twin types segment the market into digital gas & steam power plants, digital wind farms, digital grid, digital hydropower plants, and distributed energy resources. By deployment, the market is segmented into on-premise and cloud. End-users segment the market into utility service providers and grid infrastructure operators.
Based on the System Type, the Product Twin Segment is Accounted as a Major Contributor to the Electrical Digital Twin Market
The product twins in the electrical digital twin market are expected to hold a major global market share in 2023 because of their level of electrical system and component optimization through simulation. The use of these twins allows for optimization of designs, predictive maintenance, and real-time monitoring, all of which contribute to increased efficiency and decreased downtime. Industries are pushing for their adoption because they believe they can improve operational performance and save costs.
Digital Wind Farm Segment to Witness Growth at a Rapid Rate
The digital wind farm segment is projected to grow rapidly in the global electrical digital twin market because of the growing demand for effective management of digital wind farms and the accompanying expenditures in renewable energy. In addition, increased energy production and decreased operational costs are fueling the expansion of the wind farm market, and digital twins make this possible through real-time monitoring, predictive maintenance, and performance optimization.
In the Region, the North American Electrical Digital Twin Market Holds a Significant Revenue Share
The North American electrical digital twin market is anticipated to register the highest market share in revenue in the near future. This is because renewable energy expenditures are on the rise, smart grid technologies are becoming widely used, infrastructure is advanced, and governments in North America are enacting regulations and standards supporting energy efficiency, sustainability, and technical developments in the electrical digital twin industry, which also contribute to the expansion of the market. In addition, Asia Pacific is anticipated to grow rapidly in the electrical digital twin market because of the region’s drive toward digital transformation, the growth of green energy projects, and the increasing expenditures in smart grid technologies. Moreover, the market for digital twin solutions is seeing rapid growth due to factors such as increasing energy demand and urbanization, which are propelling the rise of electrical digital twins in this region.
Recent Developments:
- In September 2024, GE Vernova Inc. revealed the availability of its new 6 MVA, 2000-volt direct current utility-scale inverter. The technology will be tested with a multi-megawatt installation in North America. The goal of this project is to accelerate the switch to green energy and lower carbon emissions while also lowering the cost of solar energy even more.
- In August 2024, Siemens Digital Industries Software revealed that the Orient Express Racing Team is utilizing the Siemens Xcelerator software portfolio to stay ahead of the competition in the forthcoming 37th American Cup.
Electrical Digital Twin Market Report Scope
Report Attribute |
Specifications |
Market Size Value In 2023 |
USD 0.9 Bn |
Revenue Forecast In 2031 |
USD 2.4 Bn |
Growth Rate CAGR |
CAGR of 13.1% from 2024 to 2031 |
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
Historic Year |
2019 to 2023 |
Forecast Year |
2024-2031 |
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments Covered |
By System Type, By Application, By Twin Type, By Deployment, By End-User and By Region |
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
Competitive Landscape |
General Electric, Siemens, AVEVA, Microsoft Corporation, ANSYS, SAP, Hitachi Energy Ltd, Emerson Electric Co., Bentley Systems Inc., Schneider Electric, Dassault Systèmes, IBM Corporation, Oracle Corporation, and Others. |
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |