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.
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.
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.
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.
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.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 0.9 Bn |
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Revenue Forecast In 2031 |
USD 2.4 Bn |
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Growth Rate CAGR |
CAGR of 13.1% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By System Type, By Application, By Twin Type, By Deployment, By End-User and By Region |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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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. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Electrical Digital Twin Market Snapshot
Chapter 4. Global Electrical Digital Twin Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Porter's Five Forces Analysis
4.7. Incremental Opportunity Analysis (US$ MN), 2024-2031
4.8. Global Electrical Digital Twin Market Penetration & Growth Prospect Mapping (US$ Mn), 2023-2031
4.9. Competitive Landscape & Market Share Analysis, By Key Player (2023)
4.10. Use/impact of AI on Electrical Digital Twin Industry Trends
Chapter 5. Electrical Digital Twin Market Segmentation 1: By System Type, Estimates & Trend Analysis
5.1. Market Share by System Type, 2023 & 2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following System Type
5.2.1. Product Twins
5.2.2. Process Twins
5.2.3. Systems Twins
Chapter 6. Electrical Digital Twin Market Segmentation 2: By Application, Estimates & Trend Analysis
6.1. Market Share by Application, 2023 & 2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Applications:
6.2.1. Asset Performance Management
6.2.2. Business & Operation Optimization
Chapter 7. Electrical Digital Twin Market Segmentation 3: By Twin Type, Estimates & Trend Analysis
7.1. Market Share by Twin Type, 2023 & 2031
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Twin Type:
7.2.1. Digital Gas & Steam Power Plant
7.2.2. Digital Wind Farm
7.2.3. Digital Grid
7.2.4. Digital Hydropower Plant
7.2.5. Distributed Energy Resources
Chapter 8. Electrical Digital Twin Market Segmentation 4: By Deployment, Estimates & Trend Analysis
8.1. Market Share by Deployment, 2023 & 2031
8.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Deployment:
8.2.1. On-Premise
8.2.2. Cloud
Chapter 9. Electrical Digital Twin Market Segmentation 5: By End User, Estimates & Trend Analysis
9.1. Market Share by End User, 2023 & 2031
9.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following End User:
9.2.1. Utility Service Providers
9.2.2. Grid Infrastructure Operators
Chapter 10. Electrical Digital Twin Market Segmentation 6: Regional Estimates & Trend Analysis
10.1. Global Electrical Digital Twin Market, Regional Snapshot 2023 & 2031
10.2. North America
10.2.1. North America Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
10.2.1.1. US
10.2.1.2. Canada
10.2.2. North America Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by System Type, 2024-2031
10.2.3. North America Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
10.2.4. North America Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Twin Type, 2024-2031
10.2.5. North America Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Deployment, 2024-2031
10.2.6. North America Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by End User, 2024-2031
10.3. Europe
10.3.1. Europe Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
10.3.1.1. Germany
10.3.1.2. U.K.
10.3.1.3. France
10.3.1.4. Italy
10.3.1.5. Spain
10.3.1.6. Rest of Europe
10.3.2. Europe Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by System Type, 2024-2031
10.3.3. Europe Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
10.3.4. Europe Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Twin Type, 2024-2031
10.3.5. Europe Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Deployment, 2024-2031
10.3.6. Europe Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by End User, 2024-2031
10.4. Asia Pacific
10.4.1. Asia Pacific Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
10.4.1.1. India
10.4.1.2. China
10.4.1.3. Japan
10.4.1.4. Australia
10.4.1.5. South Korea
10.4.1.6. Hong Kong
10.4.1.7. Southeast Asia
10.4.1.8. Rest of Asia Pacific
10.4.2. Asia Pacific Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by System Type, 2024-2031
10.4.3. Asia Pacific Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
10.4.4. Asia Pacific Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Twin Type, 2024-2031
10.4.5. Asia Pacific Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts By Deployment, 2024-2031
10.4.6. Asia Pacific Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by End User, 2024-2031
10.5. Latin America
10.5.1. Latin America Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
10.5.1.1. Brazil
10.5.1.2. Mexico
10.5.1.3. Rest of Latin America
10.5.2. Latin America Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by System Type, 2024-2031
10.5.3. Latin America Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
10.5.4. Latin America Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Twin Type, 2024-2031
10.5.5. Latin America Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Deployment, 2024-2031
10.5.6. Latin America Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by End User, 2024-2031
10.6. Middle East & Africa
10.6.1. Middle East & Africa Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
10.6.1.1. GCC Countries
10.6.1.2. Israel
10.6.1.3. South Africa
10.6.1.4. Rest of Middle East and Africa
10.6.2. Middle East & Africa Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by System Type, 2024-2031
10.6.3. Middle East & Africa Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
10.6.4. Middle East & Africa Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Twin Type, 2024-2031
10.6.5. Middle East & Africa Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Deployment, 2024-2031
10.6.6. Middle East & Africa Electrical Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by End User, 2024-2031
Chapter 11. Competitive Landscape
11.1. Major Mergers and Acquisitions/Strategic Alliances
11.2. Company Profiles
11.2.1. General Electric
11.2.1.1. Business Overview
11.2.1.2. Key Product/Service Offerings
11.2.1.3. Financial Performance
11.2.1.4. Geographical Presence
11.2.1.5. Recent Developments with Business Strategy
11.2.2. Siemens
11.2.3. AVEVA
11.2.4. Microsoft Corporation
11.2.5. ANSYS
11.2.6. SAP
11.2.7. Hitachi Energy Ltd
11.2.8. Emerson Electric Co.
11.2.9. Bentley Systems Inc.
11.2.10. Schneider Electric
11.2.11. Dassault Systèmes
11.2.12. IBM Corporation
11.2.13. Oracle Corporation
11.2.14. Other Prominent Players
Electrical Digital Twin Market- By System Type
Electrical Digital Twin Market- By Application
Electrical Digital Twin Market- By Twin Type
Electrical Digital Twin Market- By Deployment
Electrical Digital Twin Market- By End-User
Electrical Digital Twin Market- By Region
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
