Global Electrical Digital Twin Market Overview: 2024-2030

Base Year: 2023

Historical Years:  2019-22

Forecast Years: 2024-2030

The Global Electric Digital Twin Market size was valued at around USD 1.12 billion in 2023 and is projected to grow at a CAGR of about 14.5% during the forecast period, i.e., 2024-30. The Global Electrical Digital Twin Market is going through significant growth due to multiple drivers like technological advancements and, of course, increasing healthcare needs. The increase in road accidents throughout the country creates a greater demand for X-rays.

Markntel Advisor’s Global Electrical Digital Twin Market Insights report provides the current and forecast market analysis, individual leading companies' market shares, challenges, Global Electrical Digital Twin Market drivers, barriers, Global Electrical Digital Twin Market Trends, and Key Players in Global Electrical Digital Twin Market.

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Global Electrical Digital Twin Market Dynamics: 2024-2030

Global Electrical Digital Twin Market Opportunity:

Surging Investments in Smart Grids to Provide New Opportunity for the Market Players – Investments & expenditures related to smart grids are experiencing significant growth on a global scale. Regions such as Europe & China are ramping up their financial commitments to digitalize their electrical grids. In 2022, China budgeted more than USD 74.35 billion for the upgradation & digitalization of its grids.

Likewise, the European distribution system operators & transmission system operators are also foreseeing higher investment needs for the modernization of aging infrastructure and the digitalization of grids. This surging focus on enhancing investments in smart grids would create a new arena for digital twin providers in the energy sector, as digital twin technology plays a critical role in optimizing and managing complex grid systems, ensuring they operate efficiently, reliably, and securely in this era of digital transformation. Consequently, the increased focus on enhancing smart grid investments is creating a burgeoning market for digital twin providers in the energy sector.

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Global Electrical Digital Twin Market (2024-30): Segmentation Outlook

The market report has segmented the market into the following categories:

By System Type

-Product Twins - Market Size & Forecast 2019-2030F, (USD Million)

-Process Twins - Market Size & Forecast 2019-2030F, (USD Million)

-Systems Twins - Market Size & Forecast 2019-2030F, (USD Million)

By Application

-Asset Performance Management- Market Size & Forecast 2019-2030F, (USD Million)

-Business & Operation Optimization- Market Size & Forecast 2019-2030F, (USD Million)

By Twin Type

-Digital Gas & Steam Power Plant - Market Size & Forecast 2019-2030F, (USD Million)

-Digital Wind Farm - Market Size & Forecast 2019-2030F, (USD Million)

-Digital Grid - Market Size & Forecast 2019-2030F, (USD Million)

-Digital Hydropower Plant - Market Size & Forecast 2019-2030F, (USD Million)

-Distributed Energy Resources - Market Size & Forecast 2019-2030F, (USD Million)

By Deployment

-On-Premise - Market Size & Forecast 2019-2030F, (USD Million)

-Cloud - Market Size & Forecast 2019-2030F, (USD Million)

By End User

-Utility Service Providers - Market Size & Forecast 2019-2030F, (USD Million)

-Grid Infrastructure Operators - Market Size & Forecast 2019-2030F, (USD Million)

By Region

-North America

-South America

-Europe

-The Middle East & Africa

-Asia-Pacific.

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

Top Companies Operating in the Global Electrical Digital Twin Market:

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, Other.

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