A comprehensive overview of the global electrical digital twin market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the electrical digital twin market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels.

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Market Overview

Electrical digital twin enables utilities to simplify the data maintenance and electrical devices like sensors, and exchange process. Data from different systems are coordinated and then aggregated into a single multi-user database through standards-based adapters or interfaces. A trustworthy single source of data truth is one of the major attributes. As more integrated technologies are incorporated into the digital twin, it becomes more thorough, resulting in a digital thread that standardizes the entire process and produces optimal results. They're mostly found in healthcare, water supply, automobile industries, and others. Furthermore, the increasing R&D for the Internet of Things (IoT) for energy, utilities, healthcare, aerospace, and automotive coupled with rising government initiatives for the integration of energy-efficient systems and technologies across sectors is expected to drive the market for electrical digital twin during the forecast period. Thus, the global electrical digital twin market is expected to witness a CAGR of around 12% during the forecast period (2021–2027).

COVID-19 Impact

COVID-19 has devasted the global economy where energy, supply chain, manufacturing, and others experienced massive restrictions which severely impacted the electrical digital twin market in some sectors such as oil and gas, automotive, and others. However, in the healthcare industry, the electrical digital twin had a positive influence on its equipment operations as it helped in updating the conditions of patients and providing medical resources by using technologies such as IoT, ML, and AI.

The global electrical digital twin report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Usage Type, the market is primarily bifurcated into:

·        Product

·        Process

·        System

Based on usage type, the market is classified as product, process, and system. The system digital twin caters extensive share in the electrical digital twin market and is expected to witness influential growth in the forecasted period as well. A system digital twin is a collection of products and processes that perform a network-wide function and can be used to stimulate those networks such as substations, power plants, wind farms, and distributed energy resources. The system twin provides visibility into a set of interdependent equipment and a connected view of the end-to-end network of assets based on actual operational data.

By Twin Type, the market is primarily bifurcated into:

·        Digital Gas & Steam Power Plant

·        Digital Wind Farm

·        Digital Grid

·        Digital Hydropower Plant

·        Distributed Energy Resources

Based on twin types, the market is categorized into digital gas & steam power plant, digital wind farms, digital grid, digital hydropower plants, and distributed energy resources. The digital gas & steam power plant segment is expected to cater to extensive demand in the electrical digital twin market during the forecast period. The power sector operators are planning to induce digital gas & steam power to reduce emissions and fuel consumption of gas & steam turbines asset. It is mainly attributed due to the rising optimization of machines, strategies, health, equipment, and increasing reliability through performance management.

By Application, the market is primarily bifurcated into:

·        Asset Performance Management

·        Business & Operations Optimization

·        Digital Twin Aggregate

Based on application, the market is categorized into asset performance management, business & operations optimization, and digital twin aggregate. During the forecast period, the asset performance management segment is likely to dominate the global electrical digital twin market. It is mainly due to the increasing requirements for continuous asset monitoring and predictive maintenance in various end-user industries that are positively influencing the market demand for electrical digital twins.

By Deployment, the market is primarily bifurcated into:

·        Cloud/ hosted

·        On-premises

Based on deployment, the market is categorized into the cloud and on-premises. During the forecast period, the cloud segment is likely to dominate the global electrical digital twin market. The rising deployment of the cloud is mainly due to its significant requirement across end-user industries, as it offers various advantages such as scalability, adaptability, fewer investment requirements, cost-effectiveness, and low energy consumption. In addition, the cloud segment stores a large amount of data and gives easy access to improve the digitization of the power grid system.

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By End-User, the market is primarily bifurcated into:

·        Energy and utilities

·        Grid Infrastructure Operators 

·        Aerospace and Defense

·        Healthcare

·        Automotive

·        Others

Based on end-user, the market is categorized into energy &, utility grid infrastructure operators, aerospace and defense, healthcare, automotive, and others. During the forecast period, due to the increased usage of renewable energy and advanced digital technology, the energy & utility segment is likely to dominate the global electrical digital twin market as it is the prominent end-users of digital twin technology. Several utilities are investing in the deployment of electrical digital twins for real-time data analysis and visualizations well as the development of long-term asset management and business strategies to cut operational costs which in turn are positively influencing the market size of the electrical digital twin.

Global Electrical Digital Twin Market Geographical Segmentation Includes:

·        North America

Ø U.S.

Ø Canada

Ø Mexico

Ø Rest of North America

·        Europe

Ø Germany

Ø U.K.

Ø France

Ø Italy

Ø Spain

Ø Rest of Europe

·        Asia-Pacific

Ø China

Ø Japan

Ø India

Ø Australia

Ø Rest of Asia-Pacific

·        Rest of World

For a better understanding of the market adoption of the electrical digital twin industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Mexico, Rest of North America); Europe (Germany, United Kingdom, France, Italy, Spain, and the Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific); and the Rest of World. North America, accounted for a significant share in the market owing to high investment and active deployment of advanced technologies in the region. Furthermore, with the increase in infrastructure development in emerging economies, as well as the expansion of the commercial and industrial sector, coupled with decentralization of distributed energy resources, improved accuracy, and efficiency in power sector operations North America is expected to hold a dominant position in the market.

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The major players targeting the market include:

·        General Electric

·        Siemens AG

·        ABB Limited

·        Emerson Electric

·        AVEVA Group

·        Schneider Electric

·        SAP

·        Microsoft Corporation

·        Wipro Limited

·        IBM Corporation

Competitive Landscape

The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global electrical digital twin industry. The major players have been analyzed by using research methodologies for getting insight views on market competition.

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Key questions resolved through this analytical market research report include:

·        What are the latest trends, new patterns, and technological advancements in the global electrical digital twin industry?

·        Which factors are influencing the global electrical digital twin industry over the forecast period?

·        What are the global challenges, threats, and risks in the electrical digital twin market?

·        Which factors are propelling and restraining the electrical digital twin industry?

·        What are the demanding global regions of the electrical digital twin market?

·        What will be the market size in the upcoming years?

·        What are the crucial market acquisition strategies and policies applied by the companies?

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