Electrical Digital Twin Market Worth USD 1.12 Billion in 2023, Expected 14.5% CAGR Growth by 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, cites MarkNtel Advisors in the recent research report. This is primarily due to favorable laws and incentives intended to encourage renewable energy development. This expansion is being fueled further by significant investments in the sector, which reflects growing awareness of climate change and the negative impact of greenhouse gas emissions. In 2021, global investments in renewable energy & fuels, excluding hydropower projects larger than 50 MW, reached approximately USD 366 billion, as reported by the think tank REN21. Digital twins play a crucial role in the planning & designing of renewable energy projects, providing virtual representations that aid in project management.

Several countries worldwide, including prominent players like Europe, China, and India, are implementing policies to accelerate the addition of renewable power capacity. European nations, for instance, are committed to reducing emissions from the power sector and working toward the ambitious EU goal of achieving climate neutrality by 2050. Consequently, projects involving wind & solar energy are receiving increased funding, particularly in countries like Sweden & Denmark. Furthermore, there is a notable rise in the initiation of new renewable energy projects in various regions, which further promotes the utilization of digital twins in the renewable energy sector.

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Additionally, it is anticipated that the global energy market would experience substantial growth until 2050. This growth would be driven by factors, such as increasing prosperity, population expansion, and improved access to reliable electricity, particularly in developing nations. The surge in energy consumption would be fueled by various sectors, including electricity generation, industrial development, and commercial transportation, with a significant share of this heightened global energy demand originating from developing countries.

The expansion of the energy sector poses challenges in terms of managing intricate energy infrastructure & optimizing performance. These challenges are anticipated to elevate the demand for digital twin technology within the energy sector, further states the research report, “Global Electric Digital Twin Market Analysis, 2024.”

Electric Digital Twin Market Segmentation Analysis

By System Type

• Product Twins
• Process Twins
• Systems Twins

By Application

• Asset Performance Management
• Business & Operation Optimization

Business & Operation Optimization Would Showcase Higher Growth Prospectus in the Global Market

Based on the Application, the market is bifurcated into Asset Performance Management, Business & Operation Optimization, and Digital Twin Aggregate. Business & Operation Optimisation has shown higher growth prospects due to its ability to analyze data, spot bottlenecks, streamline processes, and increase productivity. The usage of digital twins for this purpose has increased, as a result of the growing demand for solutions that can optimize problems like rising demand, fluctuating energy prices, and the incorporation of renewable energy sources.

Additionally, the need for digital twin solutions for business and operation optimization is anticipated to significantly increase in the upcoming years as the energy sector continues to develop with grid modernization, thus instigating the Global Electric Digital Twin Market growth.

By Twin Type

• Digital Gas & Steam Power Plant
• Digital Wind Farm
• Digital Grid
• Digital Hydropower Plant
• Distributed Energy Resources

By Deployment

• On-Premise
• Cloud

By End User

• Utility Service Providers
• Grid Infrastructure Operators

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Europe’s Energy Sector to Exhibit Substantial Demand for Digital Twins

Europe to hold a substantial share of the Electric Digital Twin Market. The country's history of being at the forefront of embracing digital technologies has led to significant investment in digital twin solutions across a range of industries, including energy infrastructure. European countries have been implementing digital twin solutions in energy infrastructure due to the European Union's active promotion of adopting digital technologies to improve energy efficiency, reduce carbon emissions, and enhance the overall sustainability of the energy sector. Along with this, the regional countries are planning to cut power sector emissions & reach the EU's ambitious target of climate neutrality by 2050. As a result, new wind & solar power projects are increasing in the region, which further enhances the demand for digital twins in the energy sector.

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Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including General Electric, Siemens, AVEVA, Microsoft Corporation, Amazon Web Services, ANSYS, SAP, Dassault Systèmes, Hexagon AB, Hitachi, Emerson, Bentley Systems Inc., Schneider Electric, etc., are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Electric Digital Twin Market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame? 

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