Chicago, June 01, 2022 (GLOBE NEWSWIRE) -- According to the new market research report by MarketsandMarkets™, the "Electrical Digital Twin Market by Twin Type (Gas & Steam Power Plant, Wind Farm, Digital Grid, Others), Usage Type (Product, Process, System), Deployment Type (Cloud, On-Premises), End User, Application, and Geography - Global Forecast to 2026" size will grow to USD 1.3 billion by 2026 from USD 0.8 billion in 2021, at a CAGR of 12.2% during the forecast period.
Some of the major driving factors for the global electrical digital twin market are the increasing decentralization of distributed energy resources using electrical digital twins and the integration of variable renewable energy with the grid. Utilities and grid infrastructure operators throughout the globe are turning to digital technology, such as electrical digital twins, to assist them integrate the growing share of renewable energy technologies into their operational mix. The advent of Energy 4.0, as well as the growing acceptance of advanced technologies for the implementation of digital twin applications, presents the industry with several potential for growth.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=192874390
The digital wind farm segment is expected to grow at the highest CAGR in the electrical digital twin market
The digital wind farm segment is expected to grow at the highest CAGR during the forecast period. A digital wind farm uses interconnected digital technology to address a long-standing need for greater flexibility in renewable wind power generation and integration. The technology enables wind farm operators and network operators to effectively optimize the operations and improve the performance of wind turbines. Digital twins have helped wind park operators to switch from corrective and preventive maintenance programs to proactive operational and maintenance strategies, resulting in reduced maintenance cost and person-hours and increased turbine uptime. Better turbine uptime is a crucial factor that will enable wind parks to use fewer turbines to generate the same amount of energy and lead to higher turbine ratings, particularly offshore wind farms. The growing need for enhancing turbine uptime to drive the growth of the market.
The system digital twin segment is expected to dominate the electrical digital twin market
The system digital twin segment is expected to grow at the fastest rate and also hold the largest market share during the forecast period. The system digital twin is a collection of products and processes that perform as a system or network-wide functions. 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. It offers historical, future, and real-time views of the network and enables the operators to use data to generate better business and operational outcomes. The growing need for achieving network-level optimization is expected to fuel demand for system digital twins.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=192874390
North America likely to emerge as the fastest growing and largest electrical digital twin market
In this report, the electrical digital twin market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. The increase in investments for the implementation of advanced digital technologies to modernise ageing power generation and distribution infrastructure is propelling the growth of the North American market. Furthermore, the growing demand for clean, reliable energy, as well as a strong focus on renewable energy generation, are two important factors encouraging investments in digital technologies like electrical digital twins. Increased R&D in the fields of cloud, big data analytics, IoT, and rising demand for efficient and cost-effective technologies to improve asset performance and optimise business operations, are also contributing to regional market expansion. The governments of the US and Canada have also implemented a number of policy changes to speed up the decarbonization of the power sector. Thus, North America dominated the electrical digital twin market during the forecasted period.
Some of the key players are General Electric (US), Siemens (Germany), ABB (Switzerland), Emerson (US), and AVEVA Group (UK). The leading players are adopting various strategies to increase their share in the electrical digital twin market.
