Dublin, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The "Advancements in Digital Twin Technology Transforming the Energy Sector" report has been added to ResearchAndMarkets.com's offering.
This study covers the fundamentals and working principle of digital twin systems, offering detailed analysis of digital twin applications across power generation and transmission and distribution systems. It includes key growth opportunities, growth drivers and restraints, major innovations, and research and development activities in digital twin technology for the energy sector.
To meet global emission reduction targets, renewable energy must account for at least 42% of energy consumption by 2030 and 60% by 2050, compared to 17% in 2021. Although the global power generation sector is moving toward renewable power to curb greenhouse gas emissions, renewable energy is intermittent.
Therefore, its increased share in the power generation mix affects both conventional power plant operations and the transmission and distribution grid. The increased share of renewables has lowered dependence and capacity utilization of conventional steam turbine and coal-fired power generation plants. T
his trend poses several challenges to conventional power plants. Essentially, the intermittency of renewables can compromise grid stability. Digital twin technology addresses these challenges by enhancing the flexibility of conventional power generation, improving the predictability of renewable power generation, and improving grid resiliency.
The study also includes multiple case studies that illustrate the advantages digital twins offer the energy sector. It discusses key stakeholders involved in the development of innovative digital twin solutions for energy applications, including an analysis of the global patent landscape that highlights key patent owners/applicants and the major areas of research.
Key Topics Covered:
1. Strategic Imperatives
- Why Is It Increasingly Difficult to Grow?
- The Strategic Imperative
- The Impact of the Top 3 Strategic Imperatives on the Digital Twin Technology Advancements in the Energy Sector
- Growth Opportunities Fuel the Growth Pipeline Engine
- Research Methodology
2. Growth Opportunity Analysis
- Scope of Analysis
- Segmentation
- Growth Drivers
- Growth Restraints
3. Introduction to Digital Twin
- Digital Twin Explained
- Working Principle of Digital Twin
- Types of Digital Twins by Application
4. Digital Twin Applications in the Energy Sector
- Introduction to Digital Twin Applicability in the Energy Sector
- Need for Digital Twin Technology in Conventional Power Generation
- Working Mechanism of Digital Twin for Conventional Power Plants
- Case Study: Digital Twin for Coal-fired Power Plant
- Digital Twin Enhances the Renewable Power Plant's Adaptability to Operating Conditions
- Case Study: Digital Twin to Audit Solar Power Plant Performance
- Digital Twin for Power Transmission and Distribution
- Asset Digital Twin Enhances Efficiency and Longevity of Power Transmission and Distribution Equipment
- Grid Digital Twin Enables Optimal Grid Expansion without Compromising Resiliency
- Case Study: Digital Twin Enhances Grid Economics and Resiliency
5. Companies to Watch
- Siemens Energy, US
- Envelio, Germany
- Companies to Watch in Digital Twin Technology for the Energy Sector
6. IP Analysis of Digital Twin Technology in the Energy Sector
- China Dominates the Digital Twin Technology Patent Landscape
7. Growth Opportunity Universe
- Growth Opportunity 1: Integrated Digital Twin Deployment across Value Chain
- Growth Opportunity 2: Digital Twin-as-a-Service Business Model
- Growth Opportunity 3: Collaboration between OEMs and Utility Companies
8. Next Steps
A selection of companies mentioned in this report includes
- Envelio
- Siemens Energy
For more information about this report visit https://www.researchandmarkets.com/r/jpaap9
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