Portland, OR, June 01, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electrical digital twin market generated $149.10 million in 2020, and is projected to reach $556.4 million by 2030, registering a CAGR of 14.2% from 2021 to 2030.The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Significant surge in the demand for electrical digital twin in the healthcare sector to cover real time aspects, extensive use of digital twin for predictive maintenance, and wide application of digital twin to facilitate data maintenance and data exchange processes are expected to drive the growth of the global electrical digital twin market. On the other hand, higher system complexities hinder the growth to some extent. However, increase in the adoption of advanced technologies for implementation of digital twin applications are expected to create ample opportunities for the growth of the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the global electrical digital twin market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in widespread concerns and economic hardship for consumers, businesses, and communities across the globe.
- Incorporation of stringent social distancing restrictions by the governments to curb the spread of the virus during the pandemic created adverse challenges in supply and daily activities, causing delayed initiatives and missed opportunities.
- However, the market is expected to recoup soon.
The report offers a detailed segmentation of the global electrical digital twin market based on type, application, end-user and region.
Based on type, the system digital twin segment held the largest market share, garnering two-fifths of the total market. The process digital twin segment, on the other hand, is expected to cite the fastest CAGR of 13.8% during the forecast period.
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Based on end-user, the utilities segment held the majority share in 2020, holding nearly three-fifths of the total market. The infrastructure segment, on the other hand, is predicted to exhibit the fastest CAGR of 13.8% during the forecast period.
By region, the market across North America held the lion’s share in 2020, garnering more than one-third of the total market. The Asia-Pacific region, on the other hand is anticipated to exhibit the fastest CAGR of 15.4% during the forecast period.
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The key players analyzed in the global electrical digital twin market report include GE, ABB, Microsoft, Wipro Limited, Fujitsu Global, Emerson, Siemens, AVEVA, Etteplan, IBM, ACPD Services Ltd., Dassault Systèmes, PTC, and Hexagon PPM.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
