In addition, it made distributed and mobile geospatial information accessible across the field workforce to help field engineers find updated information on the position and condition of nearby network assets.
This layer allows communication between the various components of a grid so they can better respond to the rapid changes in energy demand or urgent situations. After that, the market breakdown and data triangulation were done to estimate the market size of the segments and sub-segments. The collaboration enriches Sidrive IQ with Threedys visual computing platform instant3Dhub. The following customization options are available for this report: The Electrical Digital Twin Market report further segments the market by Usage Type: Product Digital Twin, Process Digital Twin, System Digital Twin, by Deployment Type: Cloud and On-premises, further segmented by End User: Utilities, Grid Infrastructure Operators and by Application: Asset Performance Management & Business & Operations Optimization. The asset performance management segment is expected to dominate the global market owing to the growing need for continuous monitoring and predictive maintenance of assets. For instance, power sector experts believe that encouraging early digital adoption by utilities and power system operators is essential. Electrical digital twins enabled power utility companies to model and examine various scenarios that might unfold and helped organizations plan strategies and take faster, better-informed decisions. This information layer is created by installing smart meters and sensors, which allow for data collection, storage, and analysis, and the creation of a digital twin. The electrical digital twin offers reliability-centered maintenance capabilities and recommends modifications to maintenance strategies for optimal utilization of assets based on budget and reliability risk constraints. The key players in the industry and market have been identified through extensive secondary research, and their market share in the respective regions have been determined through both primary and secondary research. The global capital expenditure for renewables increased by around 7% in 2020 compared with 2019, even as the COVID-19 pandemic disrupted the power industry. Stakeholders such as companies, governments, and universities need to improve their R&D competencies in digital energy technologies to accelerate the adoption of digital twin technologies. In August 2021, General Electric introduced upgrades to its on-premise analytics software, Proficy CSense.
Exhaustive secondary research was done to collect information on the market, peer market, and parent market. For instance, processes such as customer relationship management, prospect marketing, or service delivery funnels are significantly easier to duplicate, as they involve a flow of scenarios, ideas, and software inputs instead of moving parts that must be recorded. - 154) 13.1 KEY PLAYERS (Business and financial overview, Products offered, Recent developments, and MNM view)* 13.1.1 ABB TABLE 84 ABB: BUSINESS OVERVIEW FIGURE 43 ABB: COMPANY SNAPSHOT TABLE 85 ABB: PRODUCTS OFFERED TABLE 86 ABB: PRODUCT LAUNCHES TABLE 87 ABB: DEALS 13.1.2 AVEVA GROUP TABLE 88 AVEVA: BUSINESS OVERVIEW FIGURE 44 AVEVA GROUP: COMPANY SNAPSHOT TABLE 89 AVEVA GROUP: PRODUCTS OFFERED TABLE 90 AVEVA GROUP: DEALS 13.1.3 GENERAL ELECTRIC TABLE 91 GENERAL ELECTRIC: BUSINESS OVERVIEW FIGURE 45 GENERAL ELECTRIC: COMPANY SNAPSHOT TABLE 92 GENERAL ELECTRIC: PRODUCTS OFFERED TABLE 93 GENERAL ELECTRIC: PRODUCT LAUNCHES TABLE 94 GENERAL ELECTRIC: DEALS TABLE 95 GENERAL ELECTRIC: OTHERS 13.1.4 SIEMENS TABLE 96 SIEMENS: BUSINESS OVERVIEW FIGURE 46 SIEMENS: COMPANY SNAPSHOT TABLE 97 SIEMENS: PRODUCTS OFFERED TABLE 98 SIEMENS: PRODUCT LAUNCHES TABLE 99 SIEMENS: DEALS 13.1.5 EMERSON TABLE 100 EMERSON: BUSINESS OVERVIEW FIGURE 47 EMERSON: COMPANY SNAPSHOT TABLE 101 EMERSON: PRODUCTS OFFERED TABLE 102 EMERSON: PRODUCT LAUNCHES TABLE 103 EMERSON: DEALS 13.1.6 ETTEPLAN TABLE 104 ETTEPLAN: BUSINESS OVERVIEW FIGURE 48 ETTEPLAN: COMPANY SNAPSHOT TABLE 105 ETTEPLAN: PRODUCTS OFFERED TABLE 106 ETTEPLAN: DEALS TABLE 107 ETTEPLAN: OTHERS 13.1.7 WIPRO TABLE 108 WIPRO: BUSINESS OVERVIEW FIGURE 49 WIPRO: COMPANY SNAPSHOT TABLE 109 WIPRO: PRODUCTS OFFERED TABLE 110 WIPRO: DEALS TABLE 111 WIPRO: OTHERS 13.1.8 MIRCOSOFT TABLE 112 MICROSOFT: BUSINESS OVERVIEW FIGURE 50 MICROSOFT: COMPANY SNAPSHOT TABLE 113 MICROSOFT: PRODUCTS OFFERED TABLE 114 MICROSOFT: PRODUCT LAUNCHES TABLE 115 MICROSOFT: DEALS 13.1.9 IBM TABLE 116 IBM: BUSINESS OVERVIEW FIGURE 51 IBM: COMPANY SNAPSHOT TABLE 117 IBM: PRODUCTS OFFERED TABLE 118 IBM: PRODUCT LAUNCHES TABLE 119 IBM: DEALS 13.1.10 SCHNEIDER ELECTRIC TABLE 120 SCHNEIDER ELECTRIC: BUSINESS OVERVIEW FIGURE 52 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT TABLE 121 SCHNEIDER ELECTRIC: PRODUCTS OFFERED TABLE 122 SCHNEIDER ELECTRIC: PRODUCT LAUNCHES TABLE 123 SCHNEIDER ELECTRIC: DEALS 13.1.11 SAP TABLE 124 SAP: BUSINESS OVERVIEW FIGURE 53 SAP: COMPANY SNAPSHOT TABLE 125 SAP: PRODUCTS OFFERED TABLE 126 SAP: PRODUCT LAUNCHES TABLE 127 SAP: DEALS 13.1.12 ANSYS TABLE 128 ANSYS: BUSINESS OVERVIEW FIGURE 54 ANSYS: COMPANY SNAPSHOT TABLE 129 ANSYS: PRODUCTS OFFERED TABLE 130 ANSYS: PRODUCT LAUNCHES TABLE 131 ANSYS: DEALS 13.1.13 BENTLEY SYSTEMS TABLE 132 BENTLEY SYSTEMS: BUSINESS OVERVIEW FIGURE 55 BENTLEY SYSTEMS: COMPANY SNAPSHOT TABLE 133 BENTLEY SYSTEMS: PRODUCTS OFFERED TABLE 134 BENTLEY SYSTEMS: PRODUCT LAUNCHES TABLE 135 BENTLEY SYSTEMS: DEALS 13.1.14 FUJITSU TABLE 136 FUJITSU: BUSINESS OVERVIEW FIGURE 56 FUJITSU: COMPANY SNAPSHOT TABLE 137 FUJITSU: PRODUCTS OFFERED TABLE 138 FUJITSU: PRODUCT LAUNCHES TABLE 139 FUJITSU: OTHERS 13.1.15 ACPD SERVICES TABLE 140 ACPD SERVICES: BUSINESS OVERVIEW TABLE 141 ACPD SERVICES: PRODUCTS OFFERED 13.2 OTHER PLAYERS 13.2.1 ORACLE 13.2.2 SAS INSTITUTE 13.2.3 ALTAIR ENGINEERING 13.2.4 DNV 13.2.5 PHDSOFT. For example, in a wind farm, utilizing an electrical digital twin of turbines enables engineers to study how turbines interact with different landscapes and wind sources, and accordingly mix and match different turbines to optimize the configuration for each pad on a farm. The utilities segment is expected to dominate the global market owing to the growing adoption of renewable energy and advanced digital technologies. COVID-19 has unleashed a devastating blow to the global economy and the energy sector, disrupting supply chains while choking off demand. This, in turn, enables utilities to streamline the process of interconnecting DER to improve customer response time, facilitate cost-effective investments, and increase operational efficiency. 14 APPENDIX (Page No. The risk of implementing digital twin technologies may be further minimized by developing clear evidence, which would improve market players' confidence in digital outcomes while lowering the threats of digital technology deployment. The implementation of AI, machine learning, IoT, virtual reality, and other technologies are expected to help power system and utility operators analyze the large volume and diverse structure of the datasets generated by digital twins and in efficient decision-making. The deployment of IIoT in electrical digital twins optimizes the efficiency of a power plant by predicting failures that could result in an unplanned outage. Operators need to establish the required technology infrastructure such as robust IoT deployments and simulation platforms and integrate data sources across departments and IoT contextual systems to maintain a digital twin. To speak to our analyst for a discussion on the above findings, click Speak to Analyst, 1 INTRODUCTION (Page No. This analysis can be used for a variety of purposes, including seamless fault detection in meters, predictive maintenance needs, quality monitoring of sustainable energy, as well as renewable energy forecasting. AI enables electrical grids to have two-way communication between utilities and consumers by embedding smart grids with an information layer. These technologies help prevent power mismanagement, inefficiency, and lack of transparency while increasing the use of renewable energy sources. The current market size of global electrical digital twin market is USD 0.7 billion in 2020. Governments worldwide have established policies and support incentives for long-term decarbonization of the electricity grid using renewable energy sources. Obtaining the asset data from the supplier may pose a challenge, as it requires close collaboration with multiple tiers of the supply chain. The implementation of electrical digital twins enhances workforce productivity and operational flexibility, which is likely to offer high growth opportunities from utilities. Renewable energy technologies, such as wind and solar PV, play a vital role in decarbonizing the power sector while meeting the growing energy demand. This goal can be achieved by scaling up the deployment of renewable energy systems. Thus, governments and regulators may seek to investigate financial incentives and digital technology requirements to push the power sector to begin its digital transition. To define, describe, and forecast the electrical digital twin market on the basis of twin type, usage type, deployment type, end user, and application, To forecast the market size for five key regions: North America, South America, Europe, Asia Pacific, and the Middle East & Africa, along with their key countries, To provide detailed information about the key factors such as drivers, restraints, opportunities, and challenges influencing the growth of the market, To strategically analyze the subsegments with respect to individual growth trends, prospects, and contributions of each segment to the overall market size, To analyze the market opportunities for stakeholders and provide a detailed competitive landscape of the market, To strategically profile the key players and comprehensively analyze their market share and core competencies, To track and analyze competitive developments in the market, including contracts, agreements, expansions, product launches and developments, mergers, partnerships, collaborations, and acquisitions, Further breakdown of region or country-specific analysis, Detailed analyses and profiling of additional market players (up to 5), Get Data as per your Format and Definition, Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor, What are the Known and Unknown Adjacencies Impacting the Electrical Digital Twin Market. These devices help assess the impact of DER and facilitate the planning, analysis, and designing processes of grid modernization. Global top 2000 strategist rely on us for their growth strategies. During the pandemic, utilities and grid operators required real-time visibility across corporate boundaries and down to supply and demand. Electrical digital twins can address the complexities associated with grid modernization initiatives, particularly DER integration.
For instance, the development of an electrical digital twin requires multiple inputs from operators such as facility managers, design engineers, electrical engineers, equipment vendors, and other parties, which adds complexity to the deployment. Defend your Market Share or Win Competitors. Monitoring the field performance of power generation, transmission, and distribution activities via a digital twin and IIoT allows real-time comparison of the performance of assets. - 75) 6.1 INTRODUCTION FIGURE 31 MARKET SHARE, BY TWIN TYPE, 2020 (%) TABLE 6 MARKET, BY TWIN TYPE, 20192026 (USD MILLION) 6.2 DIGITAL GAS & STEAM POWER PLANT 6.2.1 GROWING NEED TO ENHANCE EFFICIENCY AND REDUCE FUEL CONSUMPTION AND ENVIRONMENTAL EMISSIONS TO INCREASE IMPLEMENTATION OF DIGITAL GAS & STEAM POWER PLANTS TABLE 7 ELECTRICAL DIGITAL TWIN MARKET FOR DIGITAL GAS & STEAM POWER PLANT, BY REGION, 20192026 (USD MILLION) 6.3 DIGITAL WIND FARM 6.3.1 GROWING NEED FOR ENHANCING TURBINE UPTIME TO DRIVE GROWTH OF DIGITAL WIND FARMS TABLE 8 ELECTRICAL DIGITAL TWIN MARKET FOR DIGITAL WIND FIND, BY REGION, 20192026 (USD MILLION) 6.4 DIGITAL GRID 6.4.1 RISING NEED FOR INTEGRATING RENEWABLES WITH GRIDS TO BOOST DEMAND FOR PROCESS DIGITAL TWINS TABLE 9 ELECTRICAL DIGITAL TWIN MARKET FOR DIGITAL GRID, BY REGION, 20192026 (USD MILLION) 6.5 DIGITAL HYDROPOWER PLANT 6.5.1 INCREASING FOCUS ON MAINTAINING INTEGRITY OF ASSETS TO DRIVE DEMAND FOR DIGITAL HYDROPOWER PLANTS TABLE 10 ELECTRICAL DIGITAL TWIN MARKET FOR DIGITAL HYDROPOWER PLANT, BY REGION, 20192026 (USD MILLION) 6.6 DISTRIBUTED ENERGY RESOURCES 6.6.1 GROWING NEED FOR REAL-TIME MONITORING, CONTROLLING, AND OPTIMIZATION OF DISTRIBUTED ENERGY SOURCES TO BOOST GROWTH OF SEGMENT TABLE 11 ELECTRICAL DIGITAL TWIN MARKET FOR DISTRIBUTED ENERGY RESOURCES, BY REGION, 20192026 (USD MILLION), 7 ELECTRICAL DIGITAL TWIN MARKET, BY USAGE TYPE (Page No. According to the International Energy Agency, the share of renewables in global electricity generation was 29% in 2020 compared with 27% in 2019. - 103) 11.1 INTRODUCTION FIGURE 36 MARKET SHARE, BY REGION, 2020 (%) FIGURE 37 NORTH AMERICAN MARKET TO REGISTER HIGHEST CAGR FROM 2021 TO 2026 TABLE 25 MARKET, BY REGION, 20192026 (USD MILLION) 11.2 NORTH AMERICA FIGURE 38 SNAPSHOT: NORTH AMERICAN ELECTRICAL DIGITAL TWIN MARKET TABLE 26 NORTH AMERICA MARKET, BY TWIN TYPE, 20192026 (USD MILLION) TABLE 27 NORTH AMERICA MARKET, BY USAGE TYPE, 20192026 (USD MILLION) TABLE 28 NORTH AMERICA MARKET, BY DEPLOYMENT TYPE, 20192026 (USD MILLION) TABLE 29 NORTH AMERICA MARKET, BY END USER, 20192026 (USD MILLION) TABLE 30 NORTH AMERICA MARKET, BY APPLICATION, 20192026 (USD MILLION) TABLE 31 NORTH AMERICA MARKET, BY COUNTRY, 20192026 (USD MILLION) 11.2.1 US 11.2.1.1 Initiatives to upgrade aging infrastructure and increasing federal and private investments to drive growth of US electrical digital twin market TABLE 32 US MARKET, BY END USER, 20192026 (USD MILLION) 11.2.2 CANADA 11.2.2.1 Growing adoption of renewables and advanced technologies to boost demand for electrical digital twins in Canada TABLE 33 CANADA MARKET, BY END USER, 20192026 (USD MILLION) 11.2.3 MEXICO 11.2.3.1 Increasing investments in renewables and decarbonization of Mexican power sector to fuel demand for electrical digital twins TABLE 34 MEXICO MARKET, BY END USER, 20192026 (USD MILLION) 11.3 EUROPE FIGURE 39 SNAPSHOT: EUROPEAN ELECTRICAL DIGITAL TWIN MARKET TABLE 35 EUROPE MARKET, BY TWIN TYPE, 20192026 (USD MILLION) TABLE 36 EUROPE MARKET, BY USAGE TYPE, 20192026 (USD MILLION) TABLE 37 EUROPE MARKET, BY DEPLOYMENT TYPE, 20192026 (USD MILLION) TABLE 38 EUROPE MARKET, BY END USER, 20192026 (USD MILLION) TABLE 39 EUROPE MARKET, BY APPLICATION, 20192026 (USD MILLION) TABLE 40 EUROPE MARKET, BY COUNTRY, 20192026 (USD MILLION) 11.3.1 GERMANY 11.3.1.1 Growing need to ensure grid stability to drive growth of German market TABLE 41 GERMANY MARKET, BY END USER, 20192026 (USD MILLION) 11.3.2 UK 11.3.2.1 Growing demand for wind energy to increase deployment of electrical digital twins in UK TABLE 42 UK MARKET, BY END USER, 20192026 (USD MILLION) 11.3.3 FRANCE 11.3.3.1 Digitalization of legacy infrastructure and growing need for improving operational efficiency to boost demand for electrical digital twins in France TABLE 43 FRANCE MARKET, BY END USER, 20192026 (USD MILLION) 11.3.4 NORDIC COUNTRIES 11.3.4.1 Growing preference for real-time and remote monitoring of wind farms to boost market growth TABLE 44 THE NORDIC COUNTRIES MARKET, BY END USER, 20192026 (USD MILLION) 11.3.5 REST OF EUROPE TABLE 45 REST OF EUROPE MARKET, BY END USER, 20192026 (USD MILLION) 11.4 ASIA PACIFIC TABLE 46 ASIA PACIFIC ELECTRICAL DIGITAL TWIN MARKET, BY TWIN TYPE, 20192026 (USD MILLION) TABLE 47 ASIA PACIFIC MARKET, BY USAGE TYPE, 20192026 (USD MILLION) TABLE 48 ASIA PACIFIC MARKET, BY DEPLOYMENT TYPE, 20192026 (USD MILLION) TABLE 49 ASIA PACIFIC MARKET, BY END USER, 20192026 (USD MILLION) TABLE 50 ASIA PACIFIC MARKET, BY APPLICATION, 20192026 (USD MILLION) TABLE 51 ASIA PACIFIC MARKET, BY COUNTRY, 20192026 (USD MILLION) 11.4.1 CHINA 11.4.1.1 Increasing renewable capacity addition and development of electric vehicle charging infrastructure to fuel market growth TABLE 52 CHINA MARKET, BY END USER, 20192026 (USD MILLION) 11.4.2 JAPAN 11.4.2.1 Increasing private and public investments in renewable capacity addition to drive growth of market in Japan TABLE 53 JAPAN MARKET, BY END USER, 20192026 (USD MILLION) 11.4.3 AUSTRALIA 11.4.3.1 Increasing demand for grid reliability and energy security to boost market growth in Australia TABLE 54 AUSTRALIA MARKET, BY END USER, 20192026 (USD MILLION) 11.4.4 REST OF ASIA PACIFIC TABLE 55 REST OF ASIA PACIFIC MARKET, BY END USER, 20192026 (USD MILLION) 11.5 SOUTH AMERICA TABLE 56 SOUTH AMERICA ELECTRICAL DIGITAL TWIN MARKET, BY TWIN TYPE, 20192026 (USD MILLION) TABLE 57 SOUTH AMERICA MARKET, BY USAGE TYPE, 20192026 (USD MILLION) TABLE 58 SOUTH AMERICA MARKET, BY DEPLOYMENT TYPE, 20192026 (USD MILLION) TABLE 59 SOUTH AMERICA MARKET, BY END USER, 20192026 (USD MILLION) TABLE 60 SOUTH AMERICA MARKET, BY APPLICATION, 20192026 (USD MILLION) TABLE 61 SOUTH AMERICA MARKET, BY COUNTRY, 20192026 (USD MILLION) 11.5.1 BRAZIL 11.5.1.1 Increasing government-led investments to improve reliability of power generation, transmission, and distribution assets to fuel market growth TABLE 62 BRAZIL MARKET, BY END USER, 20192026 (USD MILLION) 11.5.2 ARGENTINA 11.5.2.1 Growing demand for renewable energy and need for improving operational efficiency to fuel demand for electrical digital twins in Argentina TABLE 63 ARGENTINA MARKET, BY END USER, 20192026 (USD MILLION) 11.5.3 REST OF SOUTH AMERICA TABLE 64 REST OF SOUTH AMERICA MARKET, BY END USER, 20192026 (USD MILLION) 11.6 MIDDLE EAST & AFRICA TABLE 65 MIDDLE EAST & AFRICA ELECTRICAL DIGITAL TWIN MARKET, BY TWIN TYPE, 20192026 (USD MILLION) TABLE 66 MIDDLE EAST & AFRICA MARKET, BY USAGE TYPE, 20192026 (USD MILLION) TABLE 67 MIDDLE EAST & AFRICA MARKET, BY DEPLOYMENT TYPE, 20192026 (USD MILLION) TABLE 68 MIDDLE EAST & AFRICA MARKET, BY END USER, 20192026 (USD MILLION) TABLE 69 MIDDLE EAST & AFRICA MARKET, BY APPLICATION, 20192026 (USD MILLION) TABLE 70 MIDDLE EAST & AFRICA MARKET, BY COUNTRY, 20192026 (USD MILLION) 11.6.1 SAUDI ARABIA 11.6.1.1 Grid modernization and digitalization initiatives to boost market growth in Saudi Arabia TABLE 71 SAUDI ARABIA MARKET, BY END USER, 20192026 (USD MILLION) 11.6.2 UAE 11.6.2.1 Rising investments in renewable energy and grid expansion projects to create demand for electrical digital twins in Argentina TABLE 72 UAE MARKET, BY END USER, 20192026 (USD MILLION) 11.6.3 SOUTH AFRICA 11.6.3.1 Growing need to prevent outages and improve energy efficiency to fuel growth of market in South Africa TABLE 73 SOUTH AFRICA ELECTRICAL DIGITAL TWIN MARKET, BY END USER, 20192026 (USD MILLION) 11.6.4 REST OF MIDDLE EAST & AFRICA TABLE 74 REST OF MIDDLE EAST & AFRICA MARKET, BY END USER, 20192026 (USD MILLION), 12 COMPETITIVE LANDSCAPE (Page No.

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