- North America is estimated to dominate the global electrical digital twin market.
- The digital gas & steam power plant segment is expected to be the largest contributor to the electrical digital twin market.
- The utilities segment is expected to be the largest segment of electrical digital twin market.
The global electrical digital twin market is projected to reach $1.642 billion by 2024 from an estimated $804 million in 2019, at a CAGR of 15.4% from 2019 to 2024. This growth can be attributed to the improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance cost.
North America: The leading market for electrical digital twin
North America is estimated to dominate the global electrical digital twin market during the forecast period. In recent years, the development of software and automation solutions deployed across the power generation utilities has created a positive impact on the growth of digital twins. Moreover, the increased research & development (R&D) activities in the field of Internet of Things (IoT) and Industrial Internet of Things (IIoT) and increasing demand for efficient and cost-effective technologies for power utilities are the factors driving the market in this region.
The digital gas & steam power plant segment is expected to be the largest contributor to the electrical digital twin
The report segments the market by twin type, into digital gas & steam power plant, digital wind farm, digital grid, digital hydropower plant, and distributed energy resources. The gas & steam power plant segment is expected to hold the largest market share by 2024, as it is the most critical component for power utilities. Power utilities use electrical digital twin to map physical assets to a digital platform, which helps the plant operator to analyze the real-time data collected over a period of time to avoid unplanned systems’ shutdown.
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The utilities segment is expected to be the largest segment of electrical digital twin
The electrical digital twin market, by end-user, is segmented into utilities and grid infrastructure operators. The utilities segment is expected to be the largest market during the forecast period. Electrical digital twins installed across power utilities help in continuous monitoring of asset health, increase grid reliability, and help in maintenance optimization. This is possible as electrical digital twin provides a holistic view of the power plant by helping the grid operators to take better operational decisions to raise the overall productivity of the power plant at a lower production cost with smart forecasting models.
- In February 2019, Siemens collaborated with Bentley to launch digital twin for DER resources. It is designed to help utilities unlock previously untapped efficiencies in distributed generation, particularly with regard to accommodating an increasing number of renewables into the grid.
- In January 2018, GE partnered with Exelon to deploy the Predix software solutions serving all 6 of Exelon’s utilities. Predix takes data from wind turbines and nuclear power plants and transforms that data into a digital twin of the assets. With these digital twins, the company can run predictive analytics and create actionable intelligence to address any issues.
- In October 2018, Siemens acquired the specialized software company Electrocon International Inc. (EII) to enhance simulations of power grids uniquely and strengthen the company’s electrical digital twin efforts.
- In November 2017, Fujitsu expanded its Industrial Internet of Things (IIoT) capabilities with the INTELLIEDGE ecosystem. The Fujitsu INTELLIEDGE Edge Computing Appliance enables the optimization of industrial processes for Industry 4.0, securely connecting data and resources to people and devices and bridging the gap between Operational Technology (OT) in the field and on-premises and cloud-based information technology (IT).
The major players in the global electrical digital twin market are Siemens (Germany), GE (US), ABB (Switzerland), Emerson (US), and AVEVA (UK).