Electrical Digital Twin Market is Growing Worldwide at 12.7% CAGR | Statistical Survey, Industry Dynamics – 2030
Global market is expected to witness considerable growth, owing to rising use of digital twin for predictive maintenance and emergence of advance technologies
WILMINGTON, DELAWARE , UNITED STATES, February 7, 2024 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, Electrical Digital Twin Market Analysis Report by Type (Product Digital Twin, Process Digital Twin, and System Digital Twin), Application (Asset Performance Management, and Business & Operations Optimization) and End User (Utilities, and Grid Infrastructure Operators): Global Opportunity Analysis and Industry Forecast, 2021-2030
The global electrical digital twin market was valued at $1267.8 million in 2020, and is projected to reach $4161.8 million by 2030, registering a CAGR of 12.7% from 2021 to 2030.
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The rising demand in healthcare sector to cover real time aspects, and rising use of digital twin for predictive maintenance to avoid unexpected interruption are expected to drive the growth of the market in the future. However, higher system complexities hinder the market growth. The growing adoption of advanced technologies for implementation of digital twin applications is expected to be opportunistic for the electrical digital twin market growth.
By type, it is fragmented into product digital twin, process digital twin, and system digital twin. The system digital twin segment was the highest revenue contributor accounting for $514 million in 2020, and is expected to witness the fastest growth at a CAGR of 11.0% during the forecast period.
By application, the market is divided into asset performance management, and business and operations optimization. The asset performance management segment was the highest revenue contributor accounting for $775.4 million in 2020 and is expected to witness the fastest growth at a CAGR of 11.3% during the forecast period.
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By end user, the market is divided into utilities, and grid infrastructure operators. The grid infrastructure operators segment is expected to be the fastest growing segment registering a CAGR of 13.8% during the forecast period. However, the utilities segment is the highest revenue contributor that accounted for $710.6 million in 2020.
By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor that was valued at $436.7 million in 2020. This region is further expected to attain a market value of $ 1211.5 million by 2030 to grow at a CAGR of 10.8%.
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The global electrical digital twin industry was thoroughly researched through a comprehensive approach combining primary and secondary research methodologies. Secondary research provided a broad overview of goods and services, whereas primary research delved deeper into the various factors driving the market. To obtain comprehensive insights into the industry, a meticulous search was undertaken utilizing various sources such as press releases, specialized business periodicals, and government websites. This meticulous research methodology has provided a unique and extensive insight into the global electrical digital twin market.
The key players profiled in the report include General Electric, ABB, Emerson, Siemens, AVEVA, Schneider, SAP, IBM, Oracle Corporation, and Microsoft. These key players have adopted several strategies, such as new product launch & development, acquisition, partnership & collaboration, and business expansion, to increase their footprint in the electrical digital twin industry during the forecast period.
The report offers an in-depth analysis of the market, such as estimates of revenue in the coming years, key segments, factors influencing growth, constraints, and conceivable opportunities. It also includes an assessment of the competitive landscape and regional analysis. This report serves as a valuable resource for industry leaders, stakeholders, new entrants, and brokers, assisting them in developing tactics to showcase market dominance and gain their enterprise goals.
Key Findings Of The Study
• By type, the system digital twin segment is expected to generate the highest revenue during the forecast period.
• By application, the asset performance management segment is expected to register the highest revenue during the forecast period.
• By end user, the grid infrastructure operators segment is expected to register the highest revenue during the forecast period.
• By region, North America is expected to register the highest revenue during the forecast period.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. 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.
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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. 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.
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