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Thursday, August 12, 2021

Global Electrical Digital Twin Market to be Driven at a CAGR of 35.8% in the Forecast Period of 2021-2026

The new report by Expert Market Research titled, ‘Global Electrical Digital Twin Size, Share, Price, Trends, Growth, Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global electrical digital twin market, assessing the market based on its segments like type, application, deployment type, end-user, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.

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The key highlights of the report include:

Market Overview (2016-2026)

• Historical Market Size (2020): USD 5.2 Billion
• Forecast CAGR (2021-2026): 35 .8%
• Forecast Market Size (2026): USD 32.6 Billion

The growth of global electrical digital twin market is driven by the rapid development in IoT technologies. Additionally, the growing demand across widespread industries for data analysis, predict failures and optimising the process is further projected to boost the market growth. The power utilities sector is expected to dominate the demand for electrical digital twin for avoiding unplanned system shutdowns. Moreover, the integration of IoT and cloud-based technologies across energy and utilities, manufacturinghealthcareagriculture, and automotive industries for improving operations, enhancing system productivity, and augmenting sales will propel the growth over the forecast period.

Industry Definition and Major Segments

The digital twin refers to a dynamic digital clone of a process, product, system, or facility that can be used for a variety of objectives, such as monitoring equipment performance and assessing its working life, ensuring a better digital experience for customers.

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The industry can be broadly categorised on the basis of its type into:

• Digital Gas and Steam Power Plant
• Digital Grid
• Digital Wind Farm
• Digital Hydropower Plant
• Distributed Energy Resources

The industry can be divided based on its application sector as:

• Asset Performance Management
• Business and Operations Optimization
• Digital Twin Aggregate

Based on deployment type, the industry can be divided into:

• Cloud
• On-Premises

The industry can be divided based on its end-use as:

• Utilities
• Grid Infrastructure Operators

The regional markets for electrical digital twin market include:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market Trends

Regionally, North America is projected to dominate the global market for electrical digital twins. This can be attributed to the presence of major electrical digital twin manufacturers, software developers, and technology providers. Meanwhile, Europe is also anticipated to witness a robust growth owing the thriving demand from automotive and healthcare sector. However, the Asia Pacific is expected to show the highest growth rate over the forecast period due to rapid industrialisation and manufacturing infrastructure development in emerging economies such as China and India.

Key Market Players

The major players in the market are ANSYS, Inc. (NASDAQ: ANSS), Cal-Tek S.r.l., Cityzenith Inc., General Electric Company, International Business Machines Corporation, Emerson Electric Co., Siemens AG, Wipro Limited, Oracle Corporation, and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

About Us:

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At Expert Market Research, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.

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Determined to bring client satisfaction, we make sure that our tailored approach meets the client’s unique market intelligence requirements. Our syndicated and customized research reports cover a wide spectrum of industries ranging from pharmaceuticals and food and beverage to packaging, logistics, and transportation.

Media Contact

Company Name: EMR Inc.
Contact Person: Mathew Williams, Business Consultant
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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.


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