MarkNtel Advisors recently published a detailed industry analysis of the Global Electrical Digital Twin Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.

Global Electrical Digital Twin Market, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030

The Electrical Digital Twin Market size was valued at around USD 1.12 billion in 2023 and is projected to grow at a CAGR of about 14.5% during the forecast period, i.e., 2024-30.

Key Findings in Global Electrical Digital Twin Market:

• Historical Analysis: 2019–2022
• Base Year: 2023
• Forecast Period: 2024–2030

Leading Market Players- General Electric, Siemens, AVEVA, Microsoft Corporation, ANSYS, SAP, Hitachi Energy Ltd, Emerson Electric Co., Bentley Systems Inc., Schneider Electric, Dassault Systèmes, IBM Corporation, Oracle Corporation, Other

Key Highlights of the Report

• Market Dimensions & Projections
• Pricing Evaluation,
• Recent Strategic Moves by Companies,
• Primary Stakeholders,
• Analysis of Import and Export Trends,
• Competitive Landscape Assessment,
• Emerging Opportunities,
• Market Trends and Indicators

What are the major Driver the Global Electrical Digital Twin industry?

Surging Renewable Energy Projects Across the Globe to Augment Market Growth – The installation of renewable energy infrastructure is surging across the globe as countries in Asia-Pacific & Europe are implementing favourable policies & incentives to promote the development of renewable energy projects. The growing awareness about climate change and the adverse effects of greenhouse gas emissions has led to a significant investment in the renewable sector. According to REN21, the global investment in renewable power & fuels, without including hydropower projects larger than 50 MW, reached approximately USD 366 billion in 2021.

As the renewable energy sector expanded, the demand for advanced digital twin technology also increased because electric digital twins are pivotal in optimizing & managing complex renewable energy infrastructure, ensuring its efficiency, reliability, and sustainability. Moreover, Europe, China, and India are implementing policies to speed up the renewable power capacity additions. European countries are planning to cut power sector emissions & aim to reach the EU's ambitious target of climate neutrality by 2050.

Similarly, India has pledged to achieve carbon neutrality by 2070. As a result, wind and solar energy projects are receiving more funding in nations such as Sweden and Denmark. Concerning this, numerous new renewable projects are being put forward in the region, which would further enhance the adoption of digital twins.

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What segments define the Global Electrical Digital Twin Market from 2024 to 2030? How do these segments contribute to market dynamics and growth?

By System Type

• • Product Twins - Market Size & Forecast 2019-2030F, (USD Million)
  • Process Twins - Market Size & Forecast 2019-2030F, (USD Million)
  • Systems Twins - Market Size & Forecast 2019-2030F, (USD Million)

By Application

• • Asset Performance Management- Market Size & Forecast 2019-2030F, (USD Million)
  • Business & Operation Optimization- Market Size & Forecast 2019-2030F, (USD Million)

According to report, Business & Operation Optimization has showcased higher growth prospects across the Electrical Digital Twin Market as it analyses data, identifies bottlenecks, streamlines operations, and maximizes productivity.

By Twin Type

• • Digital Gas & Steam Power Plant - Market Size & Forecast 2019-2030F, (USD Million)
  • Digital Wind Farm - Market Size & Forecast 2019-2030F, (USD Million)
  • Digital Grid - Market Size & Forecast 2019-2030F, (USD Million)
  • Digital Hydropower Plant - Market Size & Forecast 2019-2030F, (USD Million)
  • Distributed Energy Resources - Market Size & Forecast 2019-2030F, (USD Million)

According to report, Digital Wind Farms accounted for the largest share in the Global Electrical Digital Twin Market.

By Deployment

• • On-Premise - Market Size & Forecast 2019-2030F, (USD Million)
  • Cloud - Market Size & Forecast 2019-2030F, (USD Million)

By End User

• • Utility Service Providers - Market Size & Forecast 2019-2030F, (USD Million)
  • Grid Infrastructure Operators - Market Size & Forecast 2019-2030F, (USD Million)

Explore the Complete Global Electrical Digital Twin Market Analysis Report – https://www.marknteladvisors.com/research-library/electrical-digital-twin-market.html

Geographical Analysis: Global Electrical Digital Twin Market

 By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Global Electrical Digital Twin Market Recent Development:

•  2022: Microsoft Corporation announced partnership with SSE Renewable and Avanadeis. The companies would work together to create Azure Digital Twins of offshore windfarms and their local environment.
• 2022: Emerson Electric Co. has broadened the scope of their Digital Twin in the sustainability sector. The Ovation™ digital twin now incorporates intelligent grid enhancements, enabling the simulation of vital components to effectively respond to the evolving landscape of power generation.

Key Questions Addressed in This Study

• What are the primary factors driving the growth of the Global Electrical Digital Twin Market?
• How is the Global Electrical Digital Twin Market expected to evolve over the next five years?
• What key insights can be drawn from current trends shaping the market?
• What is the current market size, and how is it forecasted to change in the coming years?
• What is the future outlook for the market in terms of technological innovation and geographic expansion?

For a Customized Analysis Report, Just Drop Your Inquiry Here – https://www.marknteladvisors.com/query/request-customization/electrical-digital-twin-market.html

Why MarkNtel Advisors?

MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

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