Allied Market Research, titled, “Electrical Digital Twin Market by Type, Application and End User: 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. The global electrical digital twin market size is expected to witness considerable growth, owing to the rising use of digital twins for predictive maintenance and the emergence of advanced technologies.
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The rising demand in the healthcare sector to cover real-time aspects and the rising use of digital twins for predictive maintenance to avoid unexpected interruptions are expected to drive the growth of the market in the future. However, higher system complexities hinder market growth. The growing adoption of advanced technologies for the implementation of digital twin applications is expected to be opportunistic for the electrical digital twin market.
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.
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, accounting 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 and 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%.
Competitive Analysis:
The Electrical Digital Twin industry’s key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size, and share analysis, operational results, and market positioning.
Electrical Digital Twin Market Key Players:
- AVEVA
- SAP
- IBM CORPORATION
- GENERAL ELECTRIC
- ORACLE CORPORATION
- ABB GROUP
- SIEMENS AG
- MICROSOFT CORPORATION
- EMERSON
- SCHNEIDER ELECTRIC
Demand from the IT & telecommunication segment is expected to increase, owing to factors such as a rise in broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further push the need for digital transformation and technologies, such as 5G, IoT, AI, and intelligent edge computing for future optimization.
Some of the electrical digital twin manufacturers have witnessed temporary delays in production, increased costs, and revenue losses due to the pandemic.
The manufacturing sector witnessed severe losses, and thus, no new orders have been placed during the pandemic. In addition, this impact is estimated to continue till 2021. Moreover, international consumer electronics and electrical digital twin markets are in a very weak state, owing to lockdowns imposed to tackle the pandemic. Although the markets in the U.S. and Europe witnessed a mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Therefore, the electrical digital twin market is facing major obstacles from the emergence of the COVID-19 pandemic.
The pandemic is impacting the production process of several industries, including semiconductors and electronics. Trade barriers are further constraining the demand and supply outlook. The overall production process is adversely affected as governments of different countries have already announced a total lockdown and temporary shutdown of industries.
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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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