The growing need for advanced performance technologies is one of the key factors expected to promote the growth of the market, says Fortune Business Insights™ in a report, titled “Electrical Digital Twins“ Market Size, Share & Industry Analysis, By Application (Distributed Energy Resources, Digital Gas & Steam Power Plant, Digital Wind Farm, Digital Grid, Digital Hydropower Plant, Others), By Function (Asset Performance Management, Business & Operations Optimization, Digital Twin Aggregate) and Regional Forecast, 2019-2028” Rising measures for the implementation of green energy alternatives is predicted to aid the electrical digital twins market growth in the forthcoming years.’
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Some of the Major Companies in the Global Electrical Digital Twins Market Include
- Wipro Limited
- Fujitsu Global
- ACPD Services Ltd.
- Dassault Systèmes
- Hexagon PPM.
According to the report, the market based on application is segmented into energy resources, digital gas & steam power plant, digital wind farm, digital grid, digital hydropower plant, and others. The digital gas & steam power plant segment is expected to experience significant growth owing to its effective monitoring and analysis of bulk data in power generation plants to minimize unplanned shutdown scenarios. Furthermore, the rising measures for the implementation of green alternatives along with a regional regulatory framework to set up large renewable plants are expected to propel the growth of the market. Besides, the digital hydropower plant segment is predicted to experience significant growth during the forecast period owing to the increasing refurbishing needs for age-old bulk capacity generation units along with the incorporation of new plants.
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The report provides a detailed analysis of the electrical digital twins market. It also offers superior insights into the prevailing trends of the market. It provides a comprehensive study of all the recent innovations and developments. It shares official statistics on all the segments and further discusses every aspect in detail and aims to benefit stockholders, financers, leading players and potential investors in the market.
Key Market Driver – Streamlined and efficient working of power sector facilities
Key Market Restraint – Limited support for deployment and implementation
Agreement Between ABB and Dassault Systèmes will Spur Growth Opportunities
The collaboration between ABB and Dassault Systèmes to provide software solutions to digital industries is expected to uplift the electrical digital twins market share during the forecast period. For instance, In February 2019, ABB and Dassault Systèmes entered into a cooperation agreement to provide software solutions to digital industries. The collaboration aims to combine the Dassault Systèmes 3DEXPERIENCE platform and ABB’s Ability digital solutions to enhance the customer access and installed base of both the companies. Furthermore, the launch of the new unit for the Industrial Internet of Things (IIoT) by GE. For instance, In December 2018, GE announced to launch its new dedicated unit for the Industrial Internet of Things (IIoT). The new company is set to have an independent organizational structure, strong existing industrial base, and start with annual software revenue of about USD 1.2 billion. Also, the growing need for advanced performance technologies to deliver innovative analytical, monitoring, and predictive capabilities within very less time is set to contribute to the electrical digital twin market revenue positively.
However, inadequate knowledge to effectively deploy and maintain network-based complex representation platforms is predicted to hinder the electrical digital twin market growth. Also, Limited availability of skilled workforce along with data privacy concerns among the customers is also likely to dampen the growth of the market.
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1. By Application
- Distributed Energy Resources
- Digital Gas & Steam Power Plant
- Digital Wind Farm
- Digital Grid
- Digital Hydropower Plant
2. By Function
- Asset Performance Management
- Business & Operations Optimization
- Digital Twin Aggregate
3. By Geography
- North America (S. and Canada)
- Europe (UK, Germany, France, Italy, Spain, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
Easy Accessibility & Adaptability of Advanced Power Solutions to Facilitate Growth in North America
North America is expected to hold a substantial share in the market owing to easy accessibility & adaptability to advanced power solutions along with the presence of innovative generation facilities. Increasing power consumption and demand coupled with setup of bulk production sites will aid growth in Asia Pacific. Favorable policies by European organizations for the adoption of clean energy generation techniques is expected to influence the market in Europe positively. In Latin America, the expansion of new renewable energy production plants, along with the rising need for electrification in remote areas, is predicted to boost the electrical digital twins market trends in the region.
Major Table of Content For Electrical Digital Twins Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Electrical Digital Twins Market Analysis, Insights and Forecast, 2028
- North America Electrical Digital Twins Market Analysis, Insights and Forecast, 2028
- Europe Electrical Digital Twins Market Analysis, Insights and Forecast, 2028
- Asia Pacific Electrical Digital Twins Market Analysis, Insights and Forecast, 2028
- Middle East and Africa Electrical Digital Twins Market Analysis, Insights and Forecast, 2028
- Latin America Electrical Digital Twins Market Analysis, Insights and Forecast, 2028
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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