As per a new market research report published by Future Market Insights, the global electrical digital twin market is anticipated to increase significantly, progressing from USD 1,085.9 million in 2023 to USD 3,342.7 million by 2033. Throughout this projected period, the market is expected to experience substantial growth with a strong CAGR of 11.9%.
The increased acceptance of innovative technologies such as IoT and cloud for digital twin applications and attractive digital twin prospects in industries such as aerospace and defense, healthcare, and automotive and transportation are driving demand for electrical digital twin.
The digital twin is being used in various industries, including automotive, construction, and manufacturing. In addition, firms in these industry verticals are continually leveraging digital twin systems and technologies to evaluate the performance of physical assets and highlight where changes and enhancements are needed to achieve beneficial outcomes.
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Recent Developments by the Electrical Digital Twin Service Providers
- Digital twin modeling and simulation technology was developed by ABB and Corys in 2020 using ABB Ability 800xA Simulator and Indices Plus process modeling.
- A visual computing platform was designed in 2022 by a collaboration of Siemens and Threedy to provide access to visual digital twin information.
- In 2021 the on-premises analytics software of General Electric was upgraded that can now utilize artificial intelligence and machine learning technologies. AI and ML can be used for the quick identification of problems and suggest remedies fast for better performance.
Scope of the Market Report:
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Electrical Digital Twin Industry Segmentation:
By Twin Type:
- Digital Gas & Steam Power Plant
- Digital Wind Farm
- Digital Grid
- Digital Hydropower Plant
- Distribution Energy Resources
- Other Applications
By Usage Type:
- Production Digital Twin
- Process Digital Twin
- System Digital Twin
By Deployment Type:
- Cloud
- On-premises
By End User:
- Utility Service Providers
- Grid Infrastructure Operators
By Application:
- Asset Performance Management
- Business & Operations Optimization
- Digital Twin Aggregate
By Region:
- North America Market
- Europe Market
- East Asia Market
- Asia Pacific Market
- Latin America Market
- Middle East and Africa Market
