DUBLIN, July 29, 2019 — (PRNewswire) — The "Electrical Digital Twin Market by Twin Type (Gas & Steam Power Plant, Wind Farm, Digital Grid, Hydropower Plant, and Der), Application, Deployment (Cloud/Hosted and On-Premises), End-user, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Global Electrical Digital Twin Market is Projected to Reach USD 1,642 Million by 2024 from an Estimated USD 804 Million in 2019, at a CAGR of 15.4% During the Forecast Period

This growth can be attributed to factors such as improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance costs. However, limited support for implementation from stakeholders and lack of skilled talent and workforce are hindering the growth of the electrical digital twin market.

The asset performance management segment is expected to be the fastest growing market from 2019 to 2024

The asset performance management segment, by application, is estimated to be the largest and the fastest growing segment during the forecast period. Due to the increase in focus on asset management by power utilities, the adoption of an electrical digital twin is likely to drive the market during the forecast period. The focus on asset management is increasing as the power utilities want to continuously monitor asset health, increase grid reliability, and help in maintenance optimization. With the help of digital twinning, power utilities can map physical assets to a digital platform that helps in creating a single source of data for all power generation or renewable assets.

The cloud segment, by deployment type, is expected to be the largest market from 2019 to 2024

The cloud segment is expected to hold the largest market share and is the fastest growing segment during the forecast period. Electrical digital twin in the cloud acts as a bridge between the digital and physical world by accessing real-time data from the sensors installed in the assets in a power plant. The cloud-based data sharing platform helps power grid operators identify and mitigate issues before they happen by analyzing the present and past data related to plant performance. Moreover, cloud services help in achieving economies of scale by continuously monitoring assets' health to lower the cost of power plant operations.

North America: The largest electrical digital twin market

The North American region is expected to be the largest electrical digital twin market by 2024. The North American digital twin market has been further segmented into the US, Canada, and Mexico. In recent years, the development of software and automation solutions deployed in the power utilities have a positive impact on the growth of the electrical digital twin market. Moreover, the increased research & development (R&D) activities in the field of Internet of Things (IoT) and Industrial Internet of Things (IIoT) and increasing demand for efficient and cost-effective technologies for power utilities are the factors driving the market in this region.

The global electrical digital twin market is dominated by a few major players that have a wide regional presence. The leading players in the electrical digital twin market are Siemens (Germany), GE (US), ABB (Switzerland), Emerson (US), and AVEVA (UK).

Executive Summary:

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Electrical Digital Twin Market
4.2 Electrical Digital Twin Market, By Deployment Type
4.3 Electrical Digital Twin Market, By Twin Type
4.4 North American Electrical Digital Twin Market, By Application & Country
4.5 Electrical Digital Twin Market, By End-User
4.6 Electrical Digital Twin Market, By Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Improved Accuracy and Efficiency in Power Sector Operations
5.2.1.2 Streamlined Integration of Renewable Energy Technologies
5.2.1.3 Reduced Unplanned Downtime and Maintenance Costs
5.2.2 Restraints
5.2.2.1 Deployment Challenge and System Complexity
5.2.2.2 Data Privacy and Security Concerns
5.2.3 Opportunities
5.2.3.1 Growing Impact of Machine Learning and Ai on Digital Twin Applications
5.2.3.2 Network Level Optimization
5.2.4 Challenges
5.2.4.1 Limited Support for Implementation From Stakeholders
5.2.4.2 Lack of Skilled Talent and Workforce

6 Electrical Digital Twin Market, By Twin Type
6.1 Introduction
6.2 Digital Gas & Steam Power Plant
6.2.1 Need to Reduce Fuel Consumption and Environmental Emissions is Driving the Market
6.3 Digital Grid
6.3.1 Ability to Integrate Greater Levels of Renewable Energy Resources is Driving the Market
6.4 Digital Wind Farm
6.4.1 Optimizing Operations and Improving the Performance of A Wind Turbine are Driving the Market
6.5 Digital Hydropower Plant
6.5.1 Improved Asset Life and Higher Operational Efficiency are Driving the Market
6.6 Distributed Energy Resources
6.6.1 Real-Time Optimization of Resources is Driving the Market

7 Electrical Digital Twin Market, By Application
7.1 Introduction
7.2 Asset Performance Management
7.2.1 Rise in Need to Minimize Unplanned Outages on Assets is Expected to Drive the Asset Performance Management Segment
7.2.1.1 Equipment Health
7.2.1.2 Reliability Management
7.2.1.3 Maintenance Optimization
7.3 Business & Operations Optimization
7.3.1 Increase in Demand for Operational Excellence Across Power Utilities is Expected to Drive the Business & Operations Optimization Segment
7.3.1.1 Operational Flexibility
7.3.1.2 Outage Management
7.4 Digital Twin Aggregate
7.4.1 Continuous Monitoring of Power Plant Assets is Likely to Drive the Demand for Digital Twin Aggregate

8 Electrical Digital Twin Market, By Deployment Type
8.1 Introduction
8.2 Cloud
8.2.1 Continuous Monitoring of Assets Through Cloud-Based Deployment is Driving the Market
8.3 On-Premises
8.3.1 Need for Increased Security is Driving the Market

9 Electrical Digital Twin Market, By End-User
9.1 Introduction
9.2 Utilities
9.2.1 Growing Penetration of Digital Solutions is Expected to Drive the Utilities Segment
9.2.2 Federal Utilities
9.2.3 Independent Power Producers
9.3 Grid Infrastructure Operators
9.3.1 Rise in Need for Grid Digitalization is Expected to Drive the Grid Infrastructure Operators Segment

10 Electrical Digital Twin Market, By Region
10.1 Introduction
10.2 North America
10.2.1 US
10.2.1.1 Investment in Digital Technologies and Need for Renewable Energy Integration are Driving the Market
10.2.2 Canada
10.2.2.1 Need for Better Outage Management and Reducing Cost of Operations are Driving the Market
10.2.3 Mexico
10.2.3.1 Investments in Renewable Energy Technologies and Need for Decarbonization are Expected to Drive the Market
10.3 Asia Pacific
10.3.1 China
10.3.1.1 Need for Smooth Grid Operations Due to Renewable Penetration and Electric Vehicles is Driving the Market
10.3.2 Japan
10.3.2.1 Need for Power Sector Optimization and Rising Cost of Power are Driving the Market
10.3.3 Australia
10.3.3.1 Grid Reliability and Energy Security are Driving the Market
10.3.4 Rest of Asia Pacific
10.3.4.1 Higher Renewable Penetration and Better Forecasting Needs are Driving the Electrical Digital Twin Market
10.4 Europe
10.4.1 Germany
10.4.1.1 Need to Incorporate Higher Renewable Penetration and Ensuring Stable Grid Operations are Driving the Market
10.4.2 UK
10.4.2.1 Integration Challenge of Renewables and Need to Reduce Volatile Energy Prices are Driving the Market
10.4.3 France
10.4.3.1 Grid Reliability and Increasing Shift Toward Renewable Energy are Driving the Market
10.4.4 The Nordic Countries
10.4.4.1 Need for Stable Interconnected Grid is Driving the Market
10.4.5 Rest of Europe
10.4.5.1 Need for Sustainable Energy and Grid Operations are Driving the Electrical Digital Twin Market