Precision Business Insights has published a report on the global electrical digital twin market, estimating its value at USD 925.9 Million in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 12.2% over the forecast period 2025-2031. The report explores the market growth and potential opportunities in the market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
View the detailed report description here - https://www.precisionbusinessinsights.com/market-reports/electrical-digital-twin-market
The Electrical Digital Twin Market refers to the industry that focuses on digital twin technology for electrical infrastructures. A digital twin is a virtual depiction of an electrical system that continually updates with real-time data. This allows utilities and industrial operators to monitor, evaluate, and optimize their electrical assets.
Drivers:
- Integration of Renewable Energy: The need to incorporate variable renewable energy sources into the grid is a major driver.
- Advancements in IoT & Cloud Computing: The increasing adoption of IoT-based asset management and cloud computing enhances digital twin capabilities.
The global electrical digital twin market segmentation:
1) By Application: Distributed Energy Resources, Digital Gas & Steam Power plant, Digital Wind Farm, Digital Grid, Digital Hydropower plant, Others
2) By Function: Asset Performance Management, Business & Operations Optimization, Digital Twin Aggregate
3) By Usage type: Product, Process, System
4) By Deployment: Cloud, On-Premises
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Regional Overview:
The report also examines the current concerns and their Future Effects on the electrical digital twin market by the region. The report covers all regions and countries, North America was the largest and Asia was the fastest-growing region in the electrical digital twin market. The market has been segmented into numerous primary regions and a detailed evaluation of primary countries.
- North America (U.S., Canada)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
- Latin America (Mexico, Brazil, Argentina, Columbia, Rest of Latin America)
- Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)
The competitive landscape is dominated by major players like Altair Engineering, Inc., ANSYS, Aucotec AG, Autodesk Inc., CADFEM GmbH, Cisco Systems, Allerin Tech Pvt. Ltd., Bentley Systems, Incorporated, Lanner Electronics, Emesent, Digital Twin Consortium, Amazon Web Services, Dassault Systems, Eclipse Foundation, FEINGUSS BLANK GmbH, Faststream Technologies, General Electric, Hitachi Ltd., HP, Honeywell, IBM, Industrial Internet Consortium, Invicara, Cityzenith, Cosmo Tech, Digital Twin Technologies, DNV GL, DXC Technology, Emerson, Flowserve, Forward Networks, Google, Intellias, KBMax, Microsoft, National Instruments, NavVis, Oracle, PETRA Data Science, Physical Web, Pratiti Technologies, Prodea System Inc., PTC, QiO Technologies, Robert Bosch, SAP, Schneider, SenSat, Siemens, Sight Machine Inc., Simplifa GmbH, Softweb Solutions Inc., Sogeti Group, SWIM.AI, Synavision, Sysmex Corporation, TIBCO Software, Toshiba Corporation, UrsaLeo, Virtalis Limited, Visualiz, Wipro Limited, XenonStack, Zest Labs, ABB.
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