According to
the new market research report "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", published by MarketsandMarkets™, 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%. This growth can
be attributed to the improved accuracy and efficiency in power sector
operations, streamlined integration of renewable energy technologies, and
reduced unplanned downtime and maintenance cost.
The asset
performance management is expected to hold the largest share of the Electrical
Digital Twin Market, by application, during the forecast period.
The asset
performance management segment is projected to be the largest market during the
forecast period. This is mainly because the power utilities are constantly
focusing on asset management to continuously monitor asset health, increase
grid reliability, and help in maintenance optimization. With the help of
digital twining, the 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.
Download PDF Brochure:
The cloud
segment is expected to be the fastest growing Electrical Digital Twin Market,
by deployment, during the forecast period.
The cloud
segment accounted for the highest CAGR during the forecast period. The growth
of this segment can be attributed to the multiple benefits of cloud software
installation such as easy accessibility, no upfront cost associated (instead
regular payments are made which are an operating expense), maintenance of
software or the hardware it resides on by cloud service providers, quick
deployment, and lower energy consumption cost. All these factors are likely to
increase the demand for cloud services in the Electrical Digital Twin Market
during the forecast period.
North
America: The leading Electrical Digital Twin Market.
In this report,
the Electrical Digital Twin Market has been analyzed with respect to 5 regions,
namely, North America, South America, Europe, Asia Pacific, and the Middle East
& Africa. North America is estimated to dominate the global Electrical
Digital Twin Market during the forecast period. In recent years, the
development of software and automation solutions deployed across the power
generation utilities have created a positive impact on the growth of digital
twins. 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.
Request
Sample Pages of the Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=192874390
To enable an in-depth understanding of the competitive landscape, the
report includes the profiles of some of the top players in the Electrical
Digital Twin Market. Some of the key players are Siemens (Germany), GE
(US), ABB (Switzerland), Emerson (US), and AVEVA (UK). The leading players are
adopting various strategies to increase their share in the Electrical Digital
Twin Market.
No comments:
Post a Comment