Electrical Digital Twin Market Forecast 2024-2030: Growth & Key Players– MarkNtel
Electrical Digital Twin Market Overview
As per recent research by MarkNtel Advisors, the Global Electric Digital Twin Market size was valued at around USD 1.12 billion in 2023 and is projected to grow at a CAGR of about 14.5% during the forecast period, i.e., 2024-30.
Electrical Digital Twin Market Dynamics
Market Drivers : Surging Renewable Energy Projects Across the Globe to Augment Market Growth –
The installation of renewable energy infrastructure is surging across the globe as countries in Asia-Pacific & Europe are implementing favourable policies & incentives to promote the development of renewable energy projects. The growing awareness about climate change and the adverse effects of greenhouse gas emissions has led to a significant investment in the renewable sector. According to REN21, the global investment in renewable power & fuels, without including hydropower projects larger than 50 MW, reached approximately USD 366 billion in 2021.
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Electrical Digital Twin Market Segmentation Overview 2024-2030: Key Factors
By System Type
-Product Twins - Market Size & Forecast 2019-2030F, (USD Million)
-Process Twins - Market Size & Forecast 2019-2030F, (USD Million)
-Systems Twins - Market Size & Forecast 2019-2030F, (USD Million)
By Application
-Asset Performance Management- Market Size & Forecast 2019-2030F, (USD Million)
-Business & Operation Optimization- Market Size & Forecast 2019-2030F, (USD Million)
By Twin Type
-Digital Gas & Steam Power Plant - Market Size & Forecast 2019-2030F, (USD Million)
-Digital Wind Farm - Market Size & Forecast 2019-2030F, (USD Million)
-Digital Grid - Market Size & Forecast 2019-2030F, (USD Million)
-Digital Hydropower Plant - Market Size & Forecast 2019-2030F, (USD Million)
-Distributed Energy Resources - Market Size & Forecast 2019-2030F, (USD Million)
By Deployment
-On-Premise - Market Size & Forecast 2019-2030F, (USD Million)
-Cloud - Market Size & Forecast 2019-2030F, (USD Million)
By End User
-Utility Service Providers - Market Size & Forecast 2019-2030F, (USD Million)
-Grid Infrastructure Operators - Market Size & Forecast 2019-2030F, (USD Million)
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Electrical Digital Twin Market Geographical Insights:
By Region:
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific
Key Players and Competitive Strategies in the Electrical Digital Twin Market
Several prominent players dominate the Electrical Digital Twin Market, including:
- General Electric
- Siemens
- AVEVA
- Microsoft Corporation
- ANSYS
- SAP
- Hitachi Energy Ltd
- Emerson Electric Co.
- Bentley Systems Inc.
- Schneider Electric
- Other
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Questions Addressed in this Study
1.How big is the Electrical Digital Twin Market Size?
2.What is the Electrical Digital Twin Market Growth?
3.Who are the key players of the Electrical Digital Twin Market?
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