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
[130 Pages Report] 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 cost.
The digital gas & steam power plant segment is expected to be the largest contributor to the electrical digital twin market, by twin type, during the forecast period.
The report segments the market by twin type, into digital gas & steam power plant, digital wind farm, digital grid, digital hydropower plant, and distributed energy resources. The gas & steam power plant segment is expected to hold the largest market share by 2024, as it is the most critical component for power utilities. Power utilities use electrical digital twin to map physical assets to a digital platform, which helps the plant operator to analyze the real-time data collected over a period of time to avoid unplanned systems’ shutdown.
The utilities segment is expected to be the largest contributor to the market, by end-user, during the forecast period.
The electrical digital twin market, by end-user, is segmented into utilities and grid infrastructure operators. The utilities segment is expected to be the largest market during the forecast period. Electrical digital twins installed across power utilities help in continuous monitoring of asset health, increase grid reliability, and help in maintenance optimization. This is possible as electrical digital twin provides a holistic view of the power plant by helping the grid operators to take better operational decisions to raise the overall productivity of the power plant at a lower production cost with smart forecasting models.
North America is expected to account for the largest market size during the forecast period.
In this report, the market has been analyzed with respect to 4 regions, namely, North America, Europe, Asia Pacific, and the Rest of the World. North America is estimated to be the largest market from 2019 to 2024. The North American digital twin market has been further segmented into the US, Canada, and Mexico. The US dominated the North American electrical digital twin market with a strong presence of electrical digital twin manufacturers, software developers, and technology providers that play a vital role in the creation of digital twins. The major players have started offering products and solutions that help create the digital twins, which form a core part of the digital transformation of power utilities. For instance, in February 2019, Siemens collaborated with Bentley to launch digital twin for distributed energy resources. It is designed to help utilities unlock previously untapped efficiencies in distributed generation, particularly with regards to accommodating an increasing amount of renewables into the grid. These digital twins provide real-time updated and customized information that enables the Siemens businesses and customers to make timely decisions and interventions for continued profitability and maximized performance at a low cost.
Key market players
The major players in the global electrical digital twin market are Siemens (Germany), GE (US), ABB (Switzerland), Emerson (US), and AVEVA (UK).
Siemens (Germany) is a German industrial conglomerate with core activities in the fields of electrification, automation, and digitalization. The company focuses on investments in the future mobility landscape together with other partners in areas such as sensor technologies, connectivity/IoT solutions, software for intermodal transport, Digital Twin/BIM, AI, and additive manufacturing. It focuses mainly on maintaining or enhancing its production facilities and on meeting project demands. The company also incorporates various inorganic growth strategies such as partnerships, collaborations, alliances, and mergers & acquisitions. For instance, in October 2018, Siemens acquired the specialized software company Electrocon International Inc. (EII) to enhance simulations of power grids uniquely and strengthen the company’s electrical digital twin efforts.
ABB (Switzerland) is one of the leading power and automation technology companies offering a wide range of products, systems, solutions, and services to various industries such as oil & gas, power generation, and transport & infrastructure globally. In 2018, the company focused on innovation and launched several new technologies which strengthened its digital offering and contributed to further improving the efficiency, productivity, and security of its customers’ operations. The company focuses on providing innovative solutions that drive their productivity and competitiveness while helping them digitalize their businesses. To strengthen its competitive position, the company also incorporates various inorganic strategies such as partnerships. For instance, ABB entered into a partnership with Dassault Systèmes to offer customers a unique software solutions portfolio ranging from product life cycle management to asset health solutions.
Scope of the Report
|
Report Metric |
Details |
|
Market sizes available for years |
2017-2025 |
|
Market size available for years |
2017–2024 |
|
Base year considered |
2018 |
|
Forecast period |
2019–2024 |
|
Forecast units |
Value (USD) |
|
Segments covered |
Twin type, application, deployment type, end-user, and region |
|
Geographies covered |
North America, South America, Europe, Asia Pacific, and Middle East & Africa |
|
Companies covered |
Siemens (Germany), GE (US), ABB (Switzerland), Emerson (US), AVEVA (UK), Etteplan (Southern Finland), SAS (US), ACPD Services (UK), Wipro (India), Microsoft (US), IBM (US), and Fujitsu (Japan) |
This research report categorizes the market on the basis of twin type, application, deployment type, end-user, and region.
On the basis of twin type, the electrical digital twin market has been segmented as follows:
- Digital Gas & Steam Power Plant
- Digital Wind Farm
- Digital Grid
- Digital Hydropower Plant
- Distributed Energy Resources
On the basis of application, the electrical digital twin market has been segmented as follows:
- Asset Performance Management
- Business & Operations Optimization
- Digital Twin Aggregate
On the basis of deployment type, the market has been segmented as follows:
- Cloud/Hosted
- On-Premises
On the basis of end-user, the electrical digital twin market has been segmented as follows:
- Utilities
- Grid Infrastructure Operators
On the basis of region, the electrical digital twin market has been segmented as follows:
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
Recent Developments
- In February 2019, Siemens collaborated with Bentley to launch digital twin for DER resources. It is designed to help utilities unlock previously untapped efficiencies in distributed generation, particularly with regard to accommodating an increasing number of renewables into the grid.
- In January 2018, GE partnered with Exelon to deploy the Predix software solutions serving all 6 of Exelon’s utilities. Predix takes data from wind turbines and nuclear power plants and transforms that data into a digital twin of the assets. With these digital twins, the company can run predictive analytics and create actionable intelligence to address any issues.
- In October 2018, Siemens acquired the specialized software company Electrocon International Inc. (EII) to enhance simulations of power grids uniquely and strengthen the company’s electrical digital twin efforts.
- In November 2017, Fujitsu expanded its Industrial Internet of Things (IIoT) capabilities with the INTELLIEDGE ecosystem. The Fujitsu INTELLIEDGE Edge Computing Appliance enables the optimization of industrial processes for Industry 4.0, securely connecting data and resources to people and devices and bridging the gap between Operational Technology (OT) in the field and on-premises and cloud-based information technology (IT).
Key Questions Addressed by the Report
- What are the key markets for various stakeholders such as analytics companies, cloud platform providers, and digital twin developers in the electrical digital twin market?
- How does the report help the system providers in understanding the market dynamics of the market?
- How does the report help in understanding the strategies adopted by the key players in the market?
- What is the key information that the report addresses about the key players and their market share in the market?
- What insights does the report provide about emerging geographies and what are the various competitive advantages the major key players can gain in the electrical digital twin market?
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 15)
1.1 Objectives of the Study
1.2 Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regional Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Limitations
1.7 Stakeholders
2 Research Methodology (Page No. - 19)
2.1 Scope
2.2 Market Size Estimation
2.2.1 Demand-Side Analysis
2.2.1.1 Assumptions
2.2.2 Supply-Side Analysis
2.2.2.1 Calculation
2.2.3 Forecast
2.2.4 Some of the Insights of Industry Experts
3 Executive Summary (Page No. - 23)
4 Premium Insights (Page No. - 27)
4.1 Attractive Opportunities in the Electrical Digital Twin Market
4.2 Electrical Digital Twins Market, By Deployment Type
4.3 Electrical Digital Twins Market, By Twin Type
4.4 North American Electrical Digital Twins Market, By Application & Country
4.5 Electrical Digital Twins Market, By End-User
4.6 Electrical Digital Twins Market, By Region
5 Market Overview (Page No. - 30)
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 (Page No. - 36)
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 (Page No. - 44)
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 (Page No. - 50)
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 (Page No. - 54)
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 (Page No. - 58)
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 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 Market
10.5 South America
10.5.1 Brazil
10.5.1.1 Increase in Electricity Consumption and Investments in Power Generation Sources are Driving the Market
10.5.2 Argentina
10.5.2.1 Focus on Reconstructing the Electricity Market is Driving the Market
10.5.3 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.1.1 Integrating Renewables to the Grid is Driving the Market
10.6.2 UAE
10.6.2.1 Increasing Investments in Renewable Energy are Likely to Drive the Market
10.6.3 South Africa
10.6.3.1 Rise in Demand for Asset Management is Expected to Drive the Market
10.6.4 Rest of Middle East & Africa
11 Competitive Landscape (Page No. - 91)
11.1 Introduction
11.2 Competitive Leadership Mapping
11.2.1 Visionary Leaders
11.2.2 Innovators
11.2.3 Dynamic
11.2.4 Emerging
11.3 Market Share Analysis
11.4 Competitive Scenario
11.4.1 New Product Developments
11.4.2 Mergers & Acquisitions
11.4.3 Contracts & Agreements
11.4.4 Expansions & Investments
11.4.5 Others
12 Company Profile (Page No. - 98)
(Business Overview, Products Offered, Recent Developments, and MnM View)*
12.1 ABB
12.2 AVEVA
12.3 Emerson
12.4 Etteplan
12.5 GE
12.6 Siemens
12.7 Wipro
12.8 SAS Institute
12.9 Acpd Services
12.10 Microsoft
12.11 IBM
12.12 Fujitsu
*Details on Business Overview, Products Offered, Recent Developments, and MnM View Might Not Be Captured in Case of Unlisted Companies
13 Appendix (Page No. - 124)
13.1 Insights of Industry Experts
13.2 Discussion Guide
13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
13.4 Available Customizations
13.5 Related Reports
13.6 Author Details
List of Tables (63 Tables)
Table 1 Investment in Digital Twin Technologies and Projects is the Major Determining Factor for the Electrical Digital Twin Market
Table 2 Market Snapshot
Table 3 Market Size, By Twin Type,2017–2024 (USD Million)
Table 4 Digital Gas & Steam Power Plant: Market Size, By Region, 2017–2024 (USD Million)
Table 5 Digital Grid: Market Size, By Region, 2017–2024 (USD Million)
Table 6 Digital Wind Farm: Market Size, By Region, 2017–2024 (USD Million)
Table 7 Digital Hydropower Plant: Market Size,By Region, 2017–2024 (USD Million)
Table 8 Distributed Energy Resources: Market Size, By Region, 2017–2024 (USD Million)
Table 9 Electrical Digital Twin Market Size, By Application, 2017–2024 (USD Million)
Table 10 Asset Performance Management: Market Size, By Region, 2017–2024 (USD Million)
Table 11 Business & Operations Optimization: Market Size, By Region, 2017–2024 (USD Million)
Table 12 Digital Twin Aggregate: Market Size, By Region, 2017–2024 (USD Million)
Table 13 Market Size, By Deployment Type,2017–2024 (USD Million)
Table 14 Cloud: Market Size, By Region, 2017–2024 (USD Million)
Table 15 On-Premises: Market Size, By Region, 2017–2024 (USD Million)
Table 16 Market Size, By End-User, 2017–2024 (USD Million)
Table 17 Utilities: Market Size, By Region, 2017–2024 (USD Million)
Table 18 Grid Infrastructure Operators: Market Size, By Region, 2017–2024 (USD Million)
Table 19 Market Size, By Region, 2017–2024 (USD Million)
Table 20 North America: Electrical Digital Twin Market Size, By Twin Type, 2017–2024 (USD Million)
Table 21 North America: Market Size, By Application, 2017–2024 (USD Million)
Table 22 North America: Market Size, By Deployment Type, 2017–2024 (USD Million)
Table 23 North America: Market Size, By End-User, 2017–2024 (USD Million)
Table 24 North America: Market Size, By Country, 2017–2024 (USD Million)
Table 25 US: Market Size, By End-User, 2017–2024 (USD Million)
Table 26 Canada: Market Size, By End-User, 2017–2024 (USD Million)
Table 27 Mexico: Market Size, By End-User, 2017–2024 (USD Million)
Table 28 Asia Pacific: Electrical Digital Twin Market Size, By Twin Type, 2017–2024 (USD Million)
Table 29 Asia Pacific: Market Size, By Application, 2017–2024 (USD Million)
Table 30 Asia Pacific: Market Size, By Deployment Type, 2017–2024 (USD Million)
Table 31 Asia Pacific: Market Size, By End-User, 2017–2024 (USD Million)
Table 32 Asia Pacific: Market Size, By Country, 2017–2024 (USD Million)
Table 33 China: Market Size, By End-User, 2017–2024 (USD Million)
Table 34 Japan: Market Size, By End-User, 2017–2024 (USD Million)
Table 35 Australia: Market Size, By End-User,2017–2024 (USD Million)
Table 36 Rest of Asia Pacific: Market Size, By End-User, 2017–2024 (USD Million)
Table 37 Europe: Electrical Digital Twin Market Size, By Twin Type,2017–2024 (USD Million)
Table 38 Europe: Market Size, By Application, 2017–2024 (USD Million)
Table 39 Europe: Market Size, By Deployment Type, 2017–2024 (USD Million)
Table 40 Europe: Market Size, By End-User, 2017–2024 (USD Million)
Table 41 Europe: Market Size, By Country, 2017–2024 (USD Million)
Table 42 Germany: Market Size, By End-User, 2017–2024 (USD Million)
Table 43 UK: Market Size, By End-User, 2017–2024 (USD Million)
Table 44 France: Market Size, By End-User, 2017–2024 (USD Million)
Table 45 The Nordic Countries: Market Size, By End-User, 2017–2024 (USD Million)
Table 46 Rest of Europe: Market Size, By End-User, 2017–2024 (USD Million)
Table 47 South America: Electrical Digital Twin Market Size, By Twin Type, 2017–2024 (USD Million)
Table 48 South America: Market Size, By Application, 2017–2024 (USD Million)
Table 49 South America: Market Size, By Deployment Type, 2017–2024 (USD Million)
Table 50 South America: Market Size, By End-User, 2017–2024 (USD Million)
Table 51 South America: Market Size, By Country, 2017–2024 (USD Million)
Table 52 Brazil: Market Size, By End-User, 2017–2024 (USD Million)
Table 53 Argentina: Market Size, By End-User,2017–2024 (USD Million)
Table 54 Rest of South America: Market Size, By End-User, 2017–2024 (USD Million)
Table 55 Middle East & Africa: Electrical Digital Twin Market Size, By Twin Type, 2017–2024 (USD Million)
Table 56 Middle East & Africa: Market Size, By Application, 2017–2024 (USD Million)
Table 57 Middle East & Africa: Market Size,By Deployment Type, 2017–2024 (USD Million)
Table 58 Middle East & Africa: Market Size, By End-User, 2017–2024 (USD Million)
Table 59 Middle East & Africa: Market Size, By Country, 2017–2024 (USD Million)
Table 60 Saudi Arabia: Market Size, By End-User, 2017–2024 (USD Million)
Table 61 UAE: Market Size, By End-User, 2017–2024 (USD Million)
Table 62 South Africa: Electrical Digital Twin Market Size, By End-User, 2017–2024 (USD Million)
Table 63 Rest of Middle East & Africa: Market Size, By End-User, 2017–2024 (USD Million)
List of Figures (37 Figures)
Figure 1 North America Dominated the Market,By Region, in 2018
Figure 2 Digital Gas & Steam Power Plant Segment is Expected to Hold the Largest Share of the Electrical Digital Twin Market,By Twin Type, During the Forecast Period
Figure 3 Asset Performance Management Segment is Expected to Lead the Market, By Application, During the Forecast Period
Figure 4 On-Premises Segment is Expected to Lead the Market, By Deployment Type, During the Forecast Period
Figure 5 Utilities Segment is Expected to Lead the Electrical Digital Twin Market, By End-User, During the Forecast Period
Figure 6 Improved Accuracy and Efficiency in Power Sector Operations is Driving the Electrical Digital Twin Market
Figure 7 On-Premises Segment is Expected to Dominate the Market, By Deployment Type, During the Forecast Period
Figure 8 Digital Gas & Steam Power Plant Segment is Expected to Dominate the Electrical Digital Twin Market, By Twin Type, During the ForecastPeriod 28
Figure 9 Asset Performance Management and the Us Dominated the North American Market in 2018
Figure 10 Utilities Segment is Expected to Dominate the Electrical Digital Twin Market, By End-User, During the Forecast Period
Figure 11 North American Electrical Digital Twin Market is Expected to Grow at the Highest Cagr During the Forecast Period
Figure 13 Drivers, Restraints, Opportunities, and Challenges
Figure 14 Global Renewable Energy Share in the Generation Mix, 2016–2023
Figure 15 Renewable Energy Consumption, By Technology, 2017–2023
Figure 16 Market, By Twin Type, 2019–2024 (USD Million)
Figure 17 Renewable Energy Capacity Addition, By Technology, 2015–2018 (In Gw)
Figure 18 Asset Performance Management Segment LED the Market, By Application, in 2018
Figure 19 On-Premises Segment LED the Market, By Deployment Type, in 2018
Figure 20 Utilities Segment LED the Market, By End-User, in 2018 (USD Million)
Figure 21 Regional Snapshot: the North American Market is Expected to Grow at the Highest Cagr During the Forecast Period
Figure 22 Market Share (Value), By Region, 2018
Figure 23 North America: Regional Snapshot
Figure 24 Europe: Regional Snapshot
Figure 25 Key Developments in the Electrical Digital Twin Market, November 2016–April 2019
Figure 26 Electrical Digital Twin (Global) Competitive Leadership Mapping, 2018
Figure 27 Ranking of Key Players, 2018
Figure 28 ABB: Company Snapshot
Figure 29 AVEVA: Company Snapshot
Figure 30 Emerson: Company Snapshot
Figure 31 Etteplan: Company Snapshot
Figure 32 GE: Company Snapshot
Figure 33 Siemens: Company Snapshot
Figure 34 Wipro: Company Snapshot
Figure 35 Microsoft: Company Snapshot
Figure 36 IBM: Company Snapshot
Figure 37 Fujitsu: Company Snapshot
This study involved 4 major activities in estimating the current market size of the electrical digital twin market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were used to estimate the total market size. Thereafter, the market breakdown and data triangulation was done to estimate the market size of the segments and subsegments.
Secondary Research
This research study involved the use of extensive secondary sources, directories, and databases such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the global electrical digital twin market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The market comprises several stakeholders such as analytics companies, cloud platform providers, digital twin developers, government & financial institutions, independent power producers, IoT vendors, power grid operators, research institutes & organizations, software solution providers, technology standard organizations, forums, and associations in the supply chain. The demand-side of this market is determined by the investments of power utilities in digitalization of their operations and increasing focus on asset management and its maintenance. The supply-side is characterized by analysing the top market leaders’ investments in the electrical digital twin market. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents is as follows:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches have been used to estimate and validate the size of the global electrical digital twin market and its dependent submarkets. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research, and their market share in the respective regions have been determined through both primary and secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size-using the market size estimation processes as explained above-the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand- and supply sides in the industrial sectors.
Report Objectives
- To define, describe, segment, and forecast the market on the basis of twin type, deployment type, application, end-user, and region
- To provide detailed information on the major factors influencing the growth of the electrical digital twin market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the market with respect to individual growth trends, prospects, and contributions of each segment to the market
- To analyze market opportunities for stakeholders and provide a detailed competitive landscape for market leaders
- To forecast the revenue of the market segments with respect to 5 main regions (along with countries), namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa
- To strategically profile key players and comprehensively analyze their market ranking and core competencies
- To track and analyze competitive developments such as new product launches, contracts & agreements, expansions, and mergers & acquisitions in the electrical digital twin market
Available Customizations:
With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:
Regional Analysis
- Further breakdown of the region or country-specific analysis
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
- Triangulate with your Own Data
- Get Data as per your Format and Definition
- Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
- Any level of Personalization
- What are the Known and Unknown Adjacencies Impacting the Electrical Digital Twin Market
- What will your New Revenue Sources be?
- Who will be your Top Customer; what will make them switch?
- Defend your Market Share or Win Competitors
- Get a Scorecard for Target Partners
Growth opportunities and latent adjacency in Electrical Digital Twin Market