Electrical Digital Twin Market

Siemens (Germany) and ABB (Switzerland) are the Major Players in the Electrical Digital Twin Market

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. The growth of this market is driven by the improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance costs.

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

The major strategies adopted by the players are partnerships and new product launches. Partnerships was the most commonly adopted strategy from November 2016 to April 2019. These industry players also adopted new product launches as a major strategy during the period.

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Siemens (Germany) is a German industrial conglomerate with core activities in the fields of electrification, automation, and digitalization. It operates through 9 business segments, namely, power and gas; energy management; building technologies; mobility; digital factory, process industries and drives; healthineers; Siemens Gamesa Renewable Energy; and financial services. Siemens offers electrical digital twin through its energy management business segment, which accounted for 14.5% of the total net sales in 2018. The energy management business segment offers a wide range of software, products, systems, solutions, and services for transmitting, distributing and managing electrical power, and for providing intelligent power infrastructure. Some of its major end-users include power providers, transmission & distribution system operators, industrial companies, infrastructure developers, construction companies, distributors, and OEMs. Furthermore, this segment offers intelligent solutions for smart grids, which enable a bidirectional flow of energy and information. R&D activities of this segment focus on 3 major trends, particularly decarbonization, decentralization, and digitalization. The competitors of the energy management business division include smaller fast-growing manufacturers from emerging countries such as China, India, and Korea. Siemens has a presence in more than 200 countries, with 289 production and manufacturing plants across the globe. Moreover, it has a strong global presence through a network of regional offices, warehouses, R&D facilities, and sales offices.

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. It operates through 3 business segments, namely, electrification products, robotics & motion, and industrial automation. The industrial automation business segment, which accounted for 26.2% of the total net sales in 2018, offers electrical digital twin. The industrial automation business segment offers control systems, Human Machine Interfaces (HMI), integrated safety technology, measurement products, lifecycle services, outsourced maintenance, and various industry-specific products such as electric propulsion for ships. Some of its major end-use industries are power generation, oil & gas, minerals & mining, metals, pulp & paper, chemicals, plastics, pharmaceuticals, food & beverage, and maritime industries. The power generation industry uses automation solutions to improve performance and minimize environmental impact throughout the plant life cycle. This business division mostly uses its direct sales force along with third-party channel partners, such as distributors, system integrators and OEMs for sales and marketing. In 2018, the industrial automation business segment generated revenues worth USD 7.4 billion and had approximately 25,700 employees. Some of its competitors include Emerson, Honeywell, Valmet, Rockwell Automation, Beckhoff Automation, Schneider Electric, Siemens, Voith, and Yokogawa Electric Corporation. ABB has a presence in over 100 countries with production and R&D centers located across the globe. It has approximately 320 consolidated operating and holding subsidiaries worldwide.

Related Reports:

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

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