The electrical digital twin market is expected to grow from an estimated USD 0.8 billion in 2021 to USD 1.3 billion by 2026, at a CAGR of 12.2% during the forecast period. The growing need for integration of variable renewable energy with the grid and decentralization of distributed energy resources using electrical digital twins is the main driver for the electrical digital twin market. The emergence of Energy 4.0 and adoption of advanced technologies for implementation of digital twin applications and achieving network-level optimization provide lucrative opportunities for the electrical digital twin market during the forecast period
A few major players that have a wide regional presence dominate the well intervention market. The leading players in the well intervention market include General Electric (US), Siemens (Germany), ABB (Switzerland), Emerson (US), and AVEVA Group (US). The major strategies adopted by these players include new product launches, contracts, agreements, expansions, mergers, alliances, acquisitions, joint ventures, partnerships, and collaborations. New product launches and contracts & agreements were the two most commonly adopted strategy from January 2017 to October 2021.
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General Electric (GE) is a technology and financial services company involved in the development and manufacturing of products used in the generation, transmission, distribution, control, and utilization of electricity. The company operates through five business segments, namely, Aviation, Healthcare, Power, Renewable Energy, and Capital. The company offers digital twins through its subsidiary named GE Digital (US). GE Digital offers a wide range of software, solutions, and systems, such as analytics, asset performance management, aviation asset records, cyber security, data historian, advanced distribution management solutions, digital twins, flight analytics, geospatial asset management, automation (HMI/SCADA), manufacturing execution systems, navigation services, operations performance management, outage planning & analytics, Predix platform and essentials, and remote operations. In addition, GE Digital provides support services, data science services, advisory services, implementation services, and outsourcing services, among others. GE Digital offers software and services to the power, utility, oil & gas, automotive, aviation, chemical, food & beverage, manufacturing, metals, pharmaceutical, life sciences, telecommunications, and water & wastewater verticals. In October 2020, GE Digital joined the Digital Twin Consortium as the Founding Member. General Electric has operations in 170 countries of North America, Latin America, Europe, Asia, the Middle East & Africa, and Australia. It has 82 manufacturing plants located in 28 states of the US and Puerto Rico and 149 manufacturing plants located in 34 other countries. General Electric has research and development centers with more than 300,000-square feet of laboratory facilities and collaboration spaces in the US and India. For instance, in August 2021, General Electric has introduced upgrades to its on-premise analytics software, Proficy CSense. The software utilizes AI and machine learning technologies along with process digital twins to identify problems, root causes, predict future performance, and automate actions.
Siemens is a German conglomerate that focuses on offering electrification, automation, and digitalization solutions. The company conducts its operations through six business segments, namely, Digital Industries, Healthcare, Smart Infrastructure, Mobility, Portfolio Companies, and Siemens Financial Services. The company offers electrical digital twins through its Digital Industries business segment. The Digital Industries segment offers products and system solutions for process automation, automation systems and software for factories; digital twins; control systems; motors; drives; inverters; and integrated automation systems for machine tools and production machines. iFurthermore, it offers production, asset, and product lifecycle management software and software for simulation and testing of mechatronic systems. Siemens has a presence in Europe, North America, the Middle East, South America, Africa, and Asia Pacific. The company operates in more than 100 countries globally and has a strong network of regional offices, warehouses, research and development facilities, and sales offices. The company has 16 corporate technology facilities for research and development and production and quality assurance globally that optimize its business processes. For instance, in June 2021, Siemens and Threedy have signed a collaboration agreement to develop a visual computing platform. The collaboration enriches Sidrive IQ with Threedy’s visual computing platform instant3Dhub. The integration of Threedy’s visualization service is expected to provide users access to visual digital twin information.
Electrical Digital Twin Market by Twin Type (Gas & Steam Power Plant, Wind Farm, Digital Grid, Others), Usage Type (Product, Process, System), Deployment Type (Cloud, On-Premises), End User, Application, and Geography - Global Forecast to 2026
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