Electrical Digital Twin Market is Rising

Sales of electrical digital twins will advance at a compound annual growth rate of 12% from US$0.9 billion in 2021 to US$3.13 billion in 2032, as per a new market research report on the electrical digital twin market published by Future Market Insights.

The increased acceptance of technologies such as Internet of Things and cloud for digital twin applications and digital twin prospects in industries such as aerospace and defense, healthcare, and automotive and transportation are driving demand for electrical digital twin, Future Market Insights reports.

The digital twin is being used in various industries, including automotive, construction and manufacturing. Firms in these industry verticals are continually leveraging digital twin systems and technologies to evaluate performance of physical assets and highlight where changes and enhancements are needed to achieve beneficial outcomes.

The growing adoption of electrical digital twin technology by researchers and medical practitioners to create novel platforms that can enhance care delivery through better patient monitoring is projected to boost market growth in the coming years.

Adoption of electrical digital twin necessitates investments, collaboration and long-term willingness on the operator's part. To maintain a digital twin, operators must develop the necessary technology infrastructure, such as robust IoT deployments and simulation platforms, and integrate data sources from various departments and IoT contextual systems. Extensive use of components of electrical digital twin by diverse stakeholders in the power sector is hampered by these considerations.

Due to a shortage of experienced workers, initial investments are necessary for installation and significant maintenance costs, and this factor is restricting the market's growth in the predicted years.

Key Takeaways

Increased spending for the implementation of advanced digital technology to modernize old power generating and distribution infrastructure is propelling the development of the North American electrical digital twin market share.

The system digital twin type subsegment accounted for the bulk of the worldwide customer base of all components of digital twin and is expected to maintain its dominance during the forecast period. This dominance is mainly due to widespread use of system digital twin by various industries, including automotive, manufacturing, oil & gas, energy & utilities and other verticals, to uncover revenue-generating potential by lowering costs and improving customer service.

The cloud sector of the electrical digital twin market size is anticipated to advance at a healthy CAGR during the forecast period.

The primary electrical digital twin categories in the industry are digital gas and steam power plants, digital grid, wind farm, hydropower plants, and distributed energy resources.

For more on the report, click here.

Sources: Press materials received from the company and additional information gleaned from the company’s website.