Europe Electrical Digital Twin Market Size, Share & Industry Trends Analysis Report By End User, By Application (Asset Performance Management and Business & Operations Optimization), By Type, By Country and Growth Forecast, 2023 - 2029
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Market Report Description
The Europe Electrical Digital Twin Market would witness market growth of 11.5% CAGR during the forecast period (2023-2029).
The demand for electrical digital twins is anticipated to grow with attempts to operate and maintain digital systems more effectively in remote locations. An electrical digital twin produces an improved virtual representation of the asset or system, primarily a system that encompasses real-time aspects of many facilities. It is intended to activate an intricate collection of algorithms gathered in various locations or formats, calculating real and anticipated beneficial parameters. These virtual representation systems offer a broad spectrum of uses because every operational plant produces a tremendous amount of data that must be understood to efficiently operate the facilities.
It is anticipated that the increasing number of distant electricity stations, which in practice have numerous challenges in analyzing real-time concerns, will benefit the prognosis for the digital grid industry. It is anticipated that the development of digital wind farms will be aided by increasing efforts to deploy green energy alternatives and a regional legislative framework for constructing sizable renewable plants. The demand for high-performance technologies that can give cutting-edge monitoring, analytical, and predictive capabilities quickly is expected to benefit the landscape of the electrical digital twin market. By integrating smart components into their current services and products, businesses can drastically enhance the consumer experience with new commercial innovations.
The "'Digitalisating the energy system - EU action plan," a system-wide digitalization energy action plan, was endorsed by the Commission in October 2022 in addition to the emergency steps to address rising energy costs. The strategy emphasizes the role of emerging technologies in enhancing the effective use of energy resources, facilitating the grid integration of renewables, and reducing costs for EU consumers and energy firms. Additionally, it intends to ensure that the energy is fully digitalized to support the transition to green energy and meet the digital targets for 2030. Additionally, the broad use of digital twins in the energy industry would position the UK as a global leader in addressing difficulties with efficiency, risk management, and deploying renewable energy sources. These aspects are estimated to support the market growth in the Asia Pacific region.
The Germany market dominated the Europe Electrical Digital Twin Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $113.8 Million by 2029. The UK market is anticipated to grow at a CAGR of 10.5% during (2023 - 2029). Additionally, The France market would exhibit a CAGR of 12.4% during (2023 - 2029).
Based on End User, the market is segmented into Utilities and Grid Infrastructure Operators. Based on Application, the market is segmented into Asset Performance Management and Business & Operations Optimization. Based on Type, the market is segmented into System Digital Twin, Process Digital Twin, and Product Digital Twin. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Electrical Digital Twin Market is Projected to reach USD 1.8 Billion by 2029, at a CAGR of 12.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Emerson Electric Co., General Electric Company, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Schneider Electric SE, Siemens AG, and Bentel Systems, Inc.
Scope of the Study
Market Segments Covered in the Report:
By End User
- Grid Infrastructure Operators
- Asset Performance Management
- Business & Operations Optimization
- System Digital Twin
- Process Digital Twin
- Product Digital Twin
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- ABB Group
- Emerson Electric Co.
- General Electric Company
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Schneider Electric SE
- Siemens AG
- Bentel Systems, Inc.
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Global Electrical Digital Twin Market Report 2023-2029
North America Electrical Digital Twin Market Report 2023-2029
Asia Pacific Electrical Digital Twin Market Report 2023-2029