July 29, 2019 - 4:37 AM EDT
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$1.64 Bn Electrical Digital Twin (Gas & Steam Power Plant, Wind Farm, Digital Grid, Hydropower Plant, and DER) Market - Global Forecast to 2024 - ResearchAndMarkets.com


The "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" report has been added to ResearchAndMarkets.com's offering.

The electrical digital twin market is estimated to be USD 804 million in 2019 and is projected to reach USD 1,642 by 2024, at a CAGR of 15.4% during the forecast period.

The global power system is currently transitioning from a centralized generation system to embrace new emerging distributed and decarbonized energy technologies. To support this transition, the global power sector operators are continuously striving to integrate traditional and new power generation technologies to provide reliable, affordable, and sustainable electric power to factories, businesses, and communities around the world.

Digital tools such as electrical digital twin play a crucial role in aiding power sector operators to provide sustainable power by continuously monitoring asset performance, improving operations, and unlocking new sources of revenue.

It is expected that an electrical digital twin can fundamentally transform the ways in which energy is produced, delivered, and consumed. Through digital twin, power plants, transmission & distribution lines, and end-use energy devices can work in harmony to deliver reliable, low-cost, and sustainable energy.

The factors driving the market include improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance costs.

The major players in the electrical digital twin market are Siemens, GE, Aveva, ABB, and Emerson.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Opportunities in the Electrical Digital Twin Market

4.2 Electrical Digital Twin Market, By Deployment Type

4.3 Electrical Digital Twin Market, By Twin Type

4.4 North American Electrical Digital Twin Market, By Application & Country

4.5 Electrical Digital Twin Market, By End-User

4.6 Electrical Digital Twin Market, By Region

5 Market Overview

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers Improved Accuracy and Efficiency in Power Sector Operations Streamlined Integration of Renewable Energy Technologies Reduced Unplanned Downtime and Maintenance Costs

5.2.2 Restraints Deployment Challenge and System Complexity Data Privacy and Security Concerns

5.2.3 Opportunities Growing Impact of Machine Learning and Ai on Digital Twin Applications Network Level Optimization

5.2.4 Challenges Limited Support for Implementation From Stakeholders Lack of Skilled Talent and Workforce

6 Electrical Digital Twin Market, By Twin Type

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

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 Equipment Health Reliability Management 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 Operational Flexibility 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

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

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

10.1 Introduction

10.2 North America

10.2.1 US Investment in Digital Technologies and Need for Renewable Energy Integration are Driving the Market

10.2.2 Canada Need for Better Outage Management and Reducing Cost of Operations are Driving the Market

10.2.3 Mexico Investments in Renewable Energy Technologies and Need for Decarbonization are Expected to Drive the Market

10.3 Asia Pacific

10.3.1 China Need for Smooth Grid Operations Due to Renewable Penetration and Electric Vehicles is Driving the Market

10.3.2 Japan Need for Power Sector Optimization and Rising Cost of Power are Driving the Market

10.3.3 Australia Grid Reliability and Energy Security are Driving the Market

10.3.4 Rest of Asia Pacific Higher Renewable Penetration and Better Forecasting Needs are Driving the Electrical Digital Twin Market

10.4 Europe

10.4.1 Germany Need to Incorporate Higher Renewable Penetration and Ensuring Stable Grid Operations are Driving the Market

10.4.2 UK Integration Challenge of Renewables and Need to Reduce Volatile Energy Prices are Driving the Market

10.4.3 France Grid Reliability and Increasing Shift Toward Renewable Energy are Driving the Market

10.4.4 The Nordic Countries Need for Stable Interconnected Grid is Driving the Market

10.4.5 Rest of Europe Need for Sustainable Energy and Grid Operations are Driving the Electrical Digital Twin Market

10.5 South America

10.5.1 Brazil Increase in Electricity Consumption and Investments in Power Generation Sources are Driving the Market

10.5.2 Argentina Focus on Reconstructing the Electricity Market is Driving the Electrical Digital Twin Market

10.5.3 Rest of South America

10.6 Middle East & Africa

10.6.1 Saudi Arabia Integrating Renewables to the Grid is Driving the Market

10.6.2 UAE Increasing Investments in Renewable Energy are Likely to Drive the Market

10.6.3 South Africa Rise in Demand for Asset Management is Expected to Drive the Market

10.6.4 Rest of Middle East & Africa

11 Competitive Landscape

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

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

For more information about this report visit https://www.researchandmarkets.com/r/1lsb6

Laura Wood, Senior Press Manager
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Related Topics: Smart Grid

Source: Business Wire (July 29, 2019 - 4:37 AM EDT)

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