Electric Digital Twin Market Expected to Grow $1.3 Billion by 2026

The global electric digital twin market is expected to grow from approximately USD 0.8 Billion in 2021 to USD 1.3 Billion by 2026, growing at a CAGR of 12.2% during the forecast period.

The global electric digital twin market is expected to grow from approximately USD 0.8 Billion in 2021 to USD 1.3 Billion by 2026, at a CAGR of 12.2% during the forecast period. The integration of variable renewables into the grid and increasing decentralization of distributed energy resources using electric digital twins are driving factors of the global electric digital twins market.

Utilities and network infrastructure operators in all regions are increasingly turning to digital technologies, including electric digital twins, to help streamline the integration of the growing share of renewable energy technologies. in their operating mix. The emergence of Energy 4.0 and the increasing adoption of advanced technologies for implementing digital twin applications are creating numerous growth opportunities for the electric digital twin market.

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Utilities are expected to be the largest segment of the electric digital twin market.

The utility segment held a larger share of the electric digital twin market. Electric utilities are rapidly investing in the deployment of electric digital twins as they help operators achieve efficiencies in terms of labor optimization and improve plant operations by reducing downtime unplanned stoppages. To clearly understand the impacts of Distributed Energy Resources (DERs) on the grid, utilities must streamline interconnection application processes and create digital network analysis models from information system network data. geographic (GIS) using electric digital twins.

North America is set to become the largest electric digital twin market

In this report, the Electric Digital Twins Market has been analyzed for six regions namely North America, South America, Europe, Asia-Pacific, Middle East & Africa. The growth of the North American market is driven by increasing investment in the deployment of advanced digital technology to upgrade aging power generation and distribution infrastructure. Additionally, the growing need to provide clean and reliable energy and the emphasis on renewable energy generation are among a few major factors driving investment in digital technologies such as the electric digital twin. Increasing R&D in the area of ​​cloud, big data analytics, IoT and IIoT and growing demand for efficient and cost-effective technologies to improve asset performance and optimize business operations are also supporting regional market growth. The governments of the United States and Canada have also made several policy reforms to accelerate the decarbonization of the electricity sector. Thus, North America dominated the electric digital twin market during the forecast period.

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The big players in the world Electric Digital Twin Market are General Electric (USA), Siemens (Germany), ABB (Switzerland), Emerson (USA), AVEVA Group (UK), Schneider Electric (France), Microsoft (USA), Wipro (India ), SAP (Germany), IBM (US), ANSYS (US) and Bentley Systems (US).

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