Chicago, June 01, 2022 (GLOBE NEWSWIRE) — According to the new market research report from MarketsandMarkets™, the “Electric Digital Twin Market by twin type (gas and steam power plant, wind farm, digital grid, others), usage type (product, process, system), deployment type (cloud, on-premise), end user, application and geography – Global forecast for 2026″ the size will increase to USD 1.3 billion by 2026, from USD 0.8 billion in 2021, at a CAGR of 12.2% during the forecast period.
Some of the major driving factors of the global electric digital twins market are the increasing decentralization of distributed energy resources using electric digital twins and the integration of variable renewables into the grid. Utilities and network infrastructure operators around the world are turning to digital technology, such as electric digital twins, to help them integrate the growing share of renewable energy technologies into their operational mix. The advent of Energy 4.0, along with the growing acceptance of advanced technologies for the implementation of digital twin applications, offers the industry several growth potentials.
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Digital Wind Farm Segment Expected to Grow at Highest CAGR in Electric Digital Twins Market
The digital wind farm segment is expected to grow at the highest CAGR during the forecast period. A digital wind farm uses interconnected digital technology to meet a long-standing need for greater flexibility in the production and integration of renewable wind energy. The technology enables wind farm operators and grid operators to efficiently optimize operations and improve wind turbine performance. Digital twins have helped wind farm operators move from corrective and preventive maintenance programs to proactive operational and maintenance strategies, resulting in reduced maintenance costs and man-hours and increased plant availability. turbines. Better turbine availability is a crucial factor that will allow wind farms to use fewer turbines to generate the same amount of energy and increase turbine power, especially offshore wind farms. The growing need to improve the availability of turbines to drive market growth.
The System Digital Twins Segment is Expected to Dominate the Electric Digital Twins Market
The system digital twin segment is expected to grow at the fastest rate and also hold the largest market share during the forecast period. The digital twin of the system is a collection of products and processes that operate as a network-wide system or functions. The twin system provides visibility into a set of interdependent assets and a connected view of the end-to-end asset network based on real operational data. It provides historical, future and real-time views of the network and enables operators to use the data to drive better business and operational results. The growing need for network-level optimization is expected to fuel the demand for system digital twins.
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North America is set to emerge as the fastest growing and largest electric digital twin market
In this report, the Electric Digital Twins Market has been analyzed for five regions namely North America, South America, Europe, Asia-Pacific, Middle East & Africa. Increasing investment in implementing advanced digital technologies to modernize aging power generation and distribution infrastructure is propelling the growth of the North American market. In addition, the growing demand for clean and reliable energy, as well as the emphasis on renewable energy generation, are two important factors encouraging investments in digital technologies such as electric digital twins. Increasing R&D in the areas of cloud, big data analytics, IoT and growing demand for efficient and cost-effective technologies to improve asset performance and optimize business operations are also contributing to the expansion of the regional market. The governments of the United States and Canada have also implemented a number of policy changes to accelerate the decarbonization of the electricity sector. Thus, North America dominated the electric digital twin market during the forecast period.
Some of the major players are General Electric (US), Siemens (Germany), ABB (Switzerland), Emerson (US), and AVEVA Group (UK). The major players are adopting various strategies to increase their share of the Electric Digital Twins market.