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
- Utilities
- Grid Infrastructure Operators
By Application
- Asset Performance Management
- Business & Operations Optimization
By Type
- System Digital Twin
- Process Digital Twin
- Product Digital Twin
By Country
- Germany
- UK
- France
- Russia
- Spain
- Italy
- 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.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Europe Electrical Digital Twin Market, by End User
1.4.2 Europe Electrical Digital Twin Market, by Application
1.4.3 Europe Electrical Digital Twin Market, by Type
1.4.4 Europe Electrical Digital Twin Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition & Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2019-2023)
3.3.2 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2019, Feb – 2023, Jan) Leading Players
Chapter 4. Europe Electrical Digital Twin Market by End User
4.1 Europe Utilities Market by Country
4.2 Europe Grid Infrastructure Operators Market by Country
Chapter 5. Europe Electrical Digital Twin Market by Application
5.1 Europe Asset Performance Management Market by Country
5.2 Europe Business & Operations Optimization Market by Country
Chapter 6. Europe Electrical Digital Twin Market by Type
6.1 Europe System Digital Twin Market by Country
6.2 Europe Process Digital Twin Market by Country
6.3 Europe Product Digital Twin Market by Country
Chapter 7. Europe Electrical Digital Twin Market by Country
7.1 Germany Electrical Digital Twin Market
7.1.1 Germany Electrical Digital Twin Market by End User
7.1.2 Germany Electrical Digital Twin Market by Application
7.1.3 Germany Electrical Digital Twin Market by Type
7.2 UK Electrical Digital Twin Market
7.2.1 UK Electrical Digital Twin Market by End User
7.2.2 UK Electrical Digital Twin Market by Application
7.2.3 UK Electrical Digital Twin Market by Type
7.3 France Electrical Digital Twin Market
7.3.1 France Electrical Digital Twin Market by End User
7.3.2 France Electrical Digital Twin Market by Application
7.3.3 France Electrical Digital Twin Market by Type
7.4 Russia Electrical Digital Twin Market
7.4.1 Russia Electrical Digital Twin Market by End User
7.4.2 Russia Electrical Digital Twin Market by Application
7.4.3 Russia Electrical Digital Twin Market by Type
7.5 Spain Electrical Digital Twin Market
7.5.1 Spain Electrical Digital Twin Market by End User
7.5.2 Spain Electrical Digital Twin Market by Application
7.5.3 Spain Electrical Digital Twin Market by Type
7.6 Italy Electrical Digital Twin Market
7.6.1 Italy Electrical Digital Twin Market by End User
7.6.2 Italy Electrical Digital Twin Market by Application
7.6.3 Italy Electrical Digital Twin Market by Type
7.7 Rest of Europe Electrical Digital Twin Market
7.7.1 Rest of Europe Electrical Digital Twin Market by End User
7.7.2 Rest of Europe Electrical Digital Twin Market by Application
7.7.3 Rest of Europe Electrical Digital Twin Market by Type
Chapter 8. Company Profiles
8.1 ABB Group
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expense
8.1.5 Recent strategies and developments:
8.1.5.1 Partnerships, Collaborations, and Agreements:
8.1.5.2 Product Launches and Product Expansions:
8.1.6 SWOT Analysis
8.2 IBM Corporation
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Regional & Segmental Analysis
8.2.4 Research & Development Expenses
8.2.5 Recent strategies and developments:
8.2.5.1 Partnerships, Collaborations, and Agreements:
8.2.5.2 Acquisition and Mergers:
8.2.6 SWOT Analysis
8.3 Schneider Electric SE
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expense
8.3.5 Recent strategies and developments:
8.3.5.1 Partnerships, Collaborations, and Agreements:
8.3.5.2 Product Launches and Product Expansions:
8.3.5.3 Acquisition and Mergers:
8.3.6 SWOT Analysis
8.4 Siemens AG
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expense
8.4.5 Recent strategies and developments:
8.4.5.1 Partnerships, Collaborations, and Agreements:
8.4.5.2 Product Launches and Product Expansions:
8.4.6 SWOT Analysis
8.5 General Electric Company
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Research & Development Expense
8.5.5 SWOT Analysis
8.6 Oracle Corporation
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental and Regional Analysis
8.6.4 Research & Development Expense
8.6.5 SWOT Analysis
8.7 SAP SE
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expense
8.7.5 Recent strategies and developments:
8.7.5.1 Partnerships, Collaborations, and Agreements:
8.7.6 SWOT Analysis
8.8 Microsoft Corporation
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental and Regional Analysis
8.8.4 Research & Development Expenses
8.8.5 SWOT Analysis
8.9 Emerson Electric Co.
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 Segmental and Regional Analysis
8.9.4 Research & Development Expense
8.9.5 Recent strategies and developments:
8.9.5.1 Acquisition and Mergers:
8.10. Bentley Systems, Inc.
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Regional Analysis
8.10.4 Research & Development Expenses
TABLE 1 Europe Electrical Digital Twin Market, 2019 - 2022, USD Million
TABLE 2 Europe Electrical Digital Twin Market, 2023 - 2029, USD Million
TABLE 3 Partnerships, Collaborations and Agreements– Electrical Digital Twin Market
TABLE 4 Product Launches And Product Expansions– Electrical Digital Twin Market
TABLE 5 Acquisition and Mergers– Electrical Digital Twin Market
TABLE 6 Europe Electrical Digital Twin Market by End User, 2019 - 2022, USD Million
TABLE 7 Europe Electrical Digital Twin Market by End User, 2023 - 2029, USD Million
TABLE 8 Europe Utilities Market by Country, 2019 - 2022, USD Million
TABLE 9 Europe Utilities Market by Country, 2023 - 2029, USD Million
TABLE 10 Europe Grid Infrastructure Operators Market by Country, 2019 - 2022, USD Million
TABLE 11 Europe Grid Infrastructure Operators Market by Country, 2023 - 2029, USD Million
TABLE 12 Europe Electrical Digital Twin Market by Application, 2019 - 2022, USD Million
TABLE 13 Europe Electrical Digital Twin Market by Application, 2023 - 2029, USD Million
TABLE 14 Europe Asset Performance Management Market by Country, 2019 - 2022, USD Million
TABLE 15 Europe Asset Performance Management Market by Country, 2023 - 2029, USD Million
TABLE 16 Europe Business & Operations Optimization Market by Country, 2019 - 2022, USD Million
TABLE 17 Europe Business & Operations Optimization Market by Country, 2023 - 2029, USD Million
TABLE 18 Europe Electrical Digital Twin Market by Type, 2019 - 2022, USD Million
TABLE 19 Europe Electrical Digital Twin Market by Type, 2023 - 2029, USD Million
TABLE 20 Europe System Digital Twin Market by Country, 2019 - 2022, USD Million
TABLE 21 Europe System Digital Twin Market by Country, 2023 - 2029, USD Million
TABLE 22 Europe Process Digital Twin Market by Country, 2019 - 2022, USD Million
TABLE 23 Europe Process Digital Twin Market by Country, 2023 - 2029, USD Million
TABLE 24 Europe Product Digital Twin Market by Country, 2019 - 2022, USD Million
TABLE 25 Europe Product Digital Twin Market by Country, 2023 - 2029, USD Million
TABLE 26 Europe Electrical Digital Twin Market by Country, 2019 - 2022, USD Million
TABLE 27 Europe Electrical Digital Twin Market by Country, 2023 - 2029, USD Million
TABLE 28 Germany Electrical Digital Twin Market, 2019 - 2022, USD Million
TABLE 29 Germany Electrical Digital Twin Market, 2023 - 2029, USD Million
TABLE 30 Germany Electrical Digital Twin Market by End User, 2019 - 2022, USD Million
TABLE 31 Germany Electrical Digital Twin Market by End User, 2023 - 2029, USD Million
TABLE 32 Germany Electrical Digital Twin Market by Application, 2019 - 2022, USD Million
TABLE 33 Germany Electrical Digital Twin Market by Application, 2023 - 2029, USD Million
TABLE 34 Germany Electrical Digital Twin Market by Type, 2019 - 2022, USD Million
TABLE 35 Germany Electrical Digital Twin Market by Type, 2023 - 2029, USD Million
TABLE 36 UK Electrical Digital Twin Market, 2019 - 2022, USD Million
TABLE 37 UK Electrical Digital Twin Market, 2023 - 2029, USD Million
TABLE 38 UK Electrical Digital Twin Market by End User, 2019 - 2022, USD Million
TABLE 39 UK Electrical Digital Twin Market by End User, 2023 - 2029, USD Million
TABLE 40 UK Electrical Digital Twin Market by Application, 2019 - 2022, USD Million
TABLE 41 UK Electrical Digital Twin Market by Application, 2023 - 2029, USD Million
TABLE 42 UK Electrical Digital Twin Market by Type, 2019 - 2022, USD Million
TABLE 43 UK Electrical Digital Twin Market by Type, 2023 - 2029, USD Million
TABLE 44 France Electrical Digital Twin Market, 2019 - 2022, USD Million
TABLE 45 France Electrical Digital Twin Market, 2023 - 2029, USD Million
TABLE 46 France Electrical Digital Twin Market by End User, 2019 - 2022, USD Million
TABLE 47 France Electrical Digital Twin Market by End User, 2023 - 2029, USD Million
TABLE 48 France Electrical Digital Twin Market by Application, 2019 - 2022, USD Million
TABLE 49 France Electrical Digital Twin Market by Application, 2023 - 2029, USD Million
TABLE 50 France Electrical Digital Twin Market by Type, 2019 - 2022, USD Million
TABLE 51 France Electrical Digital Twin Market by Type, 2023 - 2029, USD Million
TABLE 52 Russia Electrical Digital Twin Market, 2019 - 2022, USD Million
TABLE 53 Russia Electrical Digital Twin Market, 2023 - 2029, USD Million
TABLE 54 Russia Electrical Digital Twin Market by End User, 2019 - 2022, USD Million
TABLE 55 Russia Electrical Digital Twin Market by End User, 2023 - 2029, USD Million
TABLE 56 Russia Electrical Digital Twin Market by Application, 2019 - 2022, USD Million
TABLE 57 Russia Electrical Digital Twin Market by Application, 2023 - 2029, USD Million
TABLE 58 Russia Electrical Digital Twin Market by Type, 2019 - 2022, USD Million
TABLE 59 Russia Electrical Digital Twin Market by Type, 2023 - 2029, USD Million
TABLE 60 Spain Electrical Digital Twin Market, 2019 - 2022, USD Million
TABLE 61 Spain Electrical Digital Twin Market, 2023 - 2029, USD Million
TABLE 62 Spain Electrical Digital Twin Market by End User, 2019 - 2022, USD Million
TABLE 63 Spain Electrical Digital Twin Market by End User, 2023 - 2029, USD Million
TABLE 64 Spain Electrical Digital Twin Market by Application, 2019 - 2022, USD Million
TABLE 65 Spain Electrical Digital Twin Market by Application, 2023 - 2029, USD Million
TABLE 66 Spain Electrical Digital Twin Market by Type, 2019 - 2022, USD Million
TABLE 67 Spain Electrical Digital Twin Market by Type, 2023 - 2029, USD Million
TABLE 68 Italy Electrical Digital Twin Market, 2019 - 2022, USD Million
TABLE 69 Italy Electrical Digital Twin Market, 2023 - 2029, USD Million
TABLE 70 Italy Electrical Digital Twin Market by End User, 2019 - 2022, USD Million
TABLE 71 Italy Electrical Digital Twin Market by End User, 2023 - 2029, USD Million
TABLE 72 Italy Electrical Digital Twin Market by Application, 2019 - 2022, USD Million
TABLE 73 Italy Electrical Digital Twin Market by Application, 2023 - 2029, USD Million
TABLE 74 Italy Electrical Digital Twin Market by Type, 2019 - 2022, USD Million
TABLE 75 Italy Electrical Digital Twin Market by Type, 2023 - 2029, USD Million
TABLE 76 Rest of Europe Electrical Digital Twin Market, 2019 - 2022, USD Million
TABLE 77 Rest of Europe Electrical Digital Twin Market, 2023 - 2029, USD Million
TABLE 78 Rest of Europe Electrical Digital Twin Market by End User, 2019 - 2022, USD Million
TABLE 79 Rest of Europe Electrical Digital Twin Market by End User, 2023 - 2029, USD Million
TABLE 80 Rest of Europe Electrical Digital Twin Market by Application, 2019 - 2022, USD Million
TABLE 81 Rest of Europe Electrical Digital Twin Market by Application, 2023 - 2029, USD Million
TABLE 82 Rest of Europe Electrical Digital Twin Market by Type, 2019 - 2022, USD Million
TABLE 83 Rest of Europe Electrical Digital Twin Market by Type, 2023 - 2029, USD Million
TABLE 84 Key Information – ABB Group
TABLE 85 Key information – IBM Corporation
TABLE 86 Key information – Schneider Electric SE
TABLE 87 Key Information – Siemens AG
TABLE 88 KEY INFORMATION – General Electric Company
TABLE 89 Key Information – Oracle Corporation
TABLE 90 Key Information – SAP SE
TABLE 91 key information – Microsoft Corporation
TABLE 92 Key Information – Emerson Electric Co.
TABLE 93 Key Information – Bentley Systems, Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2019-2023)
FIG 4 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2019, Feb – 2023, Jan) Leading Players
FIG 5 Recent strategies and developments: ABB Group
FIG 6 SWOT Analysis: ABB Group
FIG 7 Recent strategies and developments: IBM Corporation
FIG 8 Swot analysis: IBM Corporation
FIG 9 Recent strategies and developments: Schneider Electric SE
FIG 10 Swot analysis: Schneider Electric SE
FIG 11 Recent strategies and developments: Siemens AG
FIG 12 Swot analysis: Siemens AG
FIG 13 Swot analysis: General electric (GE) Co.
FIG 14 SWOT analysis: Oracle Corporation
FIG 15 SWOT Analysis: SAP SE
FIG 16 SWOT Analysis: Microsoft Corporation