The North America Electrical Digital Twin Market would witness market growth of 10.9% CAGR during the forecast period (2023-2029).
Real-time asset performance comparison is made possible by monitoring the field performance of power generation, transmission, and distribution operations using a digital twin and the IIoT. The business & operational processes can be improved with the help of this approach's crucial real-time input.
Because testing in a physical environment takes time and money, electrical digital twins also improve the efficiency of grid design or simulation. The grid infrastructure or power generation systems can be improved and upgraded without causing any harm by changing the grid system's characteristics in the digital twin. Engineers can examine how turbines interact with various environments and wind sources, for instance, in a wind farm, by using an electrical digital twin of the turbines. They can combine and match various turbines to create the best configuration for each pad.
Over 60% of Canada's electricity is produced by hydropower, historically the country's main energy source. In particular, the services & industrial industries were affected by COVID-19, as were many other sectors. As a result, power demand in the consumer sector increased somewhat. The goal of federal and provincial regulatory agencies is to maintain the full transmission, generation, and distribution of electricity at its highest efficiency. Major nuclear reactors continue to undergo repair and maintenance. Each of Canada's provinces and territories is looking into renewable energy sources and is in charge of its own electrical power networks. The electrical digital twin market is anticipated to have development potential due to the growing utility sector and the rising use of new technologies.
The US market dominated the North America Electrical Digital Twin Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $464.7 Million by 2029. The Canada market is poised to grow at a CAGR of 12.9% during (2023 - 2029). Additionally, The Mexico market would witness a CAGR of 12.7% 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 U.S., Mexico, Canada, and Rest of North America.
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.
By End User
By Application
By Type
By Country
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