According to a new report, published by KBV research, The Global Electrical Digital Twin Market size is expected to reach $1.8 billion by 2029, rising at a market growth of 12.2% CAGR during the forecast period.
The Grid Infrastructure Operators segment shows a CAGR of 12.9% during (2023 - 2029). Designing grid infrastructure that is ecologically friendly is one of the emerging applications of digital twin technology. To help them incorporate green energy sources into their operational mix, grid infrastructure operators worldwide increasingly turn to digital technology, such as electrical digital twins.
The Asset Performance Management segment is leading the Global Electrical Digital Twin Market by Application in 2022 thereby, achieving a market value of $1.1 billion by 2029. The requirement for continuous asset monitoring and proactive maintenance is increasing, which has led to the segment's growth. In addition, a reliability-centered maintenance capability is provided by the electrical digital twin, which also suggests adjustments to maintenance plans for the best use of assets under the limits of a given budget and dependability risk.
The Process Digital Twin segment has shown a growth rate of 12.8% during (2023 - 2029). These offer an in-depth look at each product as it is released. A steady stream of information is received, sorted, and organized, covering all pertinent information from suppliers and raw materials through the finished product. The use of artificial intelligence, mixed reality, and high-performance computers optimizes the machinery and the entire production process. This new class of digital twins, based on mixed reality technology, helps businesses integrate processes without interruptions.
The North America market dominated the Global Electrical Digital Twin Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $631.6 million by 2029. The Europe market is exhibiting a CAGR of 11.5% during (2023 - 2029). Additionally, The Asia Pacific market would showcase a CAGR of 13.2% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/electrical-digital-twin-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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