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Impact of COVID 19 on Electrical Digital Twin Market

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Impact of COVID 19 on Electrical Digital Twin Market

April 15
04:30 2020
Impact of COVID 19 on Electrical Digital Twin Market
Electrical Digital Twin Market by Twin Type (Gas & Steam Power Plant, Wind Farm, Digital Grid, Hydropower Plant, and Der), Application, Deployment (Cloud/Hosted and On-Premises), End-user, Region – Global Forecast to 2024

The ongoing COVID-19 pandemic—and the worldwide reaction to it—has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.


At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Electrical Digital Twin Market. We are working diligently to help companies take rapid decisions by studying:


  • Covid Impact on Electrical Digital Twin Market, growth/decline in product type/use cases   of Electrical Digital Twin Market due to cascaded impact of Covid 19 on Extended Ecosystem.
  • The rapid shifts in the strategies of the Top 50 companies in the Electrical Digital Twin Market.
  • Outside-in view of top 50 companies client and client’s clients shifting short-term priorities


You can request an in-depth analysis detailing the impact of COVID-19 on the Electrical Digital Twin Market:


The global electrical digital twin market is projected to reach USD 1,642 million by 2024 from an estimated USD 804 million in 2019, at a CAGR of 15.4%. This growth can be attributed to the improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance cost.


The asset performance management is expected to hold the largest share of the electrical digital twin market, by application, during the forecast period.

The asset performance management segment is projected to be the largest market during the forecast period. This is mainly because the power utilities are constantly focusing on asset management to continuously monitor asset health, increase grid reliability, and help in maintenance optimization. With the help of digital twining, the power utilities can map physical assets to a digital platform that helps in creating a single source of data for all power generation or renewable assets.


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The cloud segment is expected to be the fastest growing electrical digital twin market, by deployment, during the forecast period.

The cloud segment accounted for the highest CAGR during the forecast period. The growth of this segment can be attributed to the multiple benefits of cloud software installation such as easy accessibility, no upfront cost associated (instead regular payments are made which are an operating expense), maintenance of software or the hardware it resides on by cloud service providers, quick deployment, and lower energy consumption cost. All these factors are likely to increase the demand for cloud services in the electrical digital twin market during the forecast period.


North America: The leading electrical digital twin market.

In this report, the electrical digital twin market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. North America is estimated to dominate the global electrical digital twin market during the forecast period. In recent years, the development of software and automation solutions deployed across the power generation utilities has created a positive impact on the growth of digital twins. Moreover, the increased research & development (R&D) activities in the field of Internet of Things (IoT) and Industrial Internet of Things (IIoT) and increasing demand for efficient and cost-effective technologies for power utilities are the factors driving the market in this region.


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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the electrical digital twin market. Some of the key players are Siemens (Germany), GE (US), ABB (Switzerland), Emerson (US), and AVEVA (UK). The leading players are adopting various strategies to increase their share in the electrical digital twin market.


About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.


Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.


MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.


Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: [email protected]

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Sanjay Gupta
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States

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