Market Overview:
The global electrical digital twin market is expected to grow at a CAGR of 16.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for digital twins across various industries and regions. The electrical digital twin market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into parts twin, product twin, process twin, and system twin. Parts twins are used for monitoring physical objects such as machines or vehicles in order to understand their performance and predict any potential failures or issues that may arise in future. Product twins are used for understanding how a product behaves under different conditions and improving its design by using simulations that replicate real-world scenarios.
Product Definition:
An Electrical Digital Twin is a virtual model of an electrical system that can be used to simulate and optimize the operation of the system. The importance of Electrical Digital Twins is that they can help to improve efficiency and reduce costs by predicting problems before they occur and allowing for simulations of different scenarios.
Parts Twin:
The parts twin market is expected to witness significant growth over the forecast period. The growth of this market can be attributed to factors such as increasing demand for digital twin, growing complexity in product designs and rising need for reliability in products & services.
In today's world where technology is changing rapidly, it becomes difficult to keep pace with developments in various fields such as semiconductors, telecommunication and IT hardware among others.
Product Twin:
Product twin is a digital representation of the product. It's an exact replica of the actual product which is used for marketing and promotional activities. The main objective behind creating Product Twin is to enable companies to reach out to their customers in a more effective manner, by using online platforms for promotion as well as marketing.
The rise in e-commerce has led market players to focus on customer experience management, which includes understanding customer buying behavior.
Application Insights:
The automotive and transportation segment accounted for the largest market share in 2017. The growth of this application is attributed to the increasing adoption of electrical digital twins in various industries, such as vehicle manufacturing, logistics and supply chain management, aftermarket and maintenance services. Moreover, technological advancements are further driving the demand for electric vehicles (EVs) across the globe. For instance, V2V communication between EVs can help reduce traffic accidents by 50%. Thus, companies are focusing on developing V2V communication capabilities within their cars to prevent accidents during emergency situations such as lane departure or slow moving vehicles ahead warning.
The machine manufacturing segment is expected to register a significant CAGR over the forecast period owing to an increase in industrial automation processes worldwide coupled with rising demand for high-precision machinery components that require real-time data regarding production levels.
Regional Analysis:
The market in North America is expected to grow at a significant rate over the forecast period. The growth can be attributed to the presence of major players, technological advancements, and high adoption of automation across various industries. Moreover, increasing investments in R&D for electrical safety are also anticipated to drive demand over the forecast period.
The Asia Pacific region accounted for a revenue share of more than 25% in 2017 owing to rapid industrialization and growing machine manufacturing sector across countries such as China and India. Furthermore, rising awareness about digital twins among consumers is further expected to fuel regional growth during the forecast period.
Growth Factors:
- Increasing demand for smart and efficient electrical systems
- Rising need for predictive maintenance and fault detection in electrical systems
- Growing popularity of digital twins for training and simulation purposes
- Proliferation of Internet of Things (IoT) and big data analytics technologies
- Emergence of new applications areas for digital twins
Scope Of The Report
Report Attributes
Report Details
Report Title
Electrical Digital Twin Market Research Report
By Type
Parts Twin, Product Twin, Process Twin, System Twin
By Application
Aerospace and Defense, Automotive and Transportation, Machine Manufacturing, Energy and Utilities, Others
By Companies
General Electric, PTC, Siemens, Dassault Systemes, IBM Corporation, ANSYS, Microsoft Corporation, Oracle Corporation
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
138
Number of Tables & Figures
97
Customization Available
Yes, the report can be customized as per your need.
Global Electrical Digital Twin Market Report Segments:
The global Electrical Digital Twin market is segmented on the basis of:
Types
Parts Twin, Product Twin, Process Twin, System Twin
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Aerospace and Defense, Automotive and Transportation, Machine Manufacturing, Energy and Utilities, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- General Electric
- PTC
- Siemens
- Dassault Systemes
- IBM Corporation
- ANSYS
- Microsoft Corporation
- Oracle Corporation
Highlights of The Electrical Digital Twin Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Parts Twin
- Product Twin
- Process Twin
- System Twin
- By Application:
- Aerospace and Defense
- Automotive and Transportation
- Machine Manufacturing
- Energy and Utilities
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Electrical Digital Twin Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
An Electrical Digital Twin is a digital representation of an object or environment that can be used to improve the accuracy, efficiency, and safety of operations. It can also be used to create virtual models for training or simulation purposes.
Some of the key players operating in the electrical digital twin market are General Electric, PTC, Siemens, Dassault Systemes, IBM Corporation, ANSYS, Microsoft Corporation, Oracle Corporation.
The electrical digital twin market is expected to grow at a compound annual growth rate of 16.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Electrical Digital Twin Market Overview 4.1 Introduction 4.1.1 Market Taxonomy 4.1.2 Market Definition 4.1.3 Macro-Economic Factors Impacting the Market Growth 4.2 Electrical Digital Twin Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Electrical Digital Twin Market - Supply Chain Analysis 4.3.1 List of Key Suppliers 4.3.2 List of Key Distributors 4.3.3 List of Key Consumers 4.4 Key Forces Shaping the Electrical Digital Twin Market 4.4.1 Bargaining Power of Suppliers 4.4.2 Bargaining Power of Buyers 4.4.3 Threat of Substitution 4.4.4 Threat of New Entrants 4.4.5 Competitive Rivalry 4.5 Global Electrical Digital Twin Market Size & Forecast, 2020-2028 4.5.1 Electrical Digital Twin Market Size and Y-o-Y Growth 4.5.2 Electrical Digital Twin Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Parts Twin
5.2.2 Product Twin
5.2.3 Process Twin
5.2.4 System Twin
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Aerospace and Defense
6.2.2 Automotive and Transportation
6.2.3 Machine Manufacturing
6.2.4 Energy and Utilities
6.2.5 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Electrical Digital Twin Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Electrical Digital Twin Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Parts Twin
9.6.2 Product Twin
9.6.3 Process Twin
9.6.4 System Twin
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Aerospace and Defense
9.10.2 Automotive and Transportation
9.10.3 Machine Manufacturing
9.10.4 Energy and Utilities
9.10.5 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Parts Twin
10.6.2 Product Twin
10.6.3 Process Twin
10.6.4 System Twin
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Aerospace and Defense
10.10.2 Automotive and Transportation
10.10.3 Machine Manufacturing
10.10.4 Energy and Utilities
10.10.5 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Parts Twin
11.6.2 Product Twin
11.6.3 Process Twin
11.6.4 System Twin
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Aerospace and Defense
11.10.2 Automotive and Transportation
11.10.3 Machine Manufacturing
11.10.4 Energy and Utilities
11.10.5 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Parts Twin
12.6.2 Product Twin
12.6.3 Process Twin
12.6.4 System Twin
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Aerospace and Defense
12.10.2 Automotive and Transportation
12.10.3 Machine Manufacturing
12.10.4 Energy and Utilities
12.10.5 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Parts Twin
13.6.2 Product Twin
13.6.3 Process Twin
13.6.4 System Twin
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Aerospace and Defense
13.10.2 Automotive and Transportation
13.10.3 Machine Manufacturing
13.10.4 Energy and Utilities
13.10.5 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Electrical Digital Twin Market: Competitive Dashboard
14.2 Global Electrical Digital Twin Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 General Electric
14.3.2 PTC
14.3.3 Siemens
14.3.4 Dassault Systemes
14.3.5 IBM Corporation
14.3.6 ANSYS
14.3.7 Microsoft Corporation
14.3.8 Oracle Corporation