English Financial Content PR-Wirein Press Release Reportedtimes Research Newswire

Electrical Digital Twin Market is Expected to Reach $556.4 Million by 2030

According to a recent report published by Allied Market Research, titled, “Electrical Digital Twin Market by Type, Application and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global electrical digital twin market was valued at $149.10 million in 2020, and is projected to reach $556.4 million by 2030, registering a CAGR of 14.2% from 2021 to 2030.

The rising demand in healthcare sector to cover real time aspects, and rising use of digital twin for predictive maintenance to avoid unexpected interruption are expected to drive the growth of the market in the future. However, higher system complexities hinder the market growth. The growing adoption of advanced technologies for implementation of digital twin applications is expected to be opportunistic for the electrical digital twin market growth.

By type, it is fragmented into product digital twin, process digital twin, and system digital twin. The system digital twin segment was the highest revenue contributor accounting for $514 million in 2020, and is expected to witness the fastest growth at a CAGR of 11.0% during the forecast period.

Download Report Sample with Latest Industry Insights: https://www.alliedmarketresearch.com/request-sample/16105 

By application, the market is divided into asset performance management, and business and operations optimization. The asset performance management segment was the highest revenue contributor accounting for $775.4 million in 2020 and is expected to witness the fastest growth at a CAGR of 11.3% during the forecast period.

By end user, the market is divided into utilities, and grid infrastructure operators. The grid infrastructure operators segment is expected to be the fastest growing segment registering a CAGR of 13.8% during the forecast period. However, the utilities segment is the highest revenue contributor that accounted for $710.6 million in 2020.

By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor that was valued at $436.7 million in 2020. This region is further expected to attain a market value of $ 1211.5 million by 2030 to grow at a CAGR of 10.8%.

COVID-19 Impact:

COVID-19 has caused the overall semiconductor industry to mobilize quickly and make short-term decisions with long-term implications. Semiconductor companies operate in a complex ecosystem, working across the value chain with numerous raw materials, assembly, test, package, and equipment suppliers & partners across the globe.

Demand from the IT & telecommunication segment is expected to increase, owing to factors such as rise in broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further push the need for digital transformation and technologies, such as 5G, IoT, AI, and intelligent edge computing for future optimization.

Some of the electrical digital twin manufacturers have witnessed temporary delays in production, increased costs, and revenue losses due to the pandemic.

The manufacturing sector witnessed severe loss, and thus, no new orders have been placed during the pandemic. In addition, this impact is estimated to continue till 2021. Moreover, international consumer electronics and electrical digital twin markets are in a very weak state, owing to lockdowns imposed to tackle the pandemic. Although the markets in the U.S. and Europe witnessed mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Therefore, the electrical digital twin market is facing major obstacles from the emergence of COVID-19 pandemic.

The pandemic is impacting production process of several industries, including semiconductor and electronics. Trade barriers are further constraining the demand and supply outlook. The overall production process is adversely affected as governments of different countries have already announced total lockdown and temporary shutdown of industries.

Key Findings Of The Study

  • By type, the system digital twin segment is expected to generate the highest revenue during the forecast period.
  • By application, the asset performance management segment is expected to register the highest revenue during the forecast period.
  • By end user, the grid infrastructure operators segment is expected to register the highest revenue during the forecast period.
  • By region, North America is expected to register the highest revenue during the forecast period.

Interested? Do Purchase Enquiry Now: https://www.alliedmarketresearch.com/purchase-enquiry/16105

The key players profiled in the report include General Electric, ABB, Emerson, Siemens, AVEVA, Schneider, SAP, IBM, Oracle Corporation, and Microsoft. These key players have adopted several strategies, such as new product launch & development, acquisition, partnership & collaboration, and business expansion, to increase their footprint in the electrical digital twin industry during the forecast period.

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

 

Tags:

See Campaign: https://www.alliedmarketresearch.com/

Contact Information:

Contact: David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022 UK: +44-845-528-1300 Hong Kong: +852-301-84916 India (Pune): +91-20-66346060 Fax: +1(855)550-5975 help@alliedmarketresearch.com Web: https://www.alliedmarketresearch.com


Tags:
Reportedtimes, Financial Content, PR-Wirein, Research Newswire, English

Contact Information:

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *