The global digital twin market in the utility industry is expected to grow more than six-fold between 2020 and 2026, and increase in value from $2.69 billion in 2019 to $9.35 billion, according to a new report.
The research states that major players have begun to deliver goods and solutions following global coronavirus lockdown conditions.
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Factors such as improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance costs are major influences in market growth over the next five years, says the study.
Furthermore, increased research and development activities in the Internet of Things and the Industrial Internet of Things, coupled with increased demand for efficient and cost-effective power utility technologies, are expected to drive growth over the coming five year period.
The report forecasts that the Cloud segment will hold the largest market share and is the segment with the fastest growth over the forecast period.
It is projected that North America will be the largest market between now and 2024, with a strong presence of digital electrical twin manufacturers, software developers, and technology providers that play a vital role in digital twin development.
Leading producers in 2019 included General Electric, PTC, and Siemens, with revenue growth of 31.51%, 9.26%, and 26.46% respectively, according to the report.
For more information on the report, click here.