Electrical Digital Twin Market: Decentralization of DERs and Renewable Energy Integration Fueling Demand
The global electrical digital twin market is poised for remarkable expansion as the industry’s focus shifts towards harnessing the potential of renewable energy sources and decentralized energy resources (DERs). The concept of electrical digital twins, a cornerstone of Industry 4.0, has gained immense traction, driven by advancements in IoT and cloud technologies. These twins promise accelerated production, predictive maintenance, real-time monitoring, and enhanced collaboration, providing a crucial edge in today’s competitive landscape.
With mounting concerns about carbon emissions and environmental sustainability, the integration of low-carbon energy sources has become imperative. The landmark Paris Agreement of 2015 has spurred both developed and emerging economies to seek a carbon-neutral future by curbing greenhouse gas emissions. This has led to a substantial increase in the adoption of renewable energy systems, with solar photovoltaics and wind power at the forefront.
Renewable energy sources, including solar and wind, offer a potent avenue for decarbonizing the power sector while meeting the escalating energy demand. Government incentives have further propelled the use of renewables for electricity generation. The International Energy Agency (IEA) reports a 2% increase in renewable energy’s contribution to global electricity generation, reaching 29% in 2020. This trend is set to continue, with anticipated annual growth of at least 8% in the years ahead.
Amidst this backdrop, grid and utility operators are swiftly embracing digital technologies like electrical digital twins to seamlessly integrate renewable energy into their operational landscape. These twins enable operators to simulate various operational scenarios, ensuring efficient, secure, and reliable maintenance and planning of electrical systems. The decentralization of DERs, while advantageous, can complicate grid maintenance. To streamline these complexities, operators are turning to electrical digital twins for automated control, operation, and monitoring of power networks. The adoption of digital twins promises to simplify grid modernization, particularly in DER integration, resulting in quicker customer response times, heightened operational efficiency, and cost-effective investments.
Another significant development is the rise of system digital twins, which find application across diverse industries. These twins, known for their network-level optimization capabilities, offer complete visibility into networks and systems, ranging from power plants to distributed energy systems. Their adoption is expected to contribute substantially to the growth of the electrical digital twin market.
North America Spearheading the Electrical Digital Twin Market
In the race to revolutionize the electrical digital twin landscape, North America is poised to take the lead. The region’s well-established infrastructure and robust investment in advanced technologies make it a prime hub for adopting and integrating electrical digital twin solutions. With energy demand soaring and a growing reliance on renewables, the role of electrical digital twins has never been more critical. In fact, over 20% of total electricity production in the United States is attributed to the interconnection of renewable energy and electrical systems.
Industry Pioneers and Collaborations Driving Innovation
Leading players in the electrical digital twin market, including General Electric, Siemens, Schneider Electric, ABB, and Microsoft, are actively collaborating to shape the future of this dynamic sector. Recent partnerships such as Threedy and Siemens’ collaboration to develop a visual computing platform exemplify the industry’s commitment to innovation. These partnerships leverage cutting-edge technologies to provide users access to comprehensive visual electrical digital twin information. Additionally, advancements in analytics software by companies like GE, which incorporates machine learning and artificial intelligence alongside electrical digital twins, highlight the industry’s dedication to optimizing performance and problem-solving.
The electrical digital twin market’s growth trajectory is poised for remarkable expansion, driven by renewable energy integration, DER decentralization, and strategic collaborations that continue to redefine the industry’s landscape.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/electrical-digital-twin-market
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This press release first seen on Brilad