“Technologies and Solutions Like Artificial Intelligence (AI), Machine Learning (ML), and Internet-of-Things (IoT) Will Support Positive Growth of Electrical Digital Twin Market”, says Visiongain report

05 September 2019
Electronics

Visiongain’s new report the Electrical Digital Twin Market Report 2019-2029: Forecasts by End-use (Manufacturing, Materials Science, Industrial Products, Energy & Utilities, Healthcare & Life Sciences, Infrastructure and Urban Planning, Retail & Consumer Goods), Logistics Sector (Container Digital Twins, Shipments, Warehouses and Distribution Centers, Logistics Infrastructure, Logistics Networks), by Twin Type (Digital Gas & Steam Power Plant, Digital Grid, Digital Wind Farm, Digital Hydropower Plant, Distributed Energy Resources), by Application (Asset Performance Management, Business & Operations Optimization, Digital Twin Aggregate), by Deployment Type (Cloud, On-Premises ) Plus Leading Company Analysis and Regional and Leading National Market Analysis.

Artificial Intelligence (AI), Machine Learning (ML), and Internet-of-Things (IoT), among others, are the main technologies and solutions that allowed the technology to be supported. Factors such as increased use of connected devices across different organisations, increased adoption of cloud systems and the emergence of high-speed networking technologies have enabled businesses to choose IoT alternatives.

Given that IoT can help businesses increase their services and procedures by leveraging digital twin platforms, the increasing acceptance of IoT is particularly good for the worldwide economy. On the other side, IoT and cloud platforms ' vulnerability to cybercrimes and threats to data security would hamper market growth. Several companies are still dependent on 2D drawings, especially tiny and medium-sized ones. If they do not acquire appropriate knowledge in 3D designs, they risk losing their customers ' 3D drawing knowledge to their rivals, which would also hamper the development of the industry.

Technology Fusion to Gain Competitive Edge Over Competitors in the Global Market

Through its quick model construction capacity and versatile printing materials, 3D printing technology has already brought revolutionary changes to the manufacturing sector. The benefit of 3D printing has gone even further in multiple manufacturing sectors such as the automotive, aerospace, medical and utility sectors with the advent of digital twin technology. Market vendors are engaged in partnerships and collaborations to integrate their 3D printing capabilities with digital twin technology to reduce production and manufacturing costs through pre-testing and predictive product assessment.

January 2019: Siemens AG announced that its 3D additive process simulation will be integrated with digital twin software to create optimized models with minimal mistakes. This two-tech integration on the same platform is expected to drive development in the manufacturing industry for both 3D printing and digital twin technology. Several advanced and developing nations focus on using digital twin technology to leverage their 3D printing acceptance. The United States, China, Japan, China, Germany and the United Kingdom are some of the main courtiers adjusting this technology to their current 3D printing sector base.

Automotive And Transportation Segment Is Expected To Grow Over The Forecast Period

The automotive and transportation segment is expected to grow over the forecast period at a CAGR exceeding 32.8 percent. In the coming years, increased demand for connected cars is anticipated to drive the segment. In the automotive sector, digital twins are implemented to create virtual models of a connected vehicle, capture operational / behavioral information and assess the vehicle's general efficiency. It is also possible to use the technology to provide full tailored services. It is also anticipated that the retail and consumer goods segment will see a substantial CAGR as businesses leverage the technology to better comprehend consumers ' evolving requirements and customize products and services, and operations accordingly for enhanced user experience.

Leading Regional & National Analysis

Together, the national markets of North America and Europe accounted for over 48% of the worldwide market share in 2018. These areas are among the most recent technologies' early adopters. While some of the most prominent tech giants are home to them, they also have a distinctive ecology of studies. They are also experiencing intelligent linked devices being increasingly adopted. These two areas are anticipated to keep their leadership due to all these variables.

Asia Pacific is expected to grow over the forecast period to a CAGR exceeding 42.0 percent. Some emerging countries, like Japan, China, and India, have conducted a number of projects to promote IoT adoption. This increases the development of the industry. In addition, the ongoing deployment of high-speed Internet facilities, increased industrialization and decreasing average selling prices of sensors and modules in the region are anticipated to further drive the market.

Leading Players

The comprehensive report offers market estimation and forecast for the period ranging 2019 – 2029 for leading national markets and rest of the world. Moreover, the report contains dedicated leading companies covering 10 leading producers in the field of advanced energy storage systems.

IBM Corporation, Microsoft Corporation, PTC, SAP, Siemens AG, SAS Institute, ABB, AVEVA Group plc, Dassault Systèmes, General Electric, Hexagon AB

Some of the major businesses on the market are ABB Group; Hexagon Geosystems AG; PTC, Inc.; Dassault Systèmes; AVEVA Group plc; SAP SE; Schneider Electric SE; and Siemens AG. As part of the attempts to gain a competitive advantage over their competitors, these businesses are developing innovative apps for digital twin technology. For example, General Electric uses the technology to evaluate the operating life of critical jet engine parts and determine the optimum maintenance intervals. These businesses are attempting to advance technology to improve product development success rates and improve organisational efficiency by up to 25% or more.

The Electrical Digital Twin Market Report 2019-2029 report will be of value to anyone who wants to better understand the energy storage market and its various segments. It will be useful for businesses who wish to better comprehend the part of the market they are already involved in, or those wishing to enter or expand into a different regional or technical part of the energy industry.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

Recent News

New Visiongain report: Water Quality Sensor Market 2020 – 2030

Increasing need to assess the quality of water before supplying it to the distribution system has prompted water treatment facilities to install water quality sensors, which ultimately increases demand for water quality sensor goods.

07 November 2019

Read

“Video Analytics Market is expected to grow during the forecast period”, says Visiongain

n addition, increased demand for IP-based security systems and services, and growing concerns regarding life safety and security as well as resources, are projected to boost the development of the market for video analytics during the forecast period.

01 November 2019

Read

“The market size of the international variable frequency drive is expected to advance in the forecast period at a CAGR of 8.2 percent”, says Visiongain

In 2016, global energy intensity, calculated as the primary energy demand needed to produce one unit of GDP, dropped by about 1.8%.

01 November 2019

Read

“Global market size of telecom electronic manufacturing services (EMS) is expected to reach USD 400 billion by 2030”, says Visiongain

IoT is the next key trend and it is estimated that it will support the telecommunications industry in terms of revenue generation and infrastructure expansion, which is then estimated to drive the market over the forecast years.

01 November 2019

Read

Kelloggs
3m
Thales
Shell
TEVA
Lockheed-Martin
Pfizer
Raytheon
Halliburton
Du-Pont
Honeywell
Daimler
BASF
Bayer
BP
BAE-Systems
Unilever