Digital Twin in Energy & Utilities Market was valued at USD 5.4 Billion in 2022 and is projected to reach USD 16.2 Billion by 2030, growing at a CAGR of 18.0% from 2024 to 2030.
The Digital Twin technology in the energy and utilities sector experienced significant growth in 2022, with the market size reaching approximately USD 4.2 billion. This segment has been expanding at a compound annual growth rate (CAGR) of around 24.5%, driven by the increasing adoption of digital solutions for enhancing operational efficiency and predictive maintenance. The integration of digital twin technology allows for real-time simulations and data-driven decision-making, which is crucial for optimizing the performance of energy grids, utilities infrastructure, and other critical assets.
Opportunities within the Digital Twin market for energy and utilities are substantial, given the ongoing digital transformation and the push towards smart grids and sustainable energy solutions. Emerging markets are particularly promising, with rapid industrialization and urbanization fueling the demand for advanced technologies. As regions like Asia-Pacific and Latin America advance their energy infrastructure, the potential for growth in digital twin applications is significant. This includes not only improvements in operational efficiencies but also enhanced capabilities for remote monitoring and management of energy resources.
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General Electric
PTC
Siemens
Dassault Systèmes
IBM Corporation
ANSYS
Microsoft Corporation
Oracle Corporation
Accenture (Mackevision)
SAP
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Digital Twin in Energy & Utilities Market
Energy
Utilities
Based on Types the Market is categorized into Below types that held the largest Digital Twin in Energy & Utilities market share In 2023.
System Twin
Process Twin
Asset Twin
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Digital Twin in Energy & Utilities Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Digital Twin in Energy & Utilities Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Digital Twin in Energy & Utilities Market, By Type
6. Global Digital Twin in Energy & Utilities Market, By Application
7. Global Digital Twin in Energy & Utilities Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Digital Twin in Energy & Utilities Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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