Electrical Digital Twin Market
PUBLISHED: 2023 ID: SMRC23000
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Electrical Digital Twin Market

Electrical Digital Twin Market Forecasts to 2028 - Global Analysis By Twin Type (Digital Grid, Digital Wind Farm, Digital Gas & Steam Power Plant, Distributed Energy Resources and Digital Hydropower Plant), Usage Type (Process Digital Twin, Product Digital Twin and System Digital Twin), Deployment Type (Cloud and On-Premises), Application, End User, and By Geography

4.6 (35 reviews)
4.6 (35 reviews)
Published: 2023 ID: SMRC23000

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $1,667.9 MN

Projected Year Value (2028)

US $3,798.0 MN

CAGR (2022 - 2028)

14.7%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

North America

Highest Growing Market

Asia Pacific


According to Stratistics MRC, the Global Electrical Digital Twin Market is accounted for $1,667.9 million in 2022 and is expected to reach $3,798.0 million by 2028 growing at a CAGR of 14.7% during the forecast period. The Electrical Digital Twin allows utilities to streamline data upkeep and interchange. Data from disparate systems is synchronised and then standardised into a single multi-user database using standards-based adapters or interfaces. The accuracy of a single source of truth for data is one of the key aspects of the electrical digital twin. Scalable data maintenance and interchange throughout the IT ecosystem, vendor-neutral and standards-based, as well as spans transmission and dissemination for integrated analysis.

According to the International Energy Agency, the share of renewable in global electricity generation was 29% in 2020 compared with 27% in 2019. Renewable electricity generation is expected to grow by 8% to reach 8,300 TWh in 2021.



Market Dynamics:

Driver:

Variable renewable energy integration and decentralisation of dispersed energy resources

Grid operators can use electrical digital twins to simulate operational scenarios pertinent to the dependable, efficient, and secure planning, operation, and repair of electrical systems. The decentralisation of distributed energy resources (DER) complicates grid operation and maintenance. As a result, utilities and grid operators demand more efficient and speedier technologies, such as electrical digital twins, to monitor, control, automate, and run their power networks. Electrical digital twins can help with the difficulties of grid modernization projects, notably DER integration. These devices aid in assessing the impact of DER and facilitating grid modernization planning, analysis, and design procedures. As a result, utilities may shorten the process of integrating DER, improving customer response time, facilitating cost-effective investments, and increasing operational efficiency thereby encouraging the growth of the market.

Restraint:

System complexity and the availability of precise mathematical models

Despite the obvious advantages, some utilities and grid operators have yet to implement a digital twin model for asset management as well as business and operation optimisation. A digital twin should be capable of modelling both basic and complex items and their interactions by properly capturing physical features and mimicking behaviours. For example, the construction of an electrical digital twin necessitates many inputs from operators such as facility managers, design engineers, electrical engineers, equipment vendors, and other stakeholders, which adds to the deployment's complexity. Obtaining asset data from the supplier may be difficult since it necessitates tight engagement with different layers of the supply chain.

Opportunity:

Energy 4.0 and the application of innovative technologies

Many electric utilities around the world have begun to incorporate the Industrial Internet of Things (IIoT), machine learning, artificial intelligence (AI), and cloud computing into their operations for asset performance monitoring and management, smart metering, predictive and prescriptive maintenance, the operation and automation of distributed energy resources (DER), and the planning and analysis of fluctuations in decentralised renewable generation systems. A digital twin allows utilities to anticipate, predict, and analyse numerous power production, transmission, and distribution models, as well as renewable energy integration scenarios, allowing them to continually adapt their operations to meet the rising demand for electricity. These technologies improve the application of electrical digital twin solutions in utilities and are in the early phases of incorporation into digital twin system modelling.

Threat:

Stakeholders support for deployment is limited.

Despite the numerous advantages of electrical digital twins, some underlying issues must be addressed before digital twin systems can fully realise their potential. For example, specialists in the power industry think that encouraging early digital adoption by utilities and power system operators is critical. Many power sector stakeholders initially resisted adoption due to perceived risks associated with the complexity of digital twin deployment, potential upfront costs, and uncertainty about successful outcomes following their integration.

Covid-19 Impact

COVID-19 has dealt a serious blow to the world economy and the energy industry, disrupting supply chains and squeezing demand. Several challenges faced the power sector, including reduced and remote workforces, decreased commercial energy demand, increased customer calls, and the use of digital and self-service channels during lockdowns. Because of these issues, utilities and grid operators have been pushed to increase digitization, automation, and decentralisation of their operations. The shift in working habits caused by COVID-19-induced constraints has strengthened utilities and grid operator’s digital transformation activities. Increased investments in digital solutions, such as electrical digital twins, would allow businesses to maintain resilient supply chains and operations.

The digital gas & steam power plant segment is expected to be the largest during the forecast period

The digital gas & steam power plant segment is estimated to have a lucrative growth, due to gradually integrating digital twins of gas and steam power plants in order to cut emissions and fuel consumption of gas and steam turbine assets. Through performance management, digital twins of gas and steam power plants can also help operators optimise their strategies, improve machine and equipment health, and increase reliability. Furthermore, gas and steam power plants require more maintenance than power generation facilities. Through demand and outage planning, a digital twin of the gas and steam system may assist the operator in improving asset dependability and availability, as well as optimising maintenance operations and costs.

The system digital twin segment is expected to have the highest CAGR during the forecast period

The system digital twin segment is anticipated to witness the highest CAGR growth during the forecast period, due to because of the necessity for network-level optimisation; the system digital twin sector is likely to dominate the worldwide electrical digital twin market. The digital twin of a system is a set of goods and processes that execute system or network-wide functions. It may be used to power substations, power plants, wind farms, and distributed energy resources. Based on real operating data, the system twin gives visibility into a group of interdependent equipment as well as a linked perspective of the end-to-end network of assets which drives the market.

Region with highest share:

North America is projected to hold the highest market share during the forecast period owing to its simple access and adaptability to sophisticated power solutions, as well as the availability of innovative generation facilities. Increasing power consumption and demand, along with the establishment of bulk manufacturing locations in this region are propelling the growth of the market.

Region with highest CAGR:

Asia-Pacific is projected to have the highest CAGR over the forecast period, owing to dense population, rising per capita income as a result of large-scale industrialization and urbanisation, and increased adoption of internet of things (IoT). Furthermore, resources professionals and suppliers of technology have begun to refer to this trend as Energy 4.0 to emphasise the enormity of the technological change that these advancements will bring to the electrical power industry.



Key players in the market

Some of the key players profiled in the Electrical Digital Twin Market include Siemens, General Electric, AVEVA Group, Emerson, Wipro, SAP, Bentley Systems, Etteplan, Cisco Systems, Inc., ABB, Schneider Electric, SAS Institute, IBM, Fujitsu, Hexagon PPM, Dassault Systèmes, Microsoft and Robert Bosch GmbH

Key Developments:

In April 2023, Siemens LDA and Sulzer announce digital collaboration bringing together their respective IoT-platforms and services, BLUE BOX™ and SIDRIVE IQ, the two companies are collaborating to deliver an integrated solution that improves equipment reliability and cuts operations costs.

In April 2023, Siemens consortium partners with Gujarat Metro Rail Corporation for advanced rail electrification technologies, Contracts include state-of-the-art rail electrification technologies for the Ahmedabad Metro Phase 2 and the Surat Metro Phase 1.

In April 2023, GE Digital Partners With Aeroxchange to Digitize Commercial Parts Receiving Process, The integration of GE Digital’s Asset Records software with Aeroxchange’s cloud-based products is designed to streamline document management and improve efficiency.

Twin Types Covered:
• Digital Grid
• Digital Wind Farm
• Digital Gas & Steam Power Plant
• Distributed Energy Resources
• Digital Hydropower Plant

Usage Types Covered:
• Process Digital Twin
• Product Digital Twin
• System Digital Twin

Deployment Types Covered:
• Cloud
• On-Premises

Applications Covered:
• Asset Performance Management
• Business & Operations Optimization
• Digital Twin Aggregate

End Users Covered:
• Utilities
• Grid Infrastructure Operators

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Electrical Digital Twin Market, By Twin Type
5.1 Introduction
5.2 Digital Grid
5.3 Digital Wind Farm
5.4 Digital Gas & Steam Power Plant
5.5 Distributed Energy Resources
5.6 Digital Hydropower Plant

6 Global Electrical Digital Twin Market, By Usage Type
6.1 Introduction
6.2 Process Digital Twin
6.3 Product Digital Twin
6.4 System Digital Twin

7 Global Electrical Digital Twin Market, By Deployment Type
7.1 Introduction
7.2 Cloud
7.3 On-Premises

8 Global Electrical Digital Twin Market, By Application
8.1 Introduction
8.2 Asset Performance Management
8.3 Business & Operations Optimization
8.4 Digital Twin Aggregate

9 Global Electrical Digital Twin Market, By End User
9.1 Introduction
9.2 Utilities
9.3 Grid Infrastructure Operators

10 Global Electrical Digital Twin Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa

11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies

12 Company Profiling
12.1 Siemens
12.2 General Electric
12.3 AVEVA Group
12.4 Emerson
12.5 Wipro
12.6 SAP
12.7 Bentley Systems
12.8 Etteplan
12.9 Cisco Systems, Inc.
12.10 ABB
12.11 Schneider Electric
12.12 SAS Institute
12.13 IBM
12.14 Fujitsu
12.15 Hexagon PPM
12.16 Dassault Systèmes
12.17 Microsoft
12.18 Robert Bosch GmbH

List of Tables
1 Global Electrical Digital Twin Market Outlook, By Region (2020-2028) ($MN)
2 Global Electrical Digital Twin Market Outlook, By Twin Type (2020-2028) ($MN)
3 Global Electrical Digital Twin Market Outlook, By Digital Grid (2020-2028) ($MN)
4 Global Electrical Digital Twin Market Outlook, By Digital Wind Farm (2020-2028) ($MN)
5 Global Electrical Digital Twin Market Outlook, By Digital Gas & Steam Power Plant (2020-2028) ($MN)
6 Global Electrical Digital Twin Market Outlook, By Distributed Energy Resources (2020-2028) ($MN)
7 Global Electrical Digital Twin Market Outlook, By Digital Hydropower Plant (2020-2028) ($MN)
8 Global Electrical Digital Twin Market Outlook, By Usage Type (2020-2028) ($MN)
9 Global Electrical Digital Twin Market Outlook, By Process Digital Twin (2020-2028) ($MN)
10 Global Electrical Digital Twin Market Outlook, By Product Digital Twin (2020-2028) ($MN)
11 Global Electrical Digital Twin Market Outlook, By System Digital Twin (2020-2028) ($MN)
12 Global Electrical Digital Twin Market Outlook, By Deployment Type (2020-2028) ($MN)
13 Global Electrical Digital Twin Market Outlook, By Cloud (2020-2028) ($MN)
14 Global Electrical Digital Twin Market Outlook, By On-Premises (2020-2028) ($MN)
15 Global Electrical Digital Twin Market Outlook, By Application (2020-2028) ($MN)
16 Global Electrical Digital Twin Market Outlook, By Asset Performance Management (2020-2028) ($MN)
17 Global Electrical Digital Twin Market Outlook, By Business & Operations Optimization (2020-2028) ($MN)
18 Global Electrical Digital Twin Market Outlook, By Digital Twin Aggregate (2020-2028) ($MN)
19 Global Electrical Digital Twin Market Outlook, By End User (2020-2028) ($MN)
20 Global Electrical Digital Twin Market Outlook, By Utilities (2020-2028) ($MN)
21 Global Electrical Digital Twin Market Outlook, By Grid Infrastructure Operators (2020-2028) ($MN)
22 North America Electrical Digital Twin Market Outlook, By Twin Type (2020-2028) ($MN)
23 North America Electrical Digital Twin Market Outlook, By Digital Grid (2020-2028) ($MN)
24 North America Electrical Digital Twin Market Outlook, By Digital Wind Farm (2020-2028) ($MN)
25 North America Electrical Digital Twin Market Outlook, By Digital Gas & Steam Power Plant (2020-2028) ($MN)
26 North America Electrical Digital Twin Market Outlook, By Distributed Energy Resources (2020-2028) ($MN)
27 North America Electrical Digital Twin Market Outlook, By Digital Hydropower Plant (2020-2028) ($MN)
28 North America Electrical Digital Twin Market Outlook, By Usage Type (2020-2028) ($MN)
29 North America Electrical Digital Twin Market Outlook, By Process Digital Twin (2020-2028) ($MN)
30 North America Electrical Digital Twin Market Outlook, By Product Digital Twin (2020-2028) ($MN)
31 North America Electrical Digital Twin Market Outlook, By System Digital Twin (2020-2028) ($MN)
32 North America Electrical Digital Twin Market Outlook, By Deployment Type (2020-2028) ($MN)
33 North America Electrical Digital Twin Market Outlook, By Cloud (2020-2028) ($MN)
34 North America Electrical Digital Twin Market Outlook, By On-Premises (2020-2028) ($MN)
35 North America Electrical Digital Twin Market Outlook, By Application (2020-2028) ($MN)
36 North America Electrical Digital Twin Market Outlook, By Asset Performance Management (2020-2028) ($MN)
37 North America Electrical Digital Twin Market Outlook, By Business & Operations Optimization (2020-2028) ($MN)
38 North America Electrical Digital Twin Market Outlook, By Digital Twin Aggregate (2020-2028) ($MN)
39 North America Electrical Digital Twin Market Outlook, By End User (2020-2028) ($MN)
40 North America Electrical Digital Twin Market Outlook, By Utilities (2020-2028) ($MN)
41 North America Electrical Digital Twin Market Outlook, By Grid Infrastructure Operators (2020-2028) ($MN)
42 Europe Electrical Digital Twin Market Outlook, By Twin Type (2020-2028) ($MN)
43 Europe Electrical Digital Twin Market Outlook, By Digital Grid (2020-2028) ($MN)
44 Europe Electrical Digital Twin Market Outlook, By Digital Wind Farm (2020-2028) ($MN)
45 Europe Electrical Digital Twin Market Outlook, By Digital Gas & Steam Power Plant (2020-2028) ($MN)
46 Europe Electrical Digital Twin Market Outlook, By Distributed Energy Resources (2020-2028) ($MN)
47 Europe Electrical Digital Twin Market Outlook, By Digital Hydropower Plant (2020-2028) ($MN)
48 Europe Electrical Digital Twin Market Outlook, By Usage Type (2020-2028) ($MN)
49 Europe Electrical Digital Twin Market Outlook, By Process Digital Twin (2020-2028) ($MN)
50 Europe Electrical Digital Twin Market Outlook, By Product Digital Twin (2020-2028) ($MN)
51 Europe Electrical Digital Twin Market Outlook, By System Digital Twin (2020-2028) ($MN)
52 Europe Electrical Digital Twin Market Outlook, By Deployment Type (2020-2028) ($MN)
53 Europe Electrical Digital Twin Market Outlook, By Cloud (2020-2028) ($MN)
54 Europe Electrical Digital Twin Market Outlook, By On-Premises (2020-2028) ($MN)
55 Europe Electrical Digital Twin Market Outlook, By Application (2020-2028) ($MN)
56 Europe Electrical Digital Twin Market Outlook, By Asset Performance Management (2020-2028) ($MN)
57 Europe Electrical Digital Twin Market Outlook, By Business & Operations Optimization (2020-2028) ($MN)
58 Europe Electrical Digital Twin Market Outlook, By Digital Twin Aggregate (2020-2028) ($MN)
59 Europe Electrical Digital Twin Market Outlook, By End User (2020-2028) ($MN)
60 Europe Electrical Digital Twin Market Outlook, By Utilities (2020-2028) ($MN)
61 Europe Electrical Digital Twin Market Outlook, By Grid Infrastructure Operators (2020-2028) ($MN)
62 Asia Pacific Electrical Digital Twin Market Outlook, By Twin Type (2020-2028) ($MN)
63 Asia Pacific Electrical Digital Twin Market Outlook, By Digital Grid (2020-2028) ($MN)
64 Asia Pacific Electrical Digital Twin Market Outlook, By Digital Wind Farm (2020-2028) ($MN)
65 Asia Pacific Electrical Digital Twin Market Outlook, By Digital Gas & Steam Power Plant (2020-2028) ($MN)
66 Asia Pacific Electrical Digital Twin Market Outlook, By Distributed Energy Resources (2020-2028) ($MN)
67 Asia Pacific Electrical Digital Twin Market Outlook, By Digital Hydropower Plant (2020-2028) ($MN)
68 Asia Pacific Electrical Digital Twin Market Outlook, By Usage Type (2020-2028) ($MN)
69 Asia Pacific Electrical Digital Twin Market Outlook, By Process Digital Twin (2020-2028) ($MN)
70 Asia Pacific Electrical Digital Twin Market Outlook, By Product Digital Twin (2020-2028) ($MN)
71 Asia Pacific Electrical Digital Twin Market Outlook, By System Digital Twin (2020-2028) ($MN)
72 Asia Pacific Electrical Digital Twin Market Outlook, By Deployment Type (2020-2028) ($MN)
73 Asia Pacific Electrical Digital Twin Market Outlook, By Cloud (2020-2028) ($MN)
74 Asia Pacific Electrical Digital Twin Market Outlook, By On-Premises (2020-2028) ($MN)
75 Asia Pacific Electrical Digital Twin Market Outlook, By Application (2020-2028) ($MN)
76 Asia Pacific Electrical Digital Twin Market Outlook, By Asset Performance Management (2020-2028) ($MN)
77 Asia Pacific Electrical Digital Twin Market Outlook, By Business & Operations Optimization (2020-2028) ($MN)
78 Asia Pacific Electrical Digital Twin Market Outlook, By Digital Twin Aggregate (2020-2028) ($MN)
79 Asia Pacific Electrical Digital Twin Market Outlook, By End User (2020-2028) ($MN)
80 Asia Pacific Electrical Digital Twin Market Outlook, By Utilities (2020-2028) ($MN)
81 Asia Pacific Electrical Digital Twin Market Outlook, By Grid Infrastructure Operators (2020-2028) ($MN)
82 South America Electrical Digital Twin Market Outlook, By Twin Type (2020-2028) ($MN)
83 South America Electrical Digital Twin Market Outlook, By Digital Grid (2020-2028) ($MN)
84 South America Electrical Digital Twin Market Outlook, By Digital Wind Farm (2020-2028) ($MN)
85 South America Electrical Digital Twin Market Outlook, By Digital Gas & Steam Power Plant (2020-2028) ($MN)
86 South America Electrical Digital Twin Market Outlook, By Distributed Energy Resources (2020-2028) ($MN)
87 South America Electrical Digital Twin Market Outlook, By Digital Hydropower Plant (2020-2028) ($MN)
88 South America Electrical Digital Twin Market Outlook, By Usage Type (2020-2028) ($MN)
89 South America Electrical Digital Twin Market Outlook, By Process Digital Twin (2020-2028) ($MN)
90 South America Electrical Digital Twin Market Outlook, By Product Digital Twin (2020-2028) ($MN)
91 South America Electrical Digital Twin Market Outlook, By System Digital Twin (2020-2028) ($MN)
92 South America Electrical Digital Twin Market Outlook, By Deployment Type (2020-2028) ($MN)
93 South America Electrical Digital Twin Market Outlook, By Cloud (2020-2028) ($MN)
94 South America Electrical Digital Twin Market Outlook, By On-Premises (2020-2028) ($MN)
95 South America Electrical Digital Twin Market Outlook, By Application (2020-2028) ($MN)
96 South America Electrical Digital Twin Market Outlook, By Asset Performance Management (2020-2028) ($MN)
97 South America Electrical Digital Twin Market Outlook, By Business & Operations Optimization (2020-2028) ($MN)
98 South America Electrical Digital Twin Market Outlook, By Digital Twin Aggregate (2020-2028) ($MN)
99 South America Electrical Digital Twin Market Outlook, By End User (2020-2028) ($MN)
100 South America Electrical Digital Twin Market Outlook, By Utilities (2020-2028) ($MN)
101 South America Electrical Digital Twin Market Outlook, By Grid Infrastructure Operators (2020-2028) ($MN)
102 Middle East & Africa Electrical Digital Twin Market Outlook, By Twin Type (2020-2028) ($MN)
103 Middle East & Africa Electrical Digital Twin Market Outlook, By Digital Grid (2020-2028) ($MN)
104 Middle East & Africa Electrical Digital Twin Market Outlook, By Digital Wind Farm (2020-2028) ($MN)
105 Middle East & Africa Electrical Digital Twin Market Outlook, By Digital Gas & Steam Power Plant (2020-2028) ($MN)
106 Middle East & Africa Electrical Digital Twin Market Outlook, By Distributed Energy Resources (2020-2028) ($MN)
107 Middle East & Africa Electrical Digital Twin Market Outlook, By Digital Hydropower Plant (2020-2028) ($MN)
108 Middle East & Africa Electrical Digital Twin Market Outlook, By Usage Type (2020-2028) ($MN)
109 Middle East & Africa Electrical Digital Twin Market Outlook, By Process Digital Twin (2020-2028) ($MN)
110 Middle East & Africa Electrical Digital Twin Market Outlook, By Product Digital Twin (2020-2028) ($MN)
111 Middle East & Africa Electrical Digital Twin Market Outlook, By System Digital Twin (2020-2028) ($MN)
112 Middle East & Africa Electrical Digital Twin Market Outlook, By Deployment Type (2020-2028) ($MN)
113 Middle East & Africa Electrical Digital Twin Market Outlook, By Cloud (2020-2028) ($MN)
114 Middle East & Africa Electrical Digital Twin Market Outlook, By On-Premises (2020-2028) ($MN)
115 Middle East & Africa Electrical Digital Twin Market Outlook, By Application (2020-2028) ($MN)
116 Middle East & Africa Electrical Digital Twin Market Outlook, By Asset Performance Management (2020-2028) ($MN)
117 Middle East & Africa Electrical Digital Twin Market Outlook, By Business & Operations Optimization (2020-2028) ($MN)
118 Middle East & Africa Electrical Digital Twin Market Outlook, By Digital Twin Aggregate (2020-2028) ($MN)
119 Middle East & Africa Electrical Digital Twin Market Outlook, By End User (2020-2028) ($MN)
120 Middle East & Africa Electrical Digital Twin Market Outlook, By Utilities (2020-2028) ($MN)
121 Middle East & Africa Electrical Digital Twin Market Outlook, By Grid Infrastructure Operators (2020-2028) ($MN)

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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