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Digital Twins in the Power and Utilities Industry
Digital Twins in the Power and Utilities Industry
Decentralization and Decarbonization Will Drive Adoption across Power Generation, Transmission and Distribution, and Storage and Utilization Segments
RELEASE DATE
18-Mar-2021
18-Mar-2021
REGION
Global
Global
Deliverable Type
Mega Trends
Mega Trends
Research Code: MF8C-01-00-00-00
SKU: CI00744-GL-MT_25307
$2,450.00
In stock
SKU
CI00744-GL-MT_25307
Description
Decentralization, digitization, and decarbonization are transforming the global power and utilities industry. Of these three trends, digitization is the core enabler for decarbonization and decentralization in the industry, disrupting how electricity is produced, stored, distributed, and consumed by end users. Digitization also opens numerous new growth opportunities, innovative business models, and unique service offerings for stakeholders in the power and utilities value chain.
This study analyzes the digital twin (DT) technology market in the power and utilities industry. A DT is a virtual copy of a physical entity. In the real world, the entity can vary from a simple component or an asset to an entire network of bigger and more complex systems. DTs allow companies to simulate their asset or system operations in real time under different scenarios without making changes in the real world. This helps them to make clear, informed decisions.
DTs can address the power and utilities industry challenges, such as integrating and streamlining distributed energy resources (DERs) into the electricity grid; enabling smooth functioning of generation, transmission, distribution, and storage assets; and enhancing customer experience in real time.
The study explores current and future market potential for DT across all three power and utilities industry segments—power generation, transmission and distribution, and storage and utilization. It identifies DT growth opportunities and some key regions and companies active in this space.
DT can help power companies and utilities manage assets better, improve productivity and operational efficiency while optimizing resources, time, and cost. Frost & Sullivan believes DT has significant growth opportunities in the industry. Major firms are developing simulation software, including complete solutions to create DTs to optimize performance across the power and utilities space.
Many utilities are partnering with technology and software companies and investing in DT pilot and demonstration projects related to power generation, grid monitoring, energy storage, transmission and distribution, assets, and utilization. Technological breakthroughs are necessary to lower DT-associated costs and increase adoption.
DT adoption in the power and utilities industry is in its early stages. The global DT market and its emerging applications are forecast to grow exponentially over the next five to 10 years. It will take 10 to 20 years before DT becomes mainstream in the global power industry and other segments.
RESEARCH: INFOGRAPHIC
This infographic presents a brief overview of the research, and highlights the key topics discussed in it.Click image to view it in full size
Table of Contents
Why Is It Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top Three Strategic Imperatives on Digital Twins in the Power and Utilities Industry
Growth Opportunities Fuel the Growth Pipeline Engine™
Key Findings—Digital Twins in the Power and Utilities Industry
Key Findings—Digital Twins in the Power and Utilities Industry (continued)
Executive Summary—Digital Twins in the Power and Utilities Industry
Go-to-Market Recommendations—Digital Twins in the Power and Utilities Industry
Growth Opportunities—Digital Twins in the Power and Utilities Industry
Digital Twins in the Power and Utilities Industry Scope of Analysis
Digital Twin Application Segmentation in the Power and Utilities Industry
Key Questions this Study will Answer
What is a Digital Twin?
What Does a Digital Twin Do?
Benefits of Digital Twin Technology
Digital Twin Architecture
How Big Can a Digital Twin Be?
Key Value Chain Stakeholders—Digital Twins in the Power and Utilities Industry
Adoption Across Business Segments—Digital Twins in the Power and Utilities Industry
Key Technology Enablers—Digital Twins in the Power and Utilities Industry
Service Platform Tools—Digital Twins in the Power and Utilities Industry
Digital Twins in the Power and Utilities Industry
Power Generation—Digital Twins in the Power and Utilities Industry
Transmission and Distribution—Digital Twins in the Power and Utilities Industry
Storage and Utilization—Digital Twins in the Power and Utilities Industry
Business Applications—Digital Twins in the Power and Utilities Industry
Use Case 1—GE Digital Twin Model of Gas Turbine
Use Case 2—Bentley Systems Network Digital Twin for Utilities
Use Case 3—Next KraftWerke VPP for DER Management
Use Case 4—Digital Twin for Doosan Wind Farms
Growth Drivers for Digital Twins in the Power and Utilities Industry
Growth Restraints for Digital Twins in the Power and Utilities Industry
Global Market Revenue Forecast—Digital Twins in the Power and Utilities Industry
Global Market Revenue Forecast Analysis—Digital Twins in the Power and Utilities Industry
Revenue Forecast by Region—Digital Twins in the Power and Utilities Industry
Revenue Forecast Analysis by Region—Digital Twins in the Power and Utilities Industry
Revenue Forecast by Application Segment—Digital Twins in the Power and Utilities Industry
Revenue Forecast Analysis by Application Segment—Digital Twins in the Power and Utilities Industry
Analysis by Region—Digital Twins in the Power and Utilities Industry
Analysis of the North American Digital Twin Market in the Power and Utilities Industry
Analysis of the European Digital Twin Market in the Power and Utilities Industry
Analysis of the Latin American Digital Twin Market in the Power and Utilities Industry
Analysis of the Asia-Pacific Digital Twin Market in the Power and Utilities Industry
Analysis of the Middle East and African Digital Twin Market in the Power and Utilities Industry
Competitive Landscape—Digital Twins in the Power and Utilities Industry
Companies to Watch—Digital Twins in the Power and Utilities Industry
Go-to-Market Recommendations—Digital Twins in the Power and Utilities Industry
Growth Opportunity 1: Increased Customer-centric Approach to Products and Services
Growth Opportunity 1: Increased Customer-centric Approach to Products and Services (continued)
Growth Opportunity 2: Development of Integrated Platforms with Easy-to-use Interfaces
Growth Opportunity 2: Development of Integrated Platforms with Easy-to-use Interfaces (continued)
Growth Opportunity 3: Innovative Business Models
Growth Opportunity 3: Innovative Business Models (continued)
Growth Opportunity 4: Mergers/Collaborations/Partnerships Across the Value Chain
Growth Opportunity 4: Mergers/Collaborations/Partnerships Across the Value Chain (continued)
Growth Opportunity 5: Over-the-cloud Services
Growth Opportunity 5: Over-the-cloud Services (continued)
Growth Opportunity 6: Development of Open Source Platforms
Growth Opportunity 6: Development of Open Source Platforms (continued)
Growth Opportunity 7: Increase in R&D Investment
Growth Opportunity 7: Increase in R&D Investment (continued)
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Popular Topics
Decentralization, digitization, and decarbonization are transforming the global power and utilities industry. Of these three trends, digitization is the core enabler for decarbonization and decentralization in the industry, disrupting how electricity is produced, stored, distributed, and consumed by end users. Digitization also opens numerous new growth opportunities, innovative business models, and unique service offerings for stakeholders in the power and utilities value chain.
This study analyzes the digital twin (DT) technology market in the power and utilities industry. A DT is a virtual copy of a physical entity. In the real world, the entity can vary from a simple component or an asset to an entire network of bigger and more complex systems. DTs allow companies to simulate their asset or system operations in real time under different scenarios without making changes in the real world. This helps them to make clear, informed decisions.
DTs can address the power and utilities industry challenges, such as integrating and streamlining distributed energy resources (DERs) into the electricity grid; enabling smooth functioning of generation, transmission, distribution, and storage assets; and enhancing customer experience in real time.
The study explores current and future market potential for DT across all three power and utilities industry segments—power generation, transmission and distribution, and storage and utilization. It identifies DT growth opportunities and some key regions and companies active in this space.
DT can help power companies and utilities manage assets better, improve productivity and operational efficiency while optimizing resources, time, and cost. Frost & Sullivan believes DT has significant growth opportunities in the industry. Major firms are developing simulation software, including complete solutions to create DTs to optimize performance across the power and utilities space.
Many utilities are partnering with technology and software companies and investing in DT pilot and demonstration projects related to power generation, grid monitoring, energy storage, transmission and distribution, assets, and utilization. Technological breakthroughs are necessary to lower DT-associated costs and increase adoption.
DT adoption in the power and utilities industry is in its early stages. The global DT market and its emerging applications are forecast to grow exponentially over the next five to 10 years. It will take 10 to 20 years before DT becomes mainstream in the global power industry and other segments.
| Deliverable Types | Mega Trends |
|---|---|
| No Index | No |
| Podcast | No |
| Author | Swagath Navin Manohar |
| Industries | Cross Industries |
| WIP Number | MF8C-01-00-00-00 |
| Is Prebook | No |
| GPS Codes | 9AFE-A4,9B00-A4,9851,GETE |