As per our research Report, the Global Digital Twin in Solar Power Plant Market is forecasted to be growing at CAGR of 35.15% from 2024 to 2030.
A digital twin is a replica of an actual system. A digital twin enables experimentation, hypothesis testing, behaviour prediction of the solar power plant's system, and life cycle management while adjusting the input variables. Furthermore, a digital twin aids in minimising running expenses, avoiding subpar system design, and equipment breakdowns. A digital twin, in the specific context of the solar photovoltaic (PV) business, is a representation of a solar power plant that holds all pertinent design and location information as well as historical data, such as a breakdown of performance indicators and main loss reasons.
A speedier method of comparing a PV plant's present performance with its expected performance derived from its digital duplicate is to use a digital twin. Irradiance and temperature are the only inputs needed after a Digital Twin of a Solar PV Plant has been constructed, aside from real-time plant data. As a result, it is now quicker and simpler to undertake performance and loss analysis. Digital twins of excessive complex solar PV plants even offer a breakdown of characteristics and trends to quickly identify the causes for errors or losses. Consequently, simplifying daily responsibilities for solar asset managers will boost solar plant uptime.
Scaling up the capital expenditure of renewable energy technologies will help achieve this objective. To meet the accelerating demand for energy while simultaneously decarbonizing the power industry, renewable energy technologies like wind and solar PV are essential. Governments all around the globe have implemented regulations and provided financial incentives to decarbonize the system over the long term by utilising renewable energy sources. Over the next decade, it is anticipated that the mix of power generation will alter, with significant growth in solar (utility-scale), distributed generation and storage, grid-scale energy storage, and wind. In addition, over the past ten years, investments in renewable energy technology have grown on a global scale. Even while the COVID-19 outbreak caused disruptions in the electricity sector, the global capital investment for renewables grew. Fast-moving technology breakthroughs have resulted in quickly falling solar panel installation costs and numerous nations are switching to green energy production, which is driving up demand for renewable energy technologies.
Operators of grid infrastructure and utilities are excessively turning to digital technology, such as digital twins, to make it easier to initiate the rising proportion of renewable energy sources into their operating mix. Through the utilization of digital twins, grid operators can simulate operational scenarios important for the dependable, efficient, and secure design, operation, and maintenance of electrical systems. The complexity of running and maintaining a grid rises as an impact of decentralized distributed energy resources (DER). Utilities and grid operators must therefore find quicker and more effective methods to monitor, regulate, automate, and run their power networks, including digital twins. The difficulties posed by grid modernization projects, particularly those involving DER integration, can be monitored by digital twins. These tools assist in the planning, analysis, and designing phases of grid modernization and assist in determining the impact of DER. Utility companies can therefore simplify the DER interconnection process to fasten up customer service, make cost-effective investments, and develop operational effectiveness.
Globally, numerous electric utilities have begun integrating the Industrial Internet of Things (IoT), machine learning, artificial intelligence (AI), and cloud computing into their operational procedures for asset performance monitoring and management, smart metering, preventive and curative maintenance, the operation and automation of distributed energy resources (DER), and the planning and analysis of fluctuations in decentralized renewable generation systems. The utilities can forecast, predict, and analyze multiple power generation, transmission, and distribution models as well as situations for integrating renewable energy credits to a digital twin, enabling them to continuously adapt their operations to reach the rising electricity demand. These innovations are in the beginning phases of incorporation into the modelling of digital twin systems and help utilities execute digital twin solutions more effectively. To highlight the magnitude of the digital revolution that these technologies would bring to the electrical power industry, utility experts and technology suppliers have begun using the term "Energy 4.0" to describe this trend.
Through supply chain disturbance and demand stifling, COVID-19 has struck a devastating blow to the world economy and the energy industry. The power industry faced several hurdles, including a smaller and more distant workforce, a fall in the demand for commercial energy, a rise in customer calls, and the usage of digital and self-serve channels during lockdowns. Utility companies and grid operators were restricted by these difficulties to speed up the digitalization, automation, and decentralization of their operations. Different governments' protective measures decreased the workforce's availability and needed stringent hygiene and social segregation rules to keep operations running. Utility and grid operators' efforts to go digital have been aided by the modification in working habits brought on by COVID-19-related regulations. In the upcoming days, firms will be able to manage customers more effectively and maintain robust supply chains, operations, and supply chains credits to the growing investments in digital solutions, including digital twins.
KEY MARKET INSIGHTS:
During the forecast period, the digital gas & steam power plant sector is expected to contribute the most to the digital twin market. Globally, the operators in the power sector are looking to gradually adopt digital twins of their gas and steam power plants to lower emissions and fuel usage of their gas and steam turbine assets. Operators may also better the health of their machines and equipment, enhance performance management, and boost reliability with the utilisation of the digital twins of gas and steam power plants. Furthermore, compared to other power-producing facilities, gas and steam power plants need greater maintenance. The operator may be able to develop asset availability and reliability and minimize maintenance costs by using a digital twin of the gas and steam system.
Due to the demand for network-level optimisation, the system digital twin sector is anticipated to dominate the global digital twin market. A group of products and procedures that carry out system- or network-wide functions constitute the system’s digital twin. Systems or networks including substations, power plants, wind farms, and distributed energy resources can all help from its stimulation. Based on actual operating data, the system twin offers insight into a group of interconnected fragments of equipment and a connected perspective of the entire network of assets.
During the projected period, the cloud segment is anticipated to develop at the fastest rate. The digital twin market's cloud segment is anticipated to widen at the highest CAGR during the forecast period. This is because cloud-based solutions have a rising number of benefits, including scalability, adaptability, cost-effectiveness, and low energy consumption, which are driving up adoption rates across Companies.
During the anticipated period, the utility segment is expected to rule the digital twin market. Due to the increasing usage of renewable energy sources and cutting-edge digital technology, the utility sector is anticipated to dominate the global market. To analyse and visualise data in real-time, as well as to develop effective long-term asset management and business strategies to reduce operational costs, several utilities are investing in the development of digital twins.
Due to the rising demand for ongoing asset monitoring and preventative maintenance, the asset performance management segment is predicted to dominate the global market. The digital twin delivers reliability-centred maintenance capabilities and suggests adjustments to maintenance plans for the best use of assets under the restrictions of the budget and reliability risk.
With approximately 40% of the total market size, North America held the greatest market share. In 2022, the US accounted for USD 5.0 billion of the market, leading the regional demand. Over the projection period, it is projected that the demand for creative solutions, particularly in advanced automation use cases in the manufacturing sector, will push the growth of the digital twin market. With a projected growth rate of over 30% from 2022 to 2030, Europe holds over 20% of the market share in the worldwide digital twin industry.
Digital Gas & Steam Power Plant
Digital Wind Farm
Digital Grid
Digital Hydropower Plant
Distributed Energy Resources
Product Digital Twin
Process Digital Twin
System Digital Twin
Cloud
On-premises
Utilities
Grid Infrastructure Operators
Asset Performance Management
Business & Operations Optimization
North America
Europe
Asia Pacific
Middle East & Pacific
South America
Request sample link for the report: https://virtuemarketresearch.com/report/digital-twin-in-solar-power-plant-market/request-sample
Analyst Support
Every order comes with Analyst Support.
Customization
We offer customization to cater your needs to fullest.
Verified Analysis
We value integrity, quality and authenticity the most.