Digital Twin in Solar Power Plant Market Size (2023 – 2030)

The Global Digital Twin in Solar Power Plant Market was estimated to be worth USD 17.5 Billion in 2022 and is anticipated to reach a value of USD 194.79 Billion by 2030, growing at a fast CAGR of 35.15 % during the outlook period 2023-2030.

A digital twin is an imitation of an actual system. A digital twin facilitates experimentation, hypothesis testing, behaviour prediction of the solar power plant's system, and life cycle management while adjusting the input variables. Additionally, 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 contains 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 anticipated performance derived from its digital duplicate is to use a digital twin. Irradiance and temperature are the only inputs necessary 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 more complex solar PV plants even offer a breakdown of characteristics and trends to quickly identify the reasons for errors or losses. Consequently, simplifying everyday responsibilities for solar asset managers will boost solar plant uptime.

Global Digital Twin in Solar Power Plant Market Drivers:

• Increased demand for green energy production is driving demand for Digital Twin in Solar Power Plant Market.

Since the Paris Agreement was ratified in 2015, the world has been required to employ low-carbon energy sources to reduce greenhouse gas (GHG) emissions and keep the increase in the global mean surface temperature over pre-industrial levels below 2° C by the end of the century. Scaling up the deployment of renewable energy technologies will help achieve this objective. To meet the rising demand for energy while simultaneously decarbonizing the power industry, renewable energy technologies like wind and solar PV are essential. Governments all over the world have implemented regulations and provided financial incentives to decarbonize the system over the long term by utilising renewable energy sources.

Over the next ten years, 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. Additionally, over the past ten years, investments in renewable energy technology have increased 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 led to quickly falling solar panel installation costs and numerous nations are switching to green energy production, which is driving up demand for renewable energy technologies.

• Cost-effectiveness and improved operational effectiveness features are driving demand for Digital Twin in Solar Power Plant Market.

Operators of grid infrastructure and utilities are increasingly turning to digital technology, such as digital twins, to make it easier to incorporate the rising proportion of renewable energy sources into their operating mix. Through the use 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 a result of decentralised distributed energy resources (DER). Utilities and grid operators must therefore find quicker and more effective ways 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 handled by digital twins.  These tools aid in the planning, analysis, and designing phases of grid modernisation and assist in determining the impact of DER. Utility companies can therefore simplify the DER interconnection process to speed up customer service, make cost-effective investments, and improve operational effectiveness.

Global Digital Twin in Solar Power Plant Market Challenges:

Despite the clear advantages, certain utilities and grid operators have not yet adopted a digital twin model for asset management and the improvement of business and operations. A digital twin should be capable of precisely capturing physical characteristics and mimicking behaviours of both basic and complex objects, as well as their relationships. For instance, the deployment is made more difficult by the need for several inputs from operators, including facility managers, design engineers, electrical engineers, equipment vendors, and other parties, during the development of a digital twin. Getting the asset data from the supplier may be difficult because it calls for close coordination among several supply chain stages.  Furthermore, it could be difficult to maintain the needed level of connectivity in a supply chain to access asset data. The complexity of the physical object that needs to be duplicated presents another difficulty. For example, processes like customer relationship management, prospect marketing, or service delivery funnels are a lot simpler to replicate because there aren't any moving pieces that need to be recorded—just a flow of situations, ideas, and software inputs.

Global Digital Twin in Solar Power Plant Market Opportunities:

Around the world, numerous electric utilities have begun integrating the Industrial Internet of Things (IoT), machine learning, artificial intelligence (AI), and cloud computing into their operations 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 decentralised renewable generation systems. The utilities can forecast, predict, and analyse various power generation, transmission, and distribution models as well as scenarios for integrating renewable energy thanks to a digital twin, enabling them to continuously adapt their operations to meet the rising electricity demand. These innovations are in the early phases of incorporation into the modelling of digital twin systems and help utilities execute digital twin solutions more effectively. To emphasise the magnitude of the digital revolution that these technologies would bring to the electrical power industry, utility experts and technology suppliers have started using the term "Energy 4.0" to describe this trend.

Al embeds smart grids with an information layer, enabling electrical grids to have two-way communication between utilities and consumers. This layer enables the communication between the different grid elements so they can react more quickly to changes in energy emergencies. Installing smart metres and sensors, which enable data gathering, storage, and analysis as well as the development of a digital twin, creates this information layer. Al, machine learning, IoT, virtual reality, and other technologies are anticipated to aid power system and utility operators in understanding the size and complexity of the datasets produced by digital twins and in making effective decisions. This analysis can be used for several things, such as seamless metre defect detection, anticipating the need for maintenance, monitoring the quality of sustainable energy, and projecting the consumption of renewable energy. Additionally, machine learning and artificial intelligence (AI) can automatically recommend insights to power system operators and aid in enhancing corporate outcomes.

COVID-19 Impact on Global Digital Twin in Solar Power Plant Market:

Through supply chain disruption and demand stifling, COVID-19 has struck a devastating blow to the world economy and the energy industry. The power industry faced several difficulties, including a smaller and more distant workforce, a decline 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 compelled by these difficulties to speed up the digitalization, automation, and decentralisation of their operations. Different governments' protective measures decreased the workforce's availability and required stringent hygiene and social segregation rules to keep operations running. Utility and grid operators' efforts to go digital have been aided by the change in working habits brought on by COVID-19-related regulations. In the future, firms will be able to manage customers more effectively and maintain robust supply chains, operations, and supply chains thanks to the growing investments in digital solutions, including digital twins.

Utilities and grid operators needed real-time visibility during the pandemic that cut across company boundaries and down to supply and demand. The decrease in energy demand created several technical difficulties, including managing voltage, anticipating demand, and managing reactive levels to prevent problems like reactive shunts at distribution levels. Digital twins helped businesses develop plans and make quicker, more informed decisions by allowing power utility firms to simulate and analyse potential future situations. A potent digital shadow is created by digital twins. Data flow was made possible by the introduction of digital twins, which gave a complete picture of the grid's stability and health during the lockdowns. Additionally, it enabled field workers to access distributed and mobile geospatial data, assisting field engineers in locating the most recent data on the location and state of adjacent network assets. Digital twins aid in enhancing flexibility, extending capacities, and reducing the risk of company failure.

The pandemic presents the global power industry with a plethora of difficulties, but it has also hastened utilities' digital transition, opening up several chances for cutting-edge technology like digital twins. The use of digital twins improves operational flexibility and worker productivity, which is projected to present utilities with significant growth potential.

Global Digital Twin in Solar Power Plant Market Recent Developments:

• In August 2021, General Electric released updates to Proficy CSense, its on-premise analytics programme. To locate issues, determine their causes, forecast performance in the future, and automate actions, the programme makes use of process digital twins and artificial intelligence (AI) and machine learning technologies.
• In June 2021, Siemens and Threedy have a collaboration agreement in place to create a visual computing platform, which was inked. With Threedy's visual computing platform instant3Dhub, the partnership enhances Sidrive IQ. Users should have access to visual information on digital twins as a result of the integration of Threedy's visualisation service.
• In April 2021, to implement engineering services and solutions for process simulation, design, engineering, and lifecycle management, AVEVA Group and Aker Solutions joined.
• In December 2020, Utilising the ABB Ability 800xA Simulator and the Indiss Plus process modelling simulator, ABB and Corys developed digital twin modelling and simulation technology for the process and energy industries.

DIGITAL TWIN IN SOLAR POWER PLANT  MARKET REPORT COVERAGE:

Global Digital Twin in Solar Power Plant Market Segmentation:

Global Digital Twin in Solar Power Plant Market Segmentation: By Twin Type

• Digital Gas & Steam Power Plant
• Digital Wind Farm
• Digital Grid
• Digital Hydropower Plant
• Distributed Energy Resources

During the forecast period, the digital gas & steam power plant sector is anticipated to contribute the most to the digital twin market. Globally, the operators in the power sector are seeking to gradually adopt digital twins of their gas and steam power plants to lower emissions and fuel consumption of their gas and steam turbine assets. Operators may also improve the health of their machines and equipment, enhance performance management, and boost reliability with the use of the digital twins of gas and steam power plants. Furthermore, compared to other power-producing facilities, gas and steam power plants require greater maintenance. The operator may be able to increase asset availability and reliability and reduce maintenance costs by using a digital twin of the gas and steam system.

Global Digital Twin in Solar Power Plant Market Segmentation: By Usage Type

• Product Digital Twin
• Process Digital Twin
• System Digital Twin

Due to the requirement 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 make up the system’s digital twin. Systems or networks including substations, power plants, wind farms, and distributed energy resources can all benefit from its stimulation. Based on actual operating data, the system twin offers insight into a group of interconnected pieces of equipment and a connected perspective of the entire network of assets.

Global Digital Twin in Solar Power Plant Market Segmentation: By Deployment Type

• Cloud
• On-premises

During the projected period, the cloud segment is anticipated to increase at the fastest rate. The digital twin market's cloud segment is anticipated to expand at the highest CAGR during the forecast period. This is because cloud-based solutions have a growing number of benefits, including scalability, adaptability, cost-effectiveness, and low energy consumption, which are driving up adoption rates across organisations.

Global Digital Twin in Solar Power Plant Market Segmentation: By End-User

• Utilities
• Grid Infrastructure Operators

During the anticipated period, the utility segment is anticipated to rule the digital twin market. Due to the increasing use 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 cut operational costs, several utilities are investing in the deployment of digital twins.

Global Digital Twin in Solar Power Plant Market Segmentation: By Application

• Asset Performance Management
• Business & Operations Optimization

Due to the increasing demand for ongoing asset monitoring and preventative maintenance, the asset performance management segment is anticipated 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 limits of the budget and reliability risk.

Global Digital Twin in Solar Power Plant Market Segmentation: By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

With nearly 40% of the total market size, North America held the greatest market share. In 2022, the US accounted for $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 fuel the growth of the digital twin market. With a projected growth rate of over 30% from 2022 to 2030, Europe held over 20% of the market share in the worldwide digital twin industry. The region is primarily being stimulated by the growing use of digital twins by government organisations to build long-lasting public infrastructure. Additionally, in 2022, Germany and France collectively held over 30% of the market share. The adoption of digital twins is also anticipated to do well over the projected period due to the growing need for advanced network technologies like KNX and Sigfox that enable IoT platforms to deploy digital twins in the automotive and aerospace & defence industries.

Global Digital Twin in Solar Power Plant Market Key Players:

1. Ansys Inc
2. Autodesk Inc
3. Amazon Web Services (AWS)
4. Bentley Systems Inc
5. Dassault Systèmes SE
6. GE Digital
7. IBM Corporation
8. Microsoft Corporation
9. Siemens AG
10. Schneider Electric