Advancements in Digital Twin Technology Transforming the Energy Sector

Advancements in Digital Twin Technology Transforming the Energy Sector

Precise Modeling and Process Integration from a Single Platform to Enhance Analytics in Power Generation, Transmission, and Distribution

RELEASE DATE
27-Jun-2023
REGION
Global
Research Code: DA98-01-00-00-00
SKU: EG02331-GL-TR_27814
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Description

To meet global emission reduction targets, renewable energy must account for at least 42% of energy consumption by 2030 and 60% by 2050, compared to 17% in 2021. Although the global power generation sector is moving toward renewable power to curb greenhouse gas emissions, renewable energy is intermittent. Therefore, its increased share in the power generation mix affects both conventional power plant operations and the transmission and distribution grid. The increased share of renewables has lowered dependence and capacity utilization of conventional steam turbine and coal-fired power generation plants. This trend poses several challenges to conventional power plants. Essentially, the intermittency of renewables can compromise grid stability. Digital twin technology addresses these challenges by enhancing the flexibility of conventional power generation, improving the predictability of renewable power generation, and improving grid resiliency.

This study covers the fundamentals and working principle of digital twin systems, offering detailed analysis of digital twin applications across power generation and transmission and distribution systems. It includes key growth opportunities, growth drivers and restraints, major innovations, and research and development activities in digital twin technology for the energy sector.

The study also includes multiple case studies that illustrate the advantages digital twins offer the energy sector. It discusses key stakeholders involved in the development of innovative digital twin solutions for energy applications, including an analysis of the global patent landscape that highlights key patent owners/applicants and the major areas of research.

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Table of Contents

Why Is It Increasingly Difficult to Grow?The Strategic Imperative 8™: Factors Creating Pressure on Growth

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Digital Twin Technology Advancements in the Energy Sector

Growth Opportunities Fuel the Growth Pipeline Engine™

Research Methodology

Scope of Analysis

Segmentation

Growth Drivers

Growth Restraints

Digital Twin Explained

Working Principle of Digital Twin

Types of Digital Twins by Application

Introduction to Digital Twin Applicability in the Energy Sector

Need for Digital Twin Technology in Conventional Power Generation

Working Mechanism of Digital Twin for Conventional Power Plants

Case Study: Digital Twin for Coal-fired Power Plant

Digital Twin Enhances the Renewable Power Plant’s Adaptability to Operating Conditions

Case Study: Digital Twin to Audit Solar Power Plant Performance

Digital Twin for Power Transmission and Distribution

Asset Digital Twin Enhances Efficiency and Longevity of Power Transmission and Distribution Equipment

Grid Digital Twin Enables Optimal Grid Expansion without Compromising Resiliency

Case Study: Digital Twin Enhances Grid Economics and Resiliency

Siemens Energy, US

Envelio, Germany

Companies to Watch in Digital Twin Technology for the Energy Sector

China Dominates the Digital Twin Technology Patent Landscape

Growth Opportunity 1: Integrated Digital Twin Deployment across Value Chain

Growth Opportunity 1: Integrated Digital Twin Deployment across the Value Chain (continued)

Growth Opportunity 2: Digital Twin-as-a-Service Business Model

Growth Opportunity 2: Digital Twin-as-a-Service Business Model (continued)

Growth Opportunity 3: Collaboration between OEMs and Utility Companies

Growth Opportunity 3: Collaboration between OEMs and Utility Companies (continued)

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To meet global emission reduction targets, renewable energy must account for at least 42% of energy consumption by 2030 and 60% by 2050, compared to 17% in 2021. Although the global power generation sector is moving toward renewable power to curb greenhouse gas emissions, renewable energy is intermittent. Therefore, its increased share in the power generation mix affects both conventional power plant operations and the transmission and distribution grid. The increased share of renewables has lowered dependence and capacity utilization of conventional steam turbine and coal-fired power generation plants. This trend poses several challenges to conventional power plants. Essentially, the intermittency of renewables can compromise grid stability. Digital twin technology addresses these challenges by enhancing the flexibility of conventional power generation, improving the predictability of renewable power generation, and improving grid resiliency. This study covers the fundamentals and working principle of digital twin systems, offering detailed analysis of digital twin applications across power generation and transmission and distribution systems. It includes key growth opportunities, growth drivers and restraints, major innovations, and research and development activities in digital twin technology for the energy sector. The study also includes multiple case studies that illustrate the advantages digital twins offer the energy sector. It discusses key stakeholders involved in the development of innovative digital twin solutions for energy applications, including an analysis of the global patent landscape that highlights key patent owners/applicants and the major areas of research.
More Information
Author Paritosh Doshi
Industries Energy
No Index No
Is Prebook No
Keyword 1 digital energy twin
Keyword 2 technology in energy industry
Keyword 3 digital twin market growth
Podcast No
WIP Number DA98-01-00-00-00