USD
GBP 
CNY 
EUR 
INR 
JPY 
MYR 
ZAR 
KRW 
THB 
Decentralization and Decarbonization Will Drive Adoption across Power Generation, Transmission and Distribution, and Storage and Utilization Segments
18-Mar-2021
Global
Market Research
MF8C-01-00-00-00
CI00744-GL-MT_25307
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.
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)
Your Next Steps
Why Frost, Why Now?
List of Exhibits
Legal Disclaimer
Speak directly with our analytics experts for tailored recommendations.
Recent related Macroeconomics research
15 Sep 2026 | South Asia, Middle East & North Africa | Market Research
Future of Growth and Emerging Opportunities in the Gulf Cooperation Council, 2025–2030
The GCC has entered a period of strategic economic transformation as governments accelerate diversification efforts, strengthen economic resilience, and reduce dependence on hydrocarbon revenue amid heightened geopolitical uncertainty and evolving global trade dynamics. While the implications of the...
02 Jul 2026 | Global | Megatrends
Trend Opportunity Profiles—Economic Trends
The Economic Trend Opportunity Profiles (TOPs) series captures a structural shift in the global economy where national competitiveness is increasingly defined by control over AI capabilities, digital infrastructure, industrial capacity, and secure data ecosystems. Across AI-led productivity, smart m...
07 May 2026 | Global | Market Research
Global Risk Mapping and Industry Resilience Strategies, 2026–2027
This macroeconomic thought leadership examines the most critical global risks shaping business performance in 2026–2027, with particular focus on the ongoing Middle East conflict and its cascading impacts on energy markets, shipping routes, inflation, and global supply chains. As geopolitical instab...
06 May 2026 | Global | Market Research
Global Economic Transformations for 2026 (Q2 Update)
Global economic conditions in Q2 2026 are defined by heightened geopolitical stress, energy market volatility, and supply chain and trade disruptions. The outbreak of the US–Iran conflict has altered the global growth trajectory, trimming roughly 0.3 percentage points from annual expansion (compared...
29 Apr 2026 | Global | Market Research
Global Supply Chain Transformations Emerging from Geopolitical Flashpoints and Trade Shifts, 2025–2027
Global supply chains are undergoing a structural reset as geopolitical conflicts, trade fragmentation, and policy intervention increasingly shape how goods are produced, financed, and moved across borders. The transition away from globally optimized, cost-led supply chains to regionally embedded ope...
Purchase includes:
- Report download
- Growth Dialog™ with our experts
Growth Dialog™
A tailored session with you where we identify the:- Strategic Imperatives
- Growth Opportunities
- Best Practices
- Companies to Action
Impacting your company's future growth potential.
| Deliverable Type | Market Research |
|---|---|
| Author | Swagath Navin Manohar |
| GPS Codes | 9AFE-A4,9B00-A4,9851,GETE |
| Industries | Cross Industries |
| No Index | No |
| Is Prebook | No |
| Podcast | No |
| WIP Number | MF8C-01-00-00-00 |
Digital Twins in the Power and Utilities Industry
$2,450.00
Special Price $1,837.50 save 25 %