Asset Twins for Utilities Market Report 2026

Asset Twins for Utilities Market Overview

• Asset Twins for Utilities market size has reached to $2.23 billion in 2025 • Expected to grow to $5.61 billion in 2030 at a compound annual growth rate (CAGR) of 20.4% • Growth Driver: Rising Internet Of Things (Iot) Adoption Drives Growth Of The Market Due To Enhanced Real-Time Monitoring, Predictive Maintenance, And Optimized Operations Of Utility Assets • Market Trend: Technological Innovation Through AI-Driven Survey-Grade 3D Reconstruction Enhancing Utility Asset Intelligence • North America was the largest region in 2025 and Asia-Pacific is the fastest growing region.

What Is Covered Under Asset Twins for Utilities Market?

Asset twins for utilities refer to digital technology that creates virtual representations of utility assets by combining real-time data, historical information, and advanced analytics. It enables continuous monitoring, simulation, and performance analysis to improve asset reliability and operational efficiency. The technology supports predictive insights, risk reduction, and informed decision-making across utility infrastructure. The main components of asset twins for utilities are software, hardware, and services. Software refers to digital solutions that create virtual replicas of physical utility assets to monitor, analyze, and optimize their performance in real time. These solutions are deployed through on-premises and cloud deployment modes and are designed for different utility types, including electricity, water, gas, renewable energy, and other utility types. They support multiple applications, such as Asset Management, predictive maintenance, performance monitoring, risk management, and other applications, and cater to various end-users, including public utilities, private utilities, municipal utilities, and other end-users.

What Is The Asset Twins for Utilities Market Growth Forecast?

The asset twins for utilities market size is expected to see exponential growth in the next few years. It will grow to $5.61 billion in 2030 at a compound annual growth rate (CAGR) of 20.4%. The growth in the forecast period can be attributed to increasing focus on predictive maintenance strategies, rising investments in renewable energy integration, expansion of advanced grid analytics, growing emphasis on infrastructure resilience, increasing adoption of cloud-native utility platforms. Major trends in the forecast period include increasing adoption of predictive asset monitoring platforms, rising deployment of real-time utility digital twins, growing integration of iot sensor networks, expansion of cloud-based asset twin platforms, enhanced focus on grid reliability and resilience.

What Is The Driver Of The Asset Twins for Utilities Market?

The growing adoption of the internet of things is expected to propel the growth of the asset twins for utilities market going forward. The internet of things (IoT) is a network of connected devices that collect, share, and act on data automatically over the internet. The internet of things is growing due to rising demand for smart, connected systems that enable automation, real-time monitoring, and improved efficiency. Asset twins for utilities helps IoT by creating digital replicas of physical utility assets, allowing real-time monitoring, predictive maintenance, and optimized operation through connected sensors and data analytics. For instance, in July 2025, the European Commission, a Belgium-based governing body, reported that in 2023, the number of installed IoT-connected devices was around 40 billion and is projected to grow to 49 billion by 2026, representing an annual growth rate of 7%. Therefore, the growing adoption of the Internet of Things is driving the growth of the asset twins for utilities industry.

Key Players In The Global Asset Twins for Utilities Market

Major companies operating in the asset twins for utilities market are Microsoft Corporation, Siemens AG., IBM Corporation, Oracle Corporation, Schneider Electric SE., Honeywell International Inc., SAP SE, ABB Ltd., Emerson Electric Co., Xylem Inc., Dassault Systèmes SE, Autodesk Inc., PTC Inc., Bentley Systems Inc., Gradyent, Neara, Akselos SA, blueOASIS, Cintoo Cloud, General Electric Company, Maverick IQ, Twinify Technologies LLC, and Waltero.

Global Asset Twins for Utilities Market Trends and Insights

Major companies operating in the asset twins for the utilities market are focusing on developing technological innovation, such as AI-driven survey-grade 3D reconstruction, to enable high-accuracy digital representations of utility assets, improve infrastructure visibility, and support data-driven asset management at scale. AI-driven survey-grade 3D reconstruction refers to the use of artificial intelligence and computer vision algorithms to capture and convert visual data into highly accurate, measurement-grade three-dimensional models that meet professional surveying and engineering standards. For instance, in February 2024, Looq AI, a US-based technology company, launched an AI-enabled digital twin platform to enable real-time simulation and optimization of physical assets. That enables rapid, survey-grade 3D reconstruction and large-scale digitization of critical utility assets, allowing surveyors, engineers, contractors, and asset owners to generate geometrically precise, georeferenced digital twins efficiently and support accurate asset intelligence, infrastructure diagnosis, and long-term sustainability across utility networks.

What Are Latest Mergers And Acquisitions In The Asset Twins for Utilities Market?

In Jan 2026, Bentley Systems Incorporated, a US-based infrastructure engineering software company, acquired Talon Aerolytics Inc. and Pointivo Inc. for an undisclosed amount. With this acquisition, Bentley Systems aimed to strengthen its asset analytics capabilities by expanding AI-driven digital twin workflows, drone data processing, and infrastructure inspection technologies to support grid modernization, telecommunications expansion, and large-scale utility asset optimization. Talon Aerolytics Inc. is a US-based asset intelligence company, and Pointivo Inc. is a US-based AI-driven tech company that offers asset twins for utilities.

What Defines the Asset Twins for Utilities Market?

The asset twins for utilities market consists of revenues earned by entities by providing services such as simulation and scenario analysis, system implementation and deployment, platform customization, cybersecurity and data protection, maintenance and technical support services, and consulting and training services. The market value includes the value of related goods sold by the service provider or included within the service offering. The asset twins for utilities market includes sales of digital meters, smart sensors, transformers, circuit breakers, switchgears, capacitors, power cables, distribution panels, substations, voltage regulators, energy storage units, control panels, protective relays, utility poles, and monitoring devices. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

How is Market Value Defined and Measured?

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

What Key Data and Analysis Are Included in the Asset Twins for Utilities Market Report 2026?

The asset twins for utilities market research report is one of a series of new reports from The Business Research Company that provides market statistics, including industry global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the asset twins for utilities industry. The market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.