How exactly is Digital Twin Technology Going to Escalate Asset Management for DSOs?
In every business, the resources or equipment which are utilized to run it smoothly become an asset. It is quite crucial yet important for every business to maintain these assets as long as possible. This lifecycle of maintenance needs a robust system of accountability. This is why many businesses are turning into a digital twin for asset tracking and management. With the help of digital twin technology, it becomes easier to collect and maintain data relevant to assets. In addition, this technology helps businesses better understand their asset.
In this age of digitalization, every sector is incorporating new technologies such as Artificial Intelligence (AI), Machine Learning (ML), Augmented Reality (AR), and many more, to bring transformation in ideation, production, operation, optimization, and maintenance processes. Digital twin technology acts as a powerful tool in gathering and maintaining several data that can help in tracking the service record of an asset in any business.
For instance, a generator gives you power backup in the event of a power failure and of course, it needs maintenance to give uninterrupted service. Here, as the digital twin has all records of installation and last servicing date, it becomes easier for asset managers to schedule the next service to appoint, and even it can be done through the digital twin itself to fix appropriate vendors by switching to complete automation.
Furthermore, with the help of digital twin technology, your businesses can also get information about any emergent problems, solutions, costs, recommendations, and everything worthy about the upkeep and reinvestment of an asset. Before moving further about the functionalities of the digital twins, let’s start with some basics first.
What is a Digital Twin?
In simple language, a digital twin is a technological leap that enables one to look into the heart of physical assets. It acts as glass between the asset and the viewer. Technically, a digital twin can be defined as a digital representation of any physical object or system that can measure its life span by using simulation, machine learning, and reasoning. It is a virtual model of any product, process, or service in the physical world to prevent them from the present as well as upcoming problems by performing data analysis.
How Can Digital Twin Boost Asset Management for DSOs?
The electricity distribution grids and power transmission stations are the largest ever machines that are independent yet highly interconnected. Furthermore, these grids are inherently dynamic in nature. There is a constant shifting of topology in response to new sources of energy generation, new loads, sometimes due to congestion and breakdowns. The rising deployment of smart grids brings more complexity due to two-way flows of electricity and data. To manage this level of complexity, a digital twin is very much essential for the clean interpretation of real-time data. This helps in better understanding between the grid elements to perform finer and enhance the fully-informed decision making for Distribution System Operator (DSO).
What are the Increasing Challenges for DSOs in Asset Management?
For the last few years, DSOs have been finding difficulties in balancing between the expenditure on running, maintaining grids, and delivering the quality supply to the consumers. DSOs are always living under the pressure of achieving more in less expenditure. This requires a proper and fine balance of performance and cost. In addition, DSOs are the key facilitators of the global energy transition. However, distribution grids require a number of complex investment challenges with catering to new patterns of demands, aging of assets, and distributed energy resources integration. Some of the major challenges of digital twin in asset management are listed below:
- The prime challenge for the DSOs is to safeguard the supply for millions of homes and businesses.
- The next challenge is how to make the best investment decisions on assets to replace, refurbish or maintain.
- The growth of decentralized power generation is now transforming from small-scale rooftop solar to utility-scale wind and photovoltaic farms. So, the concern is about how much new generation can be installed to maintain thermal and voltage constraints on a specific network.
- Next is the growing demand for charging, as the world is moving towards the adaption of electric vehicles to reduce adverse environmental and climatic impacts.
- The demand for electricity is going to increase with time as the power generation demand for household heating is going to replace gas and oil. This will become a major challenge for DSOs to think about.
The Future Landscape of Digital Twin Market
Due to the Covid-19 pandemic, the global digital twin market has a positive impact on the existing market condition in a desirable way. Many manufacturers have been implementing new tactics of product launch, operation, and enhancement by investing in resources. The innovative software applications of digital twin technology result in quality product delivery by improvising safety and minimizing downtime. All these factors are going to drive the market at a CAGR of 41.3%, by generating revenue of $52,081.0 million by the end of 2027.
In today’s world, exact information is the key to effective and productive asset management. A digital twin is the best technique that reflects accurate information about the span of the entire physical network and the processes required to manage it. With the new innovations of digital twin technology, the existing world is turning into a smart world with greater efficiency and quality performance by developing better asset management.