Economic impact of digital twins on renewable energy investments

Economic impact of digital twins on renewable energy investments

19-07-24 | Kelvin Edem Bassey, Jesse Opoku-Boateng, Bernard Owusu Antwi, Afari Ntiakoh
The article "Economic Impact of Digital Twins on Renewable Energy Investments" by Kelvin Edem Bassey, Jesse Opoku-Boateng, Bernard Owusu Antwi, and Afari Ntiakoh explores the significant economic benefits of digital twins in the renewable energy sector. Digital twins, virtual replicas of physical assets and processes, enhance operational efficiency, predictive maintenance, and grid management. They optimize the performance of solar, wind, and storage assets by predicting energy production, optimizing maintenance schedules, and improving overall asset lifecycle management. By providing accurate forecasts and scenario analyses, digital twins minimize operational risks and maximize energy yield, increasing profitability and return on investment for renewable energy projects. They also streamline operational workflows, reduce costs associated with manual monitoring and maintenance, and enable proactive maintenance strategies, minimizing downtime and repair expenses. Additionally, digital twins support strategic decision-making through detailed financial modeling and risk assessment, enhancing investor confidence and reducing perceived risks. The technology fosters innovation and technological advancements in the renewable energy sector, driving continuous improvement through iterative learning and adaptation based on real-world data. Overall, digital twins play a crucial role in accelerating the transition to a sustainable and economically viable renewable energy future.The article "Economic Impact of Digital Twins on Renewable Energy Investments" by Kelvin Edem Bassey, Jesse Opoku-Boateng, Bernard Owusu Antwi, and Afari Ntiakoh explores the significant economic benefits of digital twins in the renewable energy sector. Digital twins, virtual replicas of physical assets and processes, enhance operational efficiency, predictive maintenance, and grid management. They optimize the performance of solar, wind, and storage assets by predicting energy production, optimizing maintenance schedules, and improving overall asset lifecycle management. By providing accurate forecasts and scenario analyses, digital twins minimize operational risks and maximize energy yield, increasing profitability and return on investment for renewable energy projects. They also streamline operational workflows, reduce costs associated with manual monitoring and maintenance, and enable proactive maintenance strategies, minimizing downtime and repair expenses. Additionally, digital twins support strategic decision-making through detailed financial modeling and risk assessment, enhancing investor confidence and reducing perceived risks. The technology fosters innovation and technological advancements in the renewable energy sector, driving continuous improvement through iterative learning and adaptation based on real-world data. Overall, digital twins play a crucial role in accelerating the transition to a sustainable and economically viable renewable energy future.
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