Digital twins for smart asset management in the energy industry: State-of-the-art

With the most recent developments in the Internet of Things (IoT), Machine Learning, and Big Data, digital twins (DTs) are gaining popularity across several sectors. Since digital twin (DT) could be viewed as a cyber-physical system, many DT applications have been successfully implemented for the Industrial Internet of Things (IIoT). Following DT’s success with Industry 4.0, DT is increasingly receiving the attention of academia and industry for smart asset management (SAM) in Energy 4.0. Nevertheless, there has been a notable absence of research papers specifically dedicated to reviewing the applications of DTs in the context of the SAM domain within the Energy 4.0 paradigm. Hence, this paper addresses this gap by thoroughly examining the latest advancements in DT research on SAM in Energy 4.0. It comprehensively explores the fundamental aspects of DTs, provides insights into their current progress within the Energy 4.0 framework, and elucidates the various applications of DTs within the SAM domain. Furthermore, the paper highlights the existing challenges and presents potential directions for future research endeavors in this field. This review will assist industry experts in implementing DT in SAM applications and provide new research directions for researchers.