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Substantial Growth Forecast for Global Digital Twin Technology Market: Projected to Register CAGR of 57.2% over the forecast period

GlobeNewswire - Thu Mar 4, 8:02AM CST

A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global digital twin technology market earned a value worth USD 2.86 Billion in 2020. The market is further anticipated to grow at a stable CAGR of 57.2% over the forecast period. A digital twin is the digital representation (software/screen-based) of a physical object, asset or system. This technology finds applications in minutest as well as large items, such as infrastructures, factories, buildings, industrial machinery, and even cities. Though the concept of digital twinning is relatively new, the idea of digital twinning was first proposed by the National Aeronautics and Space Administration (NASA), USA when they used a life-sized sample of early space capsules on the ground to emulate and determine the problems it might face eventually when placed into orbit.

Digital twins have become a really powerful catalyst for the development of modern companies. Thanks to this technology, the technical support of the system is greatly simplified, resources are saved, the risks of errors and failures are minimized, which extends the period of stable operation of the product. All this allows the business to get the highest possible return on investment, improve competitiveness and build customer loyalty. For instance, at a European refinery, Schneider Electric's predictive analytics system estimated a large compressor failure 25 days before it happened. This saved the company several million dollars. Apart from this, digital twin technology has allowed 20 refineries and oil production facilities of ADNOC, one of the key operators of the oil and gas industry in the Middle East, to be assembled into a single dispatch center.

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"Optimization of Product Manufacturing"

With the help of digital twin technology, along with 3D modeling simulation, it has been possible for manufacturers to check, test, and assess their products in different environments. The technology enables manufacturers to come up with more complete and tested products before revealing a specific product to consumers and customers. The diagnostics, monitoring, and prognostics sectors get benefited too from this digital twin technology as it empowers manufacturers to improve customer experience by subjecting the products with simulations that exerts real-practical stress on it and later helps in determining the blind spots and drawbacks that may arise later. It also helps gain better insights into customer needs, which allows manufacturers and producers to innovate solutions and services while identifying new business opportunities. It does also helps the engineers, inventors, and producers to possess and store a history of the previous model/models, which could be used later to correct errors and create new, more reliable versions. For instance, Unilever, in order to optimize its manufacturing performance across the board, uses the IoT-enabled systems that get fed into a digitized 'twin' of the entire facility, and make the algorithms work based on the analysis of the actions of interconnected devices, eventually making it applicable across the production line.

"Weight Monitoring of Shipments, Cargos, etc."

This digital twin technology enables heavy load logistics companies to optimize transport load. For example, let's take the instance of airline weight restrictions. Air cargo companies often underperform and carry less cargo for the fear of endangering aircraft safety as it is highly dangerous, extremely difficult, and sometimes even impossible to accurately estimate how much weight can be carried without posing risks. Transport twinning and flight simulating leveraged in Twin Weight Monitoring help determine the exact cargo weight in real-time, thus, enabling air cargo companies to perform better.

"Developments made in Medicine"

Recently Biotech-Graz research has developed a sophisticated automated method to create anatomically correct digital twins from cardiac patients' hearts. The digital twins can be easily generated in a clinical environment. This device is presently being used to replicate all the aspects of the heartbeat, including drug development and optimization of dosage. A French start-up named Exacture has developed a software solution to lessen medication errors, along with a digital twin solution to reduce the impact of inappropriately dosed medication(s)which has started an era of technological developments in medicine via digital, CAD 3D imagining and optimizing methodologies.

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Impact of COVID-19 on Global Digital Twin Industry

COVID-19 has accelerated the digitization process. The rapid adoption of extended reality such as AI, AR, and VR during the lockdown phase has transformed the industry scenario across sectors. Continuous advancements were made in order to overcome challenges, such as remote-controlling and radio accessing of machinery; observing operations and procedures of offshore oil refineries, windmills, etc. Digital twin technology can be a useful tool for managing uncertainties during the pandemic. For example, AI-backed systems in the automotive industry propelled Hyundai India's significant growth during the lockdown phase. The company recorded the highest ever monthly production of 71,000 units in December 2020. Consequently, its, existing capacity expanded by over 19%. The lockdown phase also witnessed the adoption of VR/AR in e-learning, owing to the closure of almost all the educational institutions. Additionally, the efforts made in the drug dosage assessment and wearable digital bio-markers have come to fruition due to the COVID impact.

Digital twins have undeniably become a very useful tool for industrial companies. And as per recent studies, it is predicted that, by 2022, the majority of the large industrial companies would adopt digital twin technologies. Digital twins have the potential to dramatically enhance the ability of enterprises to make proactive decisions based on data, improve their operational efficiency and eliminate potential problems. They can also provide the ability to safely and cost-effectively work out what-if scenarios.

Additionally, digital twin technology is also used in urban environments. Today, many cities are acquiring their own digital twins. Some of the first were Singapore, Rennes (France) and Jaipur (India). A virtual copy of all physical objects of the city allows to manage it remotely, as well as solve urban problems. For instance, in Singapore, the main challenge that digital twins solve is water management. For this, all water supply systems, control over the amount of water, meters, and so on were digitized.

"North America to go Fastest with the Asia Pacific at Largest to grow"

North America will witness the highest-paced growth in the upcoming forecast years owing to the presence of multiple investors, and the emergence of mega-companies in digital twin technology. At the same time, the Asia-Pacific is determined to expand at a promising CAGR. The presence of emerging countries, such as Japan, China, and India would propel the market growth. Several initiatives have been taken up by these nations to support the implementation of the IoT, smart-city projects, etc. Moreover, enhancements and data & network-related relaxation for high-speed internet services, combined with growing industrialization, and declining average selling prices of bio-sensors in these regions are anticipated to drive the market even more.

The key significant players for Global Digital Twin technology market are ABB Group, Accenture PLC, ANSYS Inc., AVEVA Group plc, Cisco Systems, Inc., Dassault Systemes SE, PTC Inc., Microsoft Corporation, Hexagon Geosystems AG, IBM Corporation, General Electric, Siemens AG, Oracle Corporation, SAP SE, Schneider Electric SE, and Siemens AG, among several others. The market is still in the growth stage, wherein few leading companies account for a potential share in the market. And as the adoption of this technology deepens, the industry would exhibit potential competition in the market in the coming years owing to advent of smart cities, globally.

Scope of the Report

By Application Type

-- Product Design & Development

-- Process Support & Service

-- Machine & Equipment Health Monitoring

By End-user

-- Aerospace & Defense

-- Automotive & Transportation

-- Electronics & Electrical, Energy & Utility

-- Healthcare

-- Infrastructure & Building

-- Manufacturing

-- Retail & Consumer Goods

-- Infrastructure & Building

By Region

-- The Asia-Pacific

-- North America

-- Europe

-- The Middle East & Africa

-- Latin America

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About Us

BlueWeave Consulting provides all-inclusive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.

Website: www.blueweaveconsulting.com
Email: info@blueweaveconsulting.com
Contact us(UK/US/CAN) : +1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662

Website: www.blueweaveconsulting.com
Email: info@blueweaveconsulting.com
Contact us(UK/US/CAN) : +1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662

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