DUBLIN--(BUSINESS WIRE)--The "Digital Twin Market by Technology, Type (Product, Process, and System), Application (predictive maintenance, and others), Industry (Aerospace & Defense, Automotive & Transportation, Healthcare, and others ), and Geography - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global digital twin market size was valued at USD 3.1 billion in 2020 and is projected to reach USD 48.2 billion by 2026. It is expected to grow at a CAGR of 58% during the forecast period.
The system digital twin generates a large amount of data regarding their utilization and effectiveness. Further, this data is analyzed and processed for the betterment of the systems and improving the system performance by reducing the faults and taking preventive measures.
It also provides actionable insight for informed decision-making. By leveraging system digital twins, companies can: Create new business, opportunities; Gain insights to improve virtual models; Capture, aggregate, and analyze operational data; Improve product and production system efficiency; Optimize business; Design and develop new products.
"Based on the application, business optimization to witness the highest CAGR during 2020-2026."
Business optimization application to witness highest CAGR of overall digital twin market in 2019. Business optimization will be widely used in various industries, such as automotive & transportation, oil & gas, food & beverage, energy & utilities, aerospace & defence, and automotive, to avoid losses that have occurred due to the COVID-19 pandemic.
"Agriculture industry to witness a higher CAGR during the forecast period."
Agriculture industry is expected to witness a higher CAGR during the forecast period. The use of digital twins in the agriculture industry helps in remote monitoring, crop and soil health monitoring, and livestock and farm management. Additionally, digital twin in farm management considerably removes the constraints regarding place, time, and human observation.
The digital twin of a farm or field helps the farmers and other stakeholders to act and take precautions immediately in case of deviations and emergencies. For example, Dattabot (Indonesia), a Big Data analytics company, leveraged the Predix platform offered by GE (US) as its development backbone and developed HARA solutions, which comprise features such as data acquisition, powerful analytics, and precision agriculture insights.
"APAC to record the highest growth rate in digital twin market during the forecast period"
APAC is expected to record the highest CAGR during the forecast period. The dense population, growing per capita income with large-scale industrialization and urbanization, and increasing adoption of the IoT are the key factors driving the growth of the digital twin market in the region. Post-COVID-19, the manufacturing industry is expected to be the early adopter of digital twin solutions in APAC.
- Increasing Demand for Digital Twins in Healthcare and Pharmaceutical Industries Due to Outbreak of COVID-19 Pandemic
- Changing Face of Maintenance in Various Industries
- Adoption of Digital Twin Technology to Cope with COVID-19 Crisis
- Data Security Due to Use of IoT and Cloud Platforms
- Implementation of Digital Twins in the Manufacturing Industry to Handle Several Issues Due to the Spread of COVID-19
- Increasing Adoption of Industry 4.0/Smart Manufacturing and IIoT
- Lack of Awareness Regarding Cost Benefit of the Adoption of Digital Twins
- Lack of Skilled Workforce
Value Chain Analysis
- Aerospace & Defense
- Nasa Has Implemented Digital Twins for Its Space Station and Spacecraft
- Lockheed Martin'S Digiverse - A Complete Digital Twin of "Everything"
- Rolls-Royce - Intelligent Engine Program
- Automotive & Transportation
- Man Truck Uses Ptc'S Thingworx Platform for Building Digital Twins
- Allego Uses Microsoft'S Azure Digital Twin Platform for E-Charging Solutions
- Home & Commercial
- Dassault Systems Along with the Government of Singapore is Building a Digital Twin of the Complete Country - Virtual Singapore
- Cbre Uses Microsoft'S Azure Digital Twin Platform for Cbre 360 Employee
- John Hopkins Hospital Uses Ge'S Digital Twin Platform for Building a Digital Twin of Patient Pathways
- Siemens Healthineers Developed a Digital Twin of the Heart
- Energy & Utilities
- GE Built a Digital Twin of the Wind Turbine
- Ge'S Digital Twin of a Complete Power Plant
- Oil & Gas
- Ansys, Ptc, Flowserve, National Instruments, and Hpe Built and Demonstrated Digital Twin of a Pump
- Shell Together with Swiss Engineering Modeling and Simulation Technology Company Built Digital Twin of a Test Rig - Digital Rig
- Digital Twin Used in Livestock Farming
- Siemens PLM Software and Bridg Together Built a Digital Twin for the Semiconductor Manufacturing Process
- Abb Built a Digital Twin of An Electromagnetic Flowmeter to be Used in Water & Wastewater Transport & Treatment
- Dassault System
- Honey Well
- Microsoft Corporation
- Petra Data Science
- Pratiti Technologies
- Qio Technologies
- Robert Bosch
- Siemens Ag
- Swim AI
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