The market report on the Digital Twin Market published by Stratview Research indicates lucrative growth opportunities in the Digital Twin industry during the next five-year period and ensures more information regarding the market trends. The following summary will give an overview of the challenges, trends, market dynamics, and key players.
Digital Twin Market Forecast:
The digital twin market was estimated at USD 10.36 billion in 2022 and is expected to grow at a CAGR of 44.01% during 2023-2028 to reach USD 92.44 billion in 2028.
What is a digital twin?
Digital Twin refers to a replica or a digital avatar of a living or non-living physical object. It serves as a proxy for the current condition of anything it represents. This helps in attaining real-time data with which, one can see the current progress or bottlenecks and plan ways to resolve or improve them. When a twin of a physical product is created and displayed digitally, smart sensors are used to collect and create real-time representation from the real product to the digital twin. This transferred data not only replicates the physical product but also mimics its behaviour.
COVID-19 IMPACT
The COVID-19 pandemic has positively impacted the global digital twin market. During the pandemic, major manufacturers used a variety of strategies to increase their market share in the broader marketplace, including product launches, product improvements, and R&D spending.
Market Dynamics
The digital twin market is driven by several factors, one of which is the increased demand for predictive maintenance and asset optimization solutions across industries. Below given are a few more drivers –
- Increased demand for predictive maintenance – Digital twins are used to monitor and predict the performance of assets in different industries. This helps to prevent unplanned downtime and reduce maintenance costs. According to General Electric Power (GE), leveraging digital twin solutions can help in reducing reactive maintenance in less than 1 year by 40%, reduced time to achieve outcomes by 75%, and can save up to $11 million by detecting and preventing failures.
- Adoption of Industry 4.0 – The fourth industrial revolution is characterized by the use of advanced technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT). Digital twin technology plays a vital role in fulfilling various requirements of Industry 4.0, as they can be used to integrate and analyze data from these different technologies.
- Regulatory compliance requirements – In some industries, there are regulatory requirements that mandate the use of digital twins. For example, in the healthcare industry, digital twins can be used to simulate the performance of medical devices, which can help to ensure that they meet safety standards. The FDA approved the use of digital twins to simulate the performance of a new medical device, which helped to speed up the approval process.
- Growing Adoption in Multiple Industries: Owing to its benefits, digital twin technology has found applications across various industries, including manufacturing, healthcare, automotive, aerospace, energy, infrastructure, etc. This widespread adoption is driving market growth as more organizations recognize the benefits of digital twins in improving their operations, optimizing asset performance, and delivering better customer experiences.
Here are the key players in the market –
- Ansys
- General Electric
- IBM
- Microsoft Corporation
- Oracle
- PTC
- Robert Bosch
- SAP
- Siemens AG
- SWIM AI Alubond U.S.A.
Digital Twin Market Segmentation:
The market is segmented as aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, and others. The automotive & transportation industry has adopted this technology for a long time which is also a major reason for the dominance of this segment.
The automotive & transportation segment leads the market owing to its usage for designing, production, simulation, maintenance, repair, overhaul, and after-service. In 2022, the automotive and transportation segments will account for more than 15% of the market.
The process segment is expected to grow at the fastest rate, with a CAGR of more than 35% in 2022.
The market is segmented as product digital twin, process digital twin, and system digital twin. The system digital twin segment is expected to remain dominant during the next five years due to increasing demand for digital systems in various industries, as the system digital twin is a combination of both, product and process, and either of the tasks can be performed by system type.
North America is estimated to be the largest market, whereas Asia-Pacific is estimated to be the fastest-growing with a CAGR of more than 40% in 2022, owing to the highly developed infrastructure in North America and the presence of a large number of digital twin providers in the region. The USA is not only a major country in North America but also in the world. China and India are the growth engines of the Asia-Pacific region.
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