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Digital Twin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Digital Twin Market was valued at USD 10. 27 billion in 2021, and it is expected to reach a value of USD 61. 45 billion by 2027, registering a CAGR of 34. 48% over the forecast period, 2022 - 2027. The surge in adoption of 3D printing technology, increasing demand for digital twins in the healthcare and pharmaceutical industries, and the growing propensity toward the adoption of IoT solutions across various industries are anticipated to drive the adoption of such solutions during the forecast period.
New York, June 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital Twin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06155647/?utm_source=GNW
Key Highlights
The promise of digital twins lies in improving collaboration and workflows across different types of groups, like product design, sales and maintenance teams, and engineering disciplines. For example, the US Airforce has made extensive use of digital twins to design and build a new aircraft prototype in over a year, a process that traditionally drags on for decades. Further, IoT sensors have created a potential space for engineers to test and communicate with sensors integrated with the operating products, hence delivering real-time prescriptive system functioning and timely maintenance.
Additionally, digital twins technology helps in improving physical product design for the entire product lifecycle through pre-analysis of the actual product in its development stage. In the industrial internet of things (IIoT), digital twin technology finds out errors and changes of large machinery equipment through its analytic software connected with IoT components such as smart sensors and networks.
The tools for building digital twins are growing in power and sophistication. It is now possible to design complex what-if simulations, backtrack from detected real-world conditions, and perform millions of simulation processes without overwhelming systems. Further, with the number of vendors increasing, the range of options continues to grow and expand. Moreover, data from real-time asset monitoring technologies such as LIDAR (light detection and ranging) and FLIR (forward-looking infrared) can now be incorporated into digital twin simulations.
The outbreak of covid-19 has provided a new application opportunity for the market, which stands for the market growth adoption. The digital twin technology is gathering momentum in health care diagnosis. Digital twins are upending traditional health care by modeling conditions and attributes of a particular patient using machine learning data aggregated from a variety of patients.
The market growth is also expected, with various partnerships and acquisitions driven recently. In June 2021, Waylay announced that it has partnered with the top-tier Salesforce Implementation Partners for Waylay Digital Twin, its powerful no-code IoT asset monitoring solution for Salesforce. The selected implementation partners boost consulting and implementation capacity and bring decades of Salesforce expertise to the Waylay Digital Twin projects.
Key Market Trends
Surge in Adoption of 3D Printing Technology in Manufacturing Anticipated to Fuel the Demand
3D printing technology has already brought revolutionary changes in the manufacturing industry through its fast model building capability and flexible printing materials. With the introduction of digital twin technology, the advantage of 3D printing has gone even more ahead in various manufacturing industries such as automotive, aerospace, medical and utility industries.
Vendors in the market are involved in partnerships and collaborations to integrate their 3D printing capability with digital twin technology, where they are targeting to lower the production and manufacturing cost through pre-testing and predictive analysis of goods.
Using software such as Netfabb and Siemens NX, manufacturers can carry out simulations and tests on the digital twin and eliminate the need for multiple physical prototypes. Using sensor data, manufacturers can track and trace the conditions inside the 3D printer making a part. With every new layer and source of data, the digital twin becomes more complete.
Digital twins can also be used for the creation of 3D printers themselves. For instance, Siemens helped HP create a digital twin of its Jet Fusion 5200 3D printer to help simulate airflow patterns through the machine. The data generated allowed HP to optimize its cooling channel topology for ideal ventilation.
Several developed and developing nations are focused on leveraging their 3D printing adoption with the implementation of digital twin technology. The US, China, Japan, China, Germany, and the UK are some of the major countries adopting this technology with their existing base of the 3D printing industry.
North America Holds Significant Market Share
North America mainly dominates the IoT industry in aerospace, automotive, and manufacturing. This region has developed economies such as the US and Canada, where massive investments are found in R&D activities, thus contributing to the development of new technologies such as smart sensors, edge analytics, 3D printing, and digital twin.
While manufacturing has begun to embrace digital twin technology, construction remains largely a 2D industry and one that hungers for technological innovation. With 3D visual digital twin technology, off-site experts now have access to on-site views into the nitty-gritty of projects—taking off where Google street view ends.
Recently, in June 2021, Cupix announced the availability of CupixWorks 2.0, a major update to its leading product, CupixWorks. CupixWorks 2.0 is the industry’s most advanced 3D digital twin platform, enabling building owners, general contractors, and project managers to build smarter, transforming any construction site into an easy-to-manage project, creating value across the entire life cycle of a property.
Further, it has been expected that increased demand for digital twins by owners and operators of buildings and infrastructure will create new market opportunities for digital technologies and digitization of the AEC industry. Autodesk has been on a tear, expanding its support for digital twins across the building industry. For starters, Autodesk launched Tandem, a digital twin platform that promises to connect the dots between project owners and architectural, engineering, and contracting (AEC) teams.
Competitive Landscape
As many regional as well global players are dominating the market with their technological expertise in digital twin solutions, the global market for digital twins is expected to be fragmented in nature. ANSYS, Inc., Cal-Tek Srl, Cityzenith, General Electric Company, IBM Corporation, Lanner Group Limited, Mevea Ltd., Microsoft Corporation, Rescale, Inc., and SAP SE are some of the major players present in the current market. However, all these players are involved in competitive strategic developments such as partnerships, new product innovation, and market expansion to gain leadership positions in the global market.
June 2021 - FARO Technologies, Inc. announced the acquisition of HoloBuilder. HoloBuilder’s SaaS platform will add fast and easy reality-capture photo documentation and added remote access capability to FARO’s highly accurate 3D point cloud-based laser scanning to create the industry’s first end-to-end Digital Twin solution.
March 2021 - The Lamina Tower, an ultra-luxury residential condominium tower in the Middle East, partnered with the Cityzenith LLC. to create a multi-purpose Digital Twin using SmartWorldOS Digital Twin desktop application to create a 3D view of the property and surrounding among along with other requirements.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06155647/?utm_source=GNW
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