According to the recent report “Digital Twins market: By Type (Design and Development, Performance Monitoring, Predictive Maintenance and Others); By End User (Aerospace & Defense, Automotive & Transportation, Smart Home & Commercial, Manufacturing, Energy & Utilities and Others) & Geography – Forecast (2017-2022)”, published by IndustryARC, estimates the Asia-Pacific region will be a key future growth driver.
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The Digital Twins Market serves as solid proof that software is gradually taking over the day-to-day running of the world. The digital twin concept revolves aorund obtaining terabytes of operational data from sensors as well as other IoT devices, and then enabling organizations to keep track of how its machinery is performing on a continuous basis. The latest technology trends like superior sensitivity in IoT devices, faster processing as well as transmission of data, etc., mean that digital twin products have caused a bit of revolution in industrial operations. Thus, the Digital Twins Market is well-placed to experience strong growth during and after the forecast period.
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Scope & Regional Forecast of the Digital Twins Market
Various industries are already in various stages of adopting industrial adoption. Their next step would be to connect the sensors to digital twins so that operational information can be recorded over a long period of time. The data streams can contain various facets like the environment, geographical, financial models, etc. The end-result is that digital twinning allows organizations to gain multi-faceted intelligence. This intelligence can then be broken down further with the help of machine learning or algorithms in order to obtain accurate predictions of future operational events and alerts.
Thanks to advances in various related fields, digital twin technology has already made several advances, especially in universities like MIT. The creation of twin modelling algorithms to undertake simulations on a massive scale, and that too a thousand times faster than before. For example, the Askelos Integra platform has already begun to simulate and anticipate various operations like offshore drilling in the Oil & Gas industry. If applied in the real-world the insights gained would completely transform the way in which outdated offshore machinery is handled. The advances made by the Digital Twins Market so far are just the tip of the iceberg. Experts consider this technology to have a very high ceiling with regards to industrial application.
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Segmentations & Key Players Involved in the Digital Twins Market
The Digital Twins Market can be broken down into various segmentations on the basis of –
Type: Product Design and Development, Machine and Equipment Health Monitoring (Structural Health, Conditional Monitoring), Predictive Maintenance and Dynamic Optimization.
End-Users: Aerospace and Defense (Aircraft Engine Design and Production, Space-Based Monitoring), Automotive and Transportation (Vehicle Designing and Simulation, Ship Control Systems, Fleet Management), (Home and Commercial, Enterprise Infrastructure Management, Waste Management, Home Automation), Electronics & Electrical/Machine Manufacturing, Healthcare (Medical Device Simulation, Patient Monitoring), Energy and Utilities (Wind Turbines, Gas Turbines, Power Infrastructure), Retail and Consumer Goods and Others (Chemicals and Materials, Agriculture).
Geography: Americas, Europe, Asia-Pacific and Rest of the World.
Some of the key players involved in the Digital Twins Market are as follows:
Robert Bosch GmbH
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* The overall market has been consolidated from the perspective of different geographic locations and key economies for this market.
* Identifies growth sectors and factors driving or constraining the market.
* The market is analyzed based on the key attributes such as the power in the hands of producers and consumers, analysis on the degree of competition, and threats from substitutes and new entrants.
* The study includes the demand of this particular market on a global and regional scale for a five year period of 2017 – 2022, to assess how the market will develop.
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