Dublin, Aug. 04, 2021 (GLOBE NEWSWIRE) -- The "Global Digital Twin Market By Type, By Application, By Industry, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Digital Twin Market size is expected to reach $63.5 billion by 2027, rising at a market growth rate of 41.7%
Digital twins find their application in various end-use industries like manufacturing, agriculture, energy and utilities, healthcare, and automotive industries. In recent years, many companies that create digital twin platforms have introduced different solutions for specific business areas.
For example, Volkswagen AG, an automotive company whose employees working at the Pre-Series Center in Wolfsburg are taking help of 3D models to support prototype assembly operations across the globe. The companies are forced to operate with least manpower post-pandemic. That is why, increasing number of companies are shifting towards automation with an aim to streamline different processes. With the rising demand for automation has been increased in various industries, the demand for digital twin platforms is expected to be fueled over the forecast years.
Owing to the increasing adoption of Industry 4.0 across the globe, the digital twin market is estimated to experience significant growth in the coming years. Industry 4.0 refers to the fourth industrial revolution. It is an emerging trend in various industries including the manufacturing sector where it is focusing on automation, capturing, and exchanging data.
For the digital representation of a product, it is very important to adopt advanced technology like IoT. In Industry 4.0, the digital twin is considered to integrate the manufacturing techniques with advanced technology like IoT that helps in developing interconnected manufacturing systems. Thus, digital twin technology seems to be an ideal solution that facilitates the companies in realizing the Industry 4.0 standards.
The automotive & transportation, energy & power, and aerospace & defense industries are the key end-users of digital twin technology. These manufacturing and end-use industries are also seen declining demand during the pandemic. Complete lockdown in many countries supported to limit foreign trades across international borders, non-operational distribution channels, and many government laws to take preventive measures for public health and safety to stop the spread of the virus.
Though, various industries are focused to adopt the digitization of processes which is anticipated to boom in the post-COVID-19 period. The demand in the energy & power sector is also increasing, which is expected to boost the growth of the segment in the forecast period.
Based on Type, the market is segmented into System, Process and Product. The market for system digital twin acquired the maximum revenue share in 2020. This growth can be attributed to factors like the growing use of digital twins for systems in numerous applications.
For instance, the LOCOMACHS in the aerospace & defense sector has installed a digital twin for the complete assembly line for an aircraft wing and aids in performance monitoring.
Based on Application, the market is segmented into Predictive Maintenance & Performance Monitoring, Business Optimization, Inventory Management, Product Design & Development and Others. The Predictive Maintenance & Performance Monitoring market dominated the Global Digital Twin Market by Application 2020.
The Business Optimization market is experiencing a CAGR of 42.2% during (2021 - 2027). The Inventory Management market is estimated to grow at a CAGR of 42.7% during (2021 - 2027).
Based on Industry, the market is segmented into Automotive & Transportation, Residential & Commercial, Healthcare & Life Sciences, Manufacturing, Energy & Power, Agriculture, Retail & Consumer Goods and Others. The Automotive & transportation industry segment procured the highest revenue share of the digital twin market in 2020.
This growth can be accredited to growing uses of digital twins for designing, production, simulation, MRO (maintenance, repair, and overhaul), and after service. Automotive & transportation is one of the industries that is expected to show high growth after the COVID-19 pandemic. It is due to the fact the industry players will tend to adopt digital solutions for their end-to-end operations that might help them in reducing losses that had happened due to the pandemic.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.3 Market Scope
Chapter 2. Market Overview
2.2 Key Factors Impacting the Market
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Geographical Expansions
3.2.4 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2016-2020)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2017, Feb - 2021, Feb) Leading Players
Chapter 4. Global Digital Twin Market by Industry
4.1 Global Automotive & Transportation Digital Twin Market
4.2 Global Residential & Commercial Digital Twin Market
4.3 Global Healthcare & Life Sciences Digital Twin Market
4.4 Global Manufacturing Digital Twin Market
4.5 Global Energy & Power Digital Twin Market
4.6 Global Agriculture Digital Twin Market
4.7 Global Retail & Consumer Goods Digital Twin Market
4.8 Global Other Industry Digital Twin Market
Chapter 5. Global Digital Twin Market by Type
5.1 Global Digital Twin System Market
5.2 Global Digital Twin Process Market
5.3 Global Digital Twin Product Market
Chapter 6. Global Digital Twin Market by Application
6.1 Global Predictive Maintenance & Performance Monitoring Digital Twin Market
6.2 Global Business Optimization Digital Twin Market
6.3 Global Inventory Management Digital Twin Market
6.4 Global Product Design & Development Digital Twin Market
6.5 Global Others Digital Twin Market
Chapter 7. Global Digital Twin Market by Region
Honeywell International, Inc.
General Electric (GE) Co.
Robert Bosch GmbH
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