Jan 24, 2022, 15:15 ET
DUBLIN, Jan. 24, 2022 /PRNewswire/ -- The "Digital Twins - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Digital Twins Market to Reach US$35.5 Billion by the Year 2026
The global market for Digital Twins estimated at US$5.1 Billion in the year 2020, is projected to reach a revised size of US$35.5 Billion by 2026, growing at a CAGR of 36.9% over the analysis period.
Digital twin technology is gaining significant attention due to its ability to expedite product development and support innovations. The market would be primarily driven by the growing applications of digital twin technology in the pharmaceutical and healthcare industries spurred by the recent COVID-19 pandemic, the increasing use of digital twins for enabling predictive maintenance, and the accelerated adoption of digital twin solutions for addressing the challenges associated with the pandemic.
Digital twin technology has been witnessing notable progress in its capabilities owing to support from emerging technologies, including artificial intelligence (AI), big data, the Internet of Things (IoT) and computing power. The technology is gaining from machine learning that enables the use of data to simulate and predict future conditions and performance of assets.
The increasing adoption of digital twins in the energy industry is expected to expedite transition towards renewable energy and pave way for net-zero emissions. The technology presents significant opportunities for companies in the healthcare and life sciences domains to improve efficiency and gain an edge over competitors.
System, one of the segments analyzed in the report, is projected to grow at a 36.4% CAGR to reach US$23 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Product segment is readjusted to a revised 38.9% CAGR for the next 7-year period.
This segment currently accounts for a 31.7% share of the global Digital Twins market. Digital twins are expected to transform product development, supply chains and manufacturing. Manufacturing organizations have been leveraging DTs technology to speed-up digital transformation efforts for product development.
Process Segment to Reach $5.6 Billion by 2026
In the global Process segment, USA, Canada, Japan, China and Europe will drive the 35% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$778.5 Million in the year 2020 will reach a projected size of US$6 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$607.2 Million by the year 2026.
The U.S. Market is Estimated at $2.6 Billion in 2021, While China is Forecast to Reach $6.5 Billion by 2026
The Digital Twins market in the U.S. is estimated at US$2.6 Billion in the year 2020. The country currently accounts for a 39.6% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$6.5 Billion in the year 2026 trailing a CAGR of 51.4% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 30.9% and 37.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 32.3% CAGR while Rest of European market (as defined in the study) will reach US$3.8 Billion by the end of the analysis period.
North America represents the largest regional market for digital twins, attributed to a significant economic growth, massive investments in research and development activities, presence of a large number of digital twin vendors, and significant developments and early adoption of advanced digital technologies, including digital twin, 3D printing, edge analytics, and smart sensors, in the region.
Growth in Asia-Pacific region is attributed to the dense population, rising per capita income with large-scale urbanization and industrialization, and growing adoption of IoT technology, primarily in countries, such as China, India, South Korea, and Japan.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Intriguing Opportunities Ahead for Digital Twin Technology
- How Digital Twin Technology Can Help Businesses to Gain a Competitive Edge
- Digital Twin Technology Trends Big in Built Environment amid COVID-19
- Digital Twin Technology: A Prelude
- Interoperabilty: Critical to Widespread Use of the Technology
- DTs Aid in Smart Innovation and Help Achieve Sustainability
- Recent Industry Activity
2. FOCUS ON SELECT PLAYERS (Total 208 Featured)
- ABB Ltd.
- Accenture plc
- ANSYS, Inc.
- AT&T Inc.
- AVEVA Group plc
- Bentley Systems, Incorporated
- Bosch.IO GmbH
- Cal-Tek Srl
- Capgemini SE
- Dassault Systemes SE
- General Electric (GE Digital)
- Hexagon AB
- Honeywell International Inc.
- IBM Corporation
- Lanner Group Limited
- Mevea Ltd.
- Microsoft Corporation
- PTC Inc.
- Rescale, Inc.
- Rockwell Automation, Inc.
- SAP SE
- Siemens AG
- TIBCO Software Inc.
3. MARKET TRENDS & DRIVERS
- Digital Twins Emerge as an Important Technology for Digital Transformation
- Digital Twins: Adding New Dimensions to Product Lifecycle Management
- Digital Twins: A Key Trend in Industry 4.0
- Review of Key Application Areas
- COVID-19 Impact on Industry 4.0
- Digital Twin Technology Playing an Important Role in Predictive Maintenance
- The Age of Analytics Made More Important by COVID-19 Provides the Cornerstone for the Disruptive Growth of Predictive Maintenance
- Industry 4.0 Pushes Up the Effectiveness of Predictive Maintenance
- Significant Role of Digital Twins in Helping Organizations Embrace Manufacturing Automation
- Surge in Adoption of 3D Printing Technology in Manufacturing Industry
- Artificial Intelligence Remains Integral Component of Digital Twin Technology
- Emphasis on Reducing Project Costs to Drive Uptake of Digital Twin Technology
- Focus on Building Crisis Resilient Smart Cities to Drive Demand for Smart City Digital Twin
- Growing Role Digital Twin Technology in Curbing Carbon Emissions
- Digital Twins Present a Powerful Tool to Simulate & Optimize Retail Supply Chain
- Navigating COVID-19 Disruptions with Digital Twins
- Increasing Use of Digital Twins in Automotive Industry
- Vehicle Electrification Steps up with Digital Twin Technology
- Digital Twin Technology to Expedite 5G Implementation
- Agriculture Industry Accelerates Advanced Technologies Adoption
- Aerospace Industry to Take Off with Transformative Potential of Digital Twins
- Digital Twins for Modeling of Real-Life Systems
- Impact of COVID-19 on Aerospace Industry
- Staged Recovery over Long-Term to Benefit Demand
- Specter of Far-Reaching Digital Twin-Related Implications for Life Sciences Arena
- Cognitive Computing Enhances Capabilities of Digital Twin Technology
- The Current State of Digital Twin Adoption in Civil Infrastructure Sector
- Significant Role of DT in the Energy and Utility Sector
- Steep Rise Healthcare Spending to Augment Adoption of digital Twins
- Digital Twins Set to Go Mainstream in Real-Estate Sector
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/doq8wy
Research and Markets
Laura Wood, Senior Manager
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