A new report from Future Market Insights called the Digital Twin Technology Market analyses the use of digital twins in a variety of sectors and acknowledges the importance of its development within the transportation and automotive sectors.
According to the report, the global digital twin technology market currently stands at US$9.5bn and is expected to reach US$72.65bn by the year 2032, at a robust compound annual growth rate (CAGR) of 22.6% from 2022 to 2032.
Twin technology is inclusive of extended reality (XR), The Cloud, the Internet of Things (IoT), and artificial intelligence (AI). Digital twins are widely used for digitally representing real-time data. In other words, they help in building predictive models and gauging the probability of success of various physical prototypes before they are rolled out. In the post-Covid-era, digital twin technology is being used for several applications, including telecoms, healthcare, real estate and retail.
Organizations using digital twins can easily access behavioral data from the connected products (IoT, in particular), which helps the product engineers as well as designers in identifying future iterations of the problems. The product performance, overall, could be improved.
The transportation and automotive sector holds the largest market share in the digital twin technology market due to rising utilization for simulation, designing, MRO (maintenance, repair, and overhaul), manufacturing, and aftermath. Digital twin technology does facilitate visualizing a race car engine to gauge the importance of maintaining components that are at risk of being damaged or burnt out. Digital twins could also be used aftermath to collect feedback.
- The transportation and automotive sector holds more than 15% of the market share due to the growing demand for automobiles. This could be reasoned by the growing adoption of EVs all across.
- The Asia-Pacific is expected to grow at a whopping CAGR of ~40% in the digital twin technology market, led by South Korea, Japan, India, and China.
- North America and Europe are at the matured stage of the digital twin technology market.
- Microsoft Corporation, in May 2021, entered into collaboration with Aera Technology for integrating the latter’s cognitive operating system with the former’s twin technology for creating virtual representation in the automation process.
- IBM Corporation entered into a long-term partnership with Siemens AG in June 2020 for announcing the availability of advanced solutions combining the elements of the former’s Maximo portfolio with the latter’s Xcelerator. The purpose of this solution is that of enhancing the SLM (service lifecycle management) assets to tabling a digital thread amongst equipment manufacturers, project owners, and product design for increasing manufacturing capacity.
- ANSYS, Inc. in March 2021, entered into collaboration with ENGIE so that the latter for developing a high-fidelity platform for delivering 3D CFD (Computational Fluid Dynamics) results in real-time use of the former’s twin technology.
- Dassault Systems, in April 2021, renewed its partnership with Bouygues Construction for powering the construction industry by making use of a 3D experience platform for increasing productivity.
- Autodesk Inc., in April 2021, launched Autodesk Tandem (a virtual twin tool) for streamlining the flow of real-time data amongst AEC (architectural, engineering, and contracting) teams and project owners. The ultimate result would be a twin technology model.
- Microsoft, in March 2022, announced its strategic partnership with Newcrest for adopting Azure as the preferred cloud provider at the global scale and working on the digital twins with the sustainability data model.
- Google Cloud, in January 2022, tabled a supply chain digital twin for providing manufacturers and distributors with precise visibility of the operations.
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