Global Digital Twins Markets Report 2021-2026 - Emphasis on Reducing Project Costs to Drive Uptake of Digital Twin Technology

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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:

I. METHODOLOGY

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
Outlook
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
Cityzenith
Dassault Systemes SE
General Electric (GE Digital)
Hexagon AB
Honeywell International Inc.
IBM Corporation
Lanner Group Limited
Mevea Ltd.
Microsoft Corporation
Oracle
PTC Inc.
Rescale, Inc.
Rockwell Automation, Inc.
SAP SE
Siemens AG
TIBCO Software Inc.
XenonStack

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
Outlook
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

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/doq8wy

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