Dallas, Texas, Aug. 23, 2019 (GLOBE NEWSWIRE) -- A digital twin is referred to as a kind of replica of services, products, and processes which belongs to living as well as a non-living entity. The innovative pairing of the physical world with virtual things enables the analysis of inputs and continuously monitors the processes. It makes systems efficient to recognize the problems prior to its occurrence. It helps in significantly reducing the downtime with regards to the industrial processes. Furthermore, digital twin makes it easy to plan for future incidents with the support of virtual system simulations.
The research report on global digital twin market covers in-depth analysis of its diverse application of different industries. It sheds light on market elements such as growth factors, probable threats for the market, latest industry trends, and gives an outlook for opportunities. Furthermore, it broadly discusses its segments on the basis of its geographical outlook. In addition to this, the report also includes leading market players present in the industry. It helps to identify the key market strategies adopted by the key market players.
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The digital twin market is anticipated to witness a CAGR of 35.0% over the forecast period 2019 - 2024. Growth in IoT and cloud-based platforms, surge in adoption of 3D printing technology in the manufacturing industry and objective to reduce project cost are some of the major factors driving the growth for the digital twin market. IoT sensors have created a potential space for engineers to test and communicate with sensors integrated with the operating products, hence delivering real-time prescriptive of system functioning and timely maintenance.
- In the recent years, digital twin technology has found a place in various industries such as manufacturing, energy & power, aerospace, oil & gas, automobile, and others, offering advanced testing and measurement solution on a real-time basis.
- Additionally, digital twins technology helps in improving physical product design for the entire product lifecycle through pre-analysis of the actual product in its development stage. In industrial internet of things (IIoT), digital twin technology find out error and changes of large machinery equipment through its analytic software connected with IoT components such as smart sensors and networks.
- With the growing trend of internet of things and cloud deployment platform, the market for digital twins is expected to grow at a healthy rate in the coming years.
Scope of the Report
The digital twin market is the digital representation of machinery systems for a better understanding of product design and physical deployment of the systems. The digital twin is an integration of all modern intelligence technologies including Big Data, artificial intelligence, machine learning and IoT used for predictive analysis of any system or equipment.
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Key Market Trends
Surge in Adoption of 3D Printing Technology in Manufacturing Anticipated to Fuel the Demand
- 3D printing technology has already brought revolutionary changes in the manufacturing industry through its fast model building capability and flexible printing materials. With the introduction of digital twin technology, the advantage of 3D printing has gone even more ahead in various manufacturing industries such as automotive, aerospace, medical and utility industries. Vendors in the market, are involved in partnerships and collaborations to integrate their 3D printing capability with digital twin technology, where they are targeting to lower the production and manufacturing cost through pre-testing and predictive analysis of goods.
- January 2019: Siemens AG announced to integrate its 3D additive manufacturing process simulation with digital twin software to build optimized models with minimal errors. This integration of two technologies on the same platform is anticipated to drive the growth for both 3D printing and digital twin technology in the manufacturing industry.
- Several developed and developing nations are focused on leveraging their 3D printing adoption with the implementation of digital twin technology. The US, China, Japan, China, Germany, and the UK are some of the major courtiers adapting this technology with their existing base of the 3D printing industry.
North America is Major Market for Digital Twin Technology
- The IoT industry in aerospace, automotive and manufacturing is mainly dominated by North America. This region has developed economies such as the US and Canada, where massive investments are found in R&D activities, thus contributing to the development of new technologies such as smart sensors, edge analytics, 3D printing, and digital twin.
- With the early adoption of innovative technologies, such as mobility, Big Data, IoT, AI, and others, manufacturers are eager to integrate IoT and digital twin technology into their manufacturing processes.
- Connected devices and data flow are already finding their applications in manufacturing. Therefore, it is now possible to expect accelerated deliveries, as the cost of production is reduced through the implementation of a digital twin. To stay competitive, manufacturers are leveraging IoT and analytics, to run and improve businesses.
- In the US, approximately 35% of manufacturers collect and use data generated from smart sensors, to enhance manufacturing processes. This is where digital twin technology is being widely adopted and have a major chunk of the global market share.
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Competitive Landscape
As many regional as well global players are dominating the market with their technological expertise in digital twin solution, the global market for digital twin is expected to be fragmented in nature. ANSYS, Inc., Cal-Tek Srl, Cityzenith, General Electric Company, IBM Corporation, Lanner Group Limited, Mevea Ltd., Microsoft Corporation, Rescale, Inc., and SAP SE are some of the major players present in the current market. However, all these players are involved in competitive strategic developments such as partnerships, new product innovation and market expansion to gain leadership positions in the global market.
- March 2019 - Lanner Group Limited launched WITNESS Horizon, Version 22.5, an advanced version of its digital twin solution to make predictive aggregation and visualization of business data, with the objective to achieve better investment plans for its client organizations.
- February 2019 - Rescale, Inc. became a partner with Siemens PLM to offer its digital twin solution on Siemens’ Simcenter Rescale’s ScaleX cloud platform. This partnership is expected to provide a seamless offering of digital twin solutions on a cost-effective cloud platform.
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Major points from Table of Contents:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growth in IoT and Cloud Based Platforms
4.3.2 Surge in Adoption of 3D Printing Technology in Manufacturing Industry
4.3.3 Objective to Reduce Project Cost
4.4 Market Restraints
4.4.1 Inadequate IT Infrastructure in Under Developed Countries
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
Continued…
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