Pune, India, Jan. 19, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America digital twin market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 1.5 billion by 2026.
North America digital twin market outlook is expected to showcase spiraling growth in the coming five years. Digitalization and automation are on top of the mind of the regional manufacturers recently, and almost every other sector is unfolding the features of digital twins for their businesses. One essential factor aiding the adoption of this technology among diversified businesses is their ability to forecast the future performance of a product or process, saving the company a significant amount of money, time, and effort.
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In the United States, some leading digital twin technology providers are forming partnerships to facilitate the development of digital twin applications in a variety of industrial verticals. For example, in May 2020, the Object Management Group, a non-profit organization, created a Digital Twin Consortium with its founding organizations. The Digital Twin Consortium is working to improve digital twin technology development, innovation, and acceptance. The Digital Twin Consortium’s participating businesses are intended to collaborate on the creation and formulation of use cases across different industrial verticals.
- How is digital twin technology optimizing manufacturing processes?
The fourth industrial revolution, which incorporates automation, data sharing, and manufacturing technology, is the buzz of the business world right now. Digital twins are at the heart of this new industrial revolution, which offers limitless possibilities. This technology has a significant impact on how products are designed, manufactured, and maintained, making processes more effective and streamlined while shortening transit times. The digital twin of a product contains all of the data from the product’s life cycle, bridging the data gap to improve simulation test results. Thus, the evolving role of digital twin in achieving optimum practices is set to transform the face of the manufacturing industry in the coming years. The manufacturing segment accounted for 25% share in 2019 in North America digital twin market.
- What is the role of digital twins in machine & equipment health monitoring?
Digital Twins, in conjunction with IoT data, can play an important role in the health care industry, in the following areas:
- Higher profits amidst tighter budgets
- patient monitoring solutions
- preventative maintenance
- individualized healthcare
With the usage of digital twin technology, the growing number of low-cost IoT sensors together with the proliferation of connected devices, are meeting the expanding need for real-time monitoring and predictive analytics. The wave of digitization across the healthcare, manufacturing, and automotive industries is making these sectors explore the untapped potential of digital twins in transforming their businesses. From the machine & equipment health monitoring segment, North America digital twin market share is expected to rise with a CAGR of more than 30% between 2020 and 2026.
- Digital twin applications across the aerospace and defense sector
The aviation industry is utilizing digital twins of actual planes and feeding them real-time data to enhance the dependability of their operation and lower total maintenance costs. To comprehend the state of weaponry and other components, digital twin technology aids in the creation of virtual models. The data collected by real-time machinery aids sophisticated technology in detecting possible flaws in these weapons and even in anticipating when maintenance would be necessary.
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North America digital twin market share from the aerospace and defense sector will grow with a CAGR of more than 30% over 2026. To eliminate the limitations of earlier models, companies are integrating digital twin models to build complex architecture. GE, for example, saved millions of dollars in airplane maintenance expenses by developing over 300 digital twins for GE90 engines, which power a fleet of 777 aircraft.
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About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
