Digital twin forms a bridge and connects virtual world with the real one by generating exact copies of any physical object or process. The digital replica aids in understanding the layout of cities, automobiles, buildings, and manufacturing processes in a better way. For example, digital twin of an electric motor not only displays form but also examines working of shafts and thermal conductivity. Moreover, digital twin technology impacts the overall developments, production, and operation processes of an industry. Some of the major applications of digital twin technology are in the healthcare sector, automobile industry, aerospace & defense, predictive maintenance, and asset performance. Apart from this, businesses prefer digital twin technology due to its cost-effectiveness, ability to identify flaws, and access performance testing.
Forecast Analysis of the Digital Testing Market
Several end-users such as automotive, aerospace & defense, healthcare, transportation, oil & gas, and many more are opting for digital twin technology. The rise in demand by end-users is predicted to enhance the digital twin market in the upcoming years. For example, aerospace & defense sector utilizes digital twin for overcoming challenges in fleet sustainment and management. In addition, real-time data acquired with the aid of digital twin keeps aircrafts floating in air with minimum maintenance costs and optimizes performance of the airplanes.
Furthermore, oil and gas sector also uses digital twin technology for assuring safe and efficient operations and designing novel techniques. Another factor responsible for the growth of the digital twin market is the widespread adoption of this technology for predicting performance of real time assets and detecting improvements that’ll lead to a much favorable outcome. However, heavy investments in initial phases along with tremendous maintenance expenses are likely to hinder the market growth in recent years.
On the other hand, incorporation of digital twin systems by industries like manufacturing and energy & utilities is estimated to create new opportunities for the market in the forthcoming years. According to a report published by Research Dive, the global digital twin market is anticipated to rise with a CAGR of 41.3% by 2027. Furthermore, the Asia-Pacific region market is expected to increase in recent years due to growth in demand for digital twin technology by industries.
Latest Developments of the Digital Twins Market
The key participants of the digital twin market are aiming to develop new strategies such as merger and acquisitions, investments in research & development, partnerships & collaborations, and new product launch. These strategies and plans have proved to be useful in gaining an upper hand in the market in these recent times.
In November 2020, DNV GL, an international accredited registrar and classification society, in collaboration with TechnipFMC, an oil & gas company, published for the first time a recommended practice on ‘how to build and quality-assure digital twins.’ This is the first recommended practice of the oil and gas sectors so far.
In December 2020, Microsoft, which is an American based multinational technology company, has launched Azure Digital Twins service that is utilized for modeling physical environment. This service is now available after two years of being released as a preview.
In February 2020, Huawei, which is a Chinese multinational technology company, has announced the launch of 5G digital engineering solutions that works on site digital twins. This product makes a digital replica of any physical site and enables digital functions on site.
Covid-19 Impact on Digital Twins Market
The coronavirus pandemic is predicted to affect the global digital twin market in a positive way as several manufacturers are launching products and investing in research and development field. New products that can enhance operations, reduce downtime, assure safety, and manage quality are much needed at the time of the Covid-19 pandemic. For instance, in November 2020, General Electric, which is an American multinational conglomerate, has announced the launch of Proficy Sensor Health and Proficy Scense 8.0 that utilizes digital twins for augmented operations.
Future Scenario of the Market
The global digital twin market is predicted to upsurge even after the Covid-19 pandemic as several industries are opting for this technology. Moreover, one can also consider integration of digital twin technology with artificial intelligence, machine learning or IoT.