A surge in the adoption of 3D printing and 3D simulation across different business verticals is expected to promote the growth of the global Digital Twin Market, states Market Research Future (MRFR). MRFR reveals that the global Digital Twin Market is likely to attain a CAGR of 42.54% over the forecast period (2018-2025) and touch an impressive valuation by 2025.
DNV GL to provide ShipManager Hull software to Saipem, a contractor of Italian oil and gas industry. The software deploys 3D digital twins for managing the complete lifecycle of the hull structure.
Scania, a leading commercial vehicle producer, is exploring the chances of deploying digital twins for incorporating predictive maintenance in their vehicles.
Digital twin technology provides virtual assistance to resolve real-world issues is likely to boost its market growth. The fast-paced expansion of the global Digital Twin Market growth can be attributed to the ability of the technology to effortlessly optimize systems or processes, monitor performance and condition of machines and examine their products. Digital twins technology is gaining popularity across different industries as it simplifies designing, production, and maintenance processes.
The global Digital Twin Industry has been studied on the basis of end user application and type.
Based on the end-user application, the global Digital Twin Market has been segmented into automotive and transportation, aerospace and defense, electronics and electrical or machine manufacturing, healthcare, retail, energy and utilities, home and commercial, and others. The aerospace and defense segment have been classified into space-based monitoring and aircraft engine design and production. The automotive and transportation segment has been narrowed down to vehicle designing & simulation and fleet management. The healthcare segment has been divided into patient monitoring and medical devices simulation. The energy and utilities segment have been classified into wind and gas turbines, and power infrastructure. The electronics and electrical or machine manufacturing segment is expected to secure the largest share of the global digital twin market over the assessment period. MRFR mentions that the segment is poised to touch a valuation of USD 9416.3 Mn by 2025.
Based on the type, the global digital twin market has been segmented into product twin, parts twin, process twin, and system twin. The product twin segment is expected to grasp a significant share of the global Digital Twin Market. The system twin segment is likely to register a lucrative CAGR of 44.46% over the review period.
Regionally, the COVID-19 analysis of Digital Twin Market has been analyzed across North America, Latin America, Asia Pacific, Europe, and Middle East Asia and Africa.
North America is likely to secure the largest share of the global Digital Twin Market over the forecast period. Continuous technical upgradations in North America is expected to intensify the regional Digital Twin Market growth. The North American Digital Twin Market is anticipated to expand at a CAGR of 45.19% over the review period and surpass a valuation of USD 691.2 Mn by 2025.
The Asia Pacific Digital Twin Market is likely to experience a healthy growth pattern in the near years. MRFR states that the Asia Pacific Digital Twin Market can attain a CAGR 45.19% across the evaluation period. Renowned companies are investing in the APAC Digital Twin Market that is encouraging innovation, which is likely to intensify the market growth.
MRFR profiled renowned companies which are operating in the global digital twin market. They are; PTC Inc., Cisco Systems, Inc., General Electric, SAP SE, ANSYS Inc., Siemens AG, Oracle Corporation, Microsoft Corporation, Accenture PLC, Dassault Systemes SE, and IBM Corporation.