Global Digital-Twin-Technology-Market Scope Report

Global Digital-Twin-Technology-Market Highlights Over 2023 - 2035

The global digital-twin-technology market is estimated to garner a revenue of USD 80 billion by the end of 2035 by growing at a CAGR of ~ 40% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of around USD 8 billion in the year 2023. The rising demand for innovative smart devices is the primary factor boosting the growth of the digital-twin-technology market. Businesses are increasingly using digital twin technology to increase efficiency, and build resilient supply chains. It helps in predicting serious problems and facilitates better decision-making. As per an estimate, by 2025, 80% of enterprises will rely on digital twin technology.  

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Digital twin, as the name suggests, refers to a virtual model of a real physical object. It is designed to accurately reflect the object’s performance after being fitted with various sensors that use artificial intelligence and machine learning, and eventually produce data on how a product or process will perform. This real-time data can be used to run simulations on the virtual model, study performance issues, facilitate improvement and generate valuable insights — to be applied back to the original physical object. The European Union launched two highly ambitious and futuristic programs in 2021– Green Deal and Digital Strategy to become climate neutral by 2050. For their successful implementation, scientists launched the ‘Destination Earth’ initiative in mid-2021, in which a highly accurate digital twin of the Earth would be built in a ten-year span, to map climate development and predict other extreme events in space and time.

Global Digital-Twin-Technology-Market: Growth Drivers and Challenges

Growth Drivers

• The Growing Use of the Internet of Things – As per statistics available, there were more than 10 billion active IoT devices in 2021. In 2022, despite the chip shortage impact, the market for the Internet of Things is expected to grow by 18 % and reach 14.4 billion active connections. It is further anticipated that, as supply constraints, ease and growth further accelerate, there will be approximately 27 billion connected IoT devices by 2025. The booming demand for IoT devices will accelerate the growth of digital-twin-technology-market

• Reduction in Paperwork – Latest statistics of 2022 reveal that paper production is the third most energy-intensive as compared to other manufacturing processes and paper consumption has globally risen by 400% in the last 40 years. An average office worker uses about four dozen sheets of paper per day, amongst which about half are considered waste.  Among the total waste in offices, 70% is made up of paper, and as much as 30% of print jobs are never used. Pulp and paper is the third-largest air, water, and land polluter as compared to other industries. With the advancement of technology, cloud storage, enterprise content management, mobile communication, and digital twin solutions, data can be received, stored, and shared on the cloud or on other premises, hence reducing paper dependency.

• Increasing Adoption of the Cloud Technology: According to a recent study public cloud infrastructure grew by 35% in 2021, as 83% of enterprise workloads were migrated to the cloud. It is estimated that the volume of data in cloud data centers will exceed 100 zettabytes by the year 2025.

• Advancements in Automotive Industry– Electric cars facilitate the installation of IoT sensors so that they can be linked with their customized digital twin and support data exchanges. As per statistics available, the total number of electric cars on the world’s roads is approximately 16.5 million, which is triple the amount in 2018. Global sales of electric cars have risen strongly in 2022, having increased by 75% from the same period in 2021, with 2 million sold in the first quarter.

• Advancements in Renewable Energy: Digital twin technology has completely changed how energy is being produced, managed, and distributed. In addition, it is promoting sustainability in energy production and consumption. Digital twin can capture a digital replica of solar grids and provide accurate information about solar plant assets. As the use of solar power is increasing worldwide, as per estimate, photovoltaic solar arrays provided 5% of the world's electricity, in 2021, which is expected to grow in the coming years. At the UN Climate Summit in December 2020, Indian Prime Minister announced that India is set to top its renewable energy target and will be hitting 175 gigawatts before 2022. The World Bank in December 2020, approved a USD 107 million project to help the Maldives adopt renewable sources of energy. 

Challenges

• Lack of Awareness Regarding the Benefits of Digital Twin Solutions

• High Installation Expenditure

• Complexities Associated with Obtaining Data

The global digital-twin-technology market is segmented and analyzed for demand and supply by end-user into manufacturing, agriculture, automotive & transport, energy & utilities, healthcare & life sciences, residential & commercial, retail & consumer goods, aerospace, telecommunication and others. Amongst them the telecommunication sub segment is anticipated to hold the largest market size. According to the latest estimate around 70 million new 5G subscriptions were added during the second financial quarter of 2022 worldwide bringing the total aggregate of global 5G subscriptions to 690 million by June 2022. 

Global Digital-Twin-Technology-Market Regional Synopsis

Regionally, the global digital-twin-technology market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2035. The presence of aerospace and automotive companies that constantly invest in research and development using advanced technology for optimum utilization of resources at reasonable costs, is the primary factor for growth of the market in this region. According to a report by the International Trade Administration, the U.S. aerospace sector produced the highest trade balance of USD 77.6 billion in 2019 and the second-highest level of exports i.e., USD 148 billion as compared to all other manufacturing industries.

Market Segmentation

Our in-depth analysis of the global digital-twin-technology market includes the following segments:

Key Companies Dominating the Global Digital-Twin-Technology- Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global digital-twin-technology market that are included in our report are Robert Bosch LLC, Oracle Corporation, DNV GL, Autodesk Inc., SAP SE Emerson, ABB Ltd, Honeywell International Inc, Johnson Controls International Plc, Schneider Electric,  IBM Corporation, and others.

Global Digital-Twin-Technology-Market: Latest Developments

• 25^th October, 2021: Robert Bosch LLC-The Company has announced a collaboration with Carnegie Mellon University for which Bosch Research will be investing $3 million in joint effort with CMU to examine real-time digital twins and AR / VR /XR in manufacturing environments.

• 16^th November, 2020: DNV GL- The Company has entered into a collaboration with TechnipFMC and developed the oil and gas industry’s first recommended practice (RP) publication called DNV-RP-A204, on how to build and quality-assure digital twins.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.   

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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