The advent of digital technology in the past decade has helped in the evolution of various industries, including manufacturing, automotive, aviation, energy and utilities, and healthcare, among others, in terms of asset optimization, connectivity, cost reduction, enhanced safety measures, and convenience of users. Digital twin is one such technology, which is known for disrupting the industrial and commercial operations with its capability to create a virtual image of the actual object/machine by simulating the real-time process and technical data using Internet of Things (IoT).
Additionally, the reduction in process downtime can also be achieved based on the real-time information obtained by the control systems through hardware, platform, and services. In order to accommodate the growing demands while maintaining the utmost product quality, several industries have initiated to upgrade their production facilities as per Industry 4.0 standards and technologies.
Digital Twin Market Overview
According to the market intelligence published by BIS Research, the global digital twin market is expected to grow at a CAGR of 61.94% during the forecast period and reach $29.57 billion by 2025. This market growth can be attributed to the market drivers, including a surge in the adoption of industrial IoT and a rise in the establishment of smart building infrastructure. Both factors are expected to have a high impact on the market in the future.
Digital Twin Products
There are several products that are available under this market. The products offered are categorized into platform, hardware, and support services. The support services include technical services, maintenance and repair, training and consultation, and installation and integration, among others. It accounts for the maximum share of the market in terms of revenue as compared to platforms and hardware.
Digital Twin Types
Also, there are certain types that are covered under the digital twin market. These types include asset digital twin, process digital twin, and system digital twin. This can be for an asset, a process, or a system, based on the industrial requirement for which the virtual asset needs to be developed. Asset digital twin integrated with specifications of the physical objects helps in identifying the behavior of that asset with real-time process data through IoT sensors and detection of underlying faults beforehand, if any. Process one works on the concept of analyzing the real-time process data of all the equipment/assets surrounded within the manufacturing process.
Industries Using Digital Twin Technology
The industries that can uses this technology can include manufacturing, automotive, aviation, energy and utilities, healthcare, logistics and retail, and others. The high demand for the manufacturing segment is attributed to the increased adoption of intelligent platforms for connecting the devices and machines. Moreover, government initiatives for setting up a smart factory are also leading to a high adoption rate of the this technology in the manufacturing sector. However, the healthcare industry is expected to foresee the highest growth for this technology.
Moreover, with the increasing focus toward the adoption of Industry 4.0 standards across all industrial facilities, 3D printing has gained significant popularity and traction over a period of time. The technology is not yet used for mass production but is still highly reliable due to its capability of manufacturing complex shapes. However, in recent times, digital twin for 3D printing has become a part of smart manufacturing with the Industry 4.0 revolution.