The global digital twin market is anticipated to grow at a considerable CAGR of around 40.2% during the forecast period. The emergence of industry 4.0 and IoT will fuel the growth of the global digital twin market. Industry 4.0 promotes production methodologies using advanced analytics technologies, such as analytics digital twin and digital scanning. The digital twin enables companies to detect physical issues sooner, predict outcomes more accurately, and build better products. Industries such as manufacturing, construction, healthcare, aerospace and others have been largely using digital twin as a solution for their asset and product lifecycle management. In healthcare sector, the digital twin assists the management to create a safe and secure environment for both employees and patients by digital representations of healthcare data, such as hospital environments, lab results, human physiology through computer models. During the forecast period, the adoption of the digital twin in the healthcare sector is projected to grow at the fastest face, due to its immense benefits. In line with this, the outbreak of COVID-19 pandemic has augmented the demand for digital twins solutions in the healthcare to keep track of the patients health and medication associated with it.
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The hydropower station is gaining traction over the forecast period majorly in emerging economies. Hydropower station has provided a larger base of application in various end-user industries. The hydropower station assists to evaluate and replace mechanical components and accelerate technology development. Moreover, the agencies are collaborating on a project to develop digital twins for the hydropower framework. For instance, in June 2021, the US Pacific Northwest National Laboratory (PNNL), and US Oak Ridge National Laboratory have collaborated to develop a digital twin for hydropower framework as a virtual, open-access platform, which assists in generating a digital representation of hydroelectric plants. Moreover, this system will use next-generation technologies, including artificial intelligence, machine learning, and virtual reality to stimulate hydropower generation, transmission, and distribution systems, and provides flexible and reliable energy services.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Digital Twin Market– Segmentation
By Type
- Product Digital Twin
- Process Digital Twin
- System Digital Twin
By Deployment Type
- Cloud
- On-premises
By Application
- Gas & Steam Power Plant
- Digital Wind Farm
- Grid
- Hydropower Station
- Others
Global Digital Twin Market –Region
North America
- US
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
The Report Covers
- Market value data analysis of 2022 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global digital twin market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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