The Digital Twin market is anticipated to grow significantly at a CAGR of 40.2% over the forecast period (2022-2028). The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2022, the American Institute of Aeronautics and Astronautics has agreed to cooperate with the digital twin consortium to drive the adoption of computer technology, which is used to create a virtual representation of a physical system in the pre-production process. The consortium seeks to accelerate the implementation of digital twin technologies in various applications such as conceptual and structural modeling, artificial intelligence, terminology, and taxonomy and provides to develop new and innovative content and programming for the members. Further in November 2021, FutureOn signs an agreement with Kongsberg Digital(KDI), to strengthen its position as an international digital twin software provider. In doing so, it aims to support a comprehensive approach for designing, building, and operating digital twin for energy projects.
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Moreover, in December 2021, Siemens Smart Infrastructure acquired digital twin software for buildings from EcoDomus, a US-based company via agreement. The acquisition enabled Siemens Smart Infrastructure expand its digital building portfolio. The acquisition compises addition of its EcoDomus cloud-based building operations twin software and its flagship building management platform Desigo CC. With the help of the software, customers can generate digital replicas of their real buildings and assets, creating a common data environment that integrates BIM, Building Management Systems (BMS), Computerized Maintenance Management Systems (CMMS) and Internet of Things (IoT) systems. Such strategies adopted by key player will drive the market growth.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
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
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 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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