Digital Twin Market Size is Projected To Reach USD 5545.2 Million By 2028 At A Cagr of 15.9%- Valuates Reports
BANGALORE, India, Jan. 21, 2022 /PRNewswire/ -- Digital Twin Market is segmented by Data by Type - Parts Twin, Product Twin, Process Twin, System Twin, by Application - Aerospace and Defense, Automotive and Transportation, Machine Manufacturing, Energy and Utilities, Others. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Software Category.
The global Digital Twin market size is projected to reach USD 5545.2 million by 2028, from USD 1951.2 million in 2021, at a CAGR of 15.9% during 2022-2028.
Major Factors Driving The Growth Of The Digital Twin Market Are
The rising usage of digital twin technology in numerous industry verticals, such as Aerospace and Defense, Automotive and Transportation Machine Manufacturing, Energy, and Utilities, is the primary driver of the digital twin market growth.
The digital twin market is likely to grow as the focus on Industry 4.0 grows. Digital Twin enables a more virtual system-based design process, allowing any equipment or system to play a much more active part. The technology aids operators in understanding unique features, performance, and potential faults on the virtual simulation model by offering an accurate digital reproduction of the machine.
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TRENDS INFLUENCING THE GROWTH OF THE DIGITAL TWIN MARKET
Advantages such as Better R&D and Greater efficiency offered by digital twin are expected to drive the growth of the digital twin market. The utilization of digital twins allows for more effective product research and design, with an abundance of data created about likely performance outcomes. This data can lead to insights that can aid organizations in making necessary product adjustments before going into production. Digital twins can assist mirror and monitor production systems even after a new product has gone into production, with the goal of reaching and maintaining optimal efficiency throughout the whole manufacturing process.
Digital Twins can be used in the automotive industry to create a virtual replica of an associated vehicle. It records the vehicle's operating data and assists in the breakdown of the overall vehicle performance as well as the associated features. This growing application in the automotive industry is expected to drive the digital twin market growth. Tesla Motors, for example, has invested heavily in digital twin technology in order to deliver greater service and reliability to car owners. Every automobile Tesla sells has a digital twin created. Tesla then changes software based on sensor data from individual vehicles and distributes upgrades to its products. This data-driven software development process allows for more efficient resource allocation as well as a much-improved user experience for car owners.
Furthermore, users can study ideas for product lifecycle extension, manufacturing and process improvements, as well as product creation and prototype testing, using a digital twin. A digitl twin can be used to virtually replicate an issue so that a solution can be designed and tested in the software rather than in the real world. This feature is projected to boost digital twin adoption as part of the Industry 4.0 revolution, propelling the digital twin market forward.
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DIGITAL TWIN MARKET SHARE ANALYSIS
Based on region, North America is expected to be the most lucrative. Due to high economic growth and a big presence of suppliers supplying digital twins, these changes have had a positive impact on the expansion of the digital twin market in North America.
Based on type, System digital twin is expected to be the most lucrative. The rising use of digital twins for systems in numerous applications can be ascribed to this increase.
Based on application, Automotive & Transportation are expected to be the most lucrative. The rising use of digital twins for designing, simulation, MRO (maintenance, repair, and overhaul), production, and after service can be attributed to this growth. Automotive and transportation is one of the areas that will see significant growth in the post-COVID-19 period, as industry participants attempt to implement digital solutions for their end-to-end operations in order to reduce losses caused by the pandemic.
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- The global Electrical Digital Twin market size is projected to reach USD 13510 million by 2028, from USD 3853.2 million in 2021, at a CAGR of 19.4% during 2022-2028.
- The global Digital Twin Technology market size is projected to reach USD 26920 million by 2027, from USD 4568.9 million in 2020, at a CAGR of 32.4% during 2021-2027.
- The global Digital MRO market size is projected to reach USD 1521 million by 2027, from USD 845.3 million in 2020, at a CAGR of 8.3% during 2021-2027.
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