Digital Twin Market 2019 Global Analysis with Focus on Opportunities
Posted by Ehtesham Peerzade on September 9th, 2019
According to Market Research Future (MRFR)’s report, the global digital twin market is poised to strike a CAGR of 42.54% during the forecast period 2018 to 2025. Its valuation is estimated to grow from USD 2,156.5 Mn in 2017 to USD 35,462.4 Mn towards the end of 2025. The market is at its nascent stage and resonates strong growth opportunities. It has successfully paved its way across major industry verticals such as manufacturing, automotive and electronics. It supports the end-users in achieving continuous improvement and innovation which is poised to encourage more verticals to deploy the technology in the upcoming years.
Digital twin technology leverages big data analytics for uniting the physical and digital platforms. The rapid developments in the sensor technology and IoT are prognosticated to catapult the digital twin market on an upward trajectory. In addition, the rising need for automation and digitization in the manufacturing industry further ensures revenue acceleration for the market participants.
Big data analytics has already been adopted by quite a large number of industries. This has paved the way for the adoption of the digital twin technique in the forthcoming years. Furthermore, the rising deployment of 3D printing and 3D simulation software is anticipated to augment the digital twin market over the assessment period.
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Major Key players
The analysis offers a detailed segmental analysis of the global digital twin market based on end-user application and type. By end-user application, the market has been segmented into automotive & transportation, aerospace & defense, electronics & electrical / machine manufacturing, retail, healthcare, energy & utilities, home & commercial, and others. The aerospace & defense segment has been sub-segmented into space-based monitoring and aircraft engine design and production. The automotive & transportation segment has been sub-segmented into fleet management and vehicle designing & simulation. The healthcare segment has been further sub-segmented into patient monitoring and medical devices simulation. Lastly, the energy & utilities segment is sub-segmented into wind & gas turbines, and power infrastructure. Among these, the electronics & electrical / machine manufacturing segment is poised to hold the maximum share of the global digital twin market through the forecast period. Its valuation has been estimated to touch USD 9416.3 Mn towards the end of 2025.
By type, the digital twin market has been segmented into product twin, process twin, parts twin, and system twin. The product twin is prognosticated to hold the most significant share of the market. Meanwhile, the system twin segment is forecasted to strike the highest CAGR of 44.46% over 2025.
The global digital twin market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest market for the digital twin technology. The presence of major players in the region facilitated the early adoption of the technology. It has driven the growth of the market and is likely to continue the same trend over the next couple of years. It was valued at USD 691.2 Mn in 2017 and has been projected to strike a CAGR of 42.77% between 2018 and 2025.
Asia Pacific signifies lucrative growth opportunities and has been prognosticated to attract investments from global leaders in the forthcoming years. The digital twin market in the region is expected to thrive at a comparatively higher CAGR of 45.19% over the assessment period.
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List of Tables
TABLE 1 MARKET SYNOPSIS
TABLE 2 LIST OF ASSUMPTIONS
TABLE 3 GLOBAL DIGITAL TWIN MARKET, BY END-USER APPLICATION, 2017-2025 (USD MILLION)
TABLE 4 GLOBAL DIGITAL TWIN MARKET, BY AEROSPACE AND DEFENSE, 2017-2025 (USD MILLION)
TABLE 5 GLOBAL DIGITAL TWIN MARKET, BY AUTOMOTIVE & TRANSPORTATION, 2017-2025 (USD MILLION)
TABLE 6 GLOBAL DIGITAL TWIN MARKET, BY HEALTHCARE, 2017-2025 (USD MILLION)
TABLE 7 GLOBAL DIGITAL TWIN MARKET, BY ENERGY & UTILITIES, 2017-2025 (USD MILLION)
TABLE 8 GLOBAL DIGITAL TWIN MARKET, BY HOME AND COMMERCIAL, 2017-2025 (USD MILLION)
TABLE 9 GLOBAL DIGITAL TWIN MARKET, BY TYPE, 2017-2025 (USD MILLION)
TABLE 10 GLOBAL DIGITAL TWIN MARKET, BY REGION, 2017-2025 (USD MILLION)
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About the AuthorEhtesham Peerzade
Joined: May 22nd, 2019
Articles Posted: 355
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