July 2, 2022
  • July 2, 2022

Digital Twin Market – Growth, Trends, Impact of COVID-19 and

By on June 13, 2022 0

New York, June 13, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Digital Twin Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www .reportlinker .com/p06155647/?utm_source=GNW

Highlights
The promise of digital twins lies in improving collaboration and workflows between different types of groups, such as product design, sales and service teams, and engineering disciplines. For example, the US Airforce used digital twins extensively to design and build a new prototype aircraft in over a year, a process that traditionally takes decades. Additionally, IoT sensors have created a potential space for engineers to test and communicate with sensors embedded in operating products, providing real-time prescriptive system operation and timely maintenance.
Additionally, digital twin technology helps to improve physical product design for the entire product life cycle through pre-analysis of the actual product in its development phase. In the Industrial Internet of Things (IIoT), digital twin technology detects errors and changes in large machinery equipment through its analysis software connected to IoT components such as sensors and smart grids.
Tools for creating digital twins are growing in power and sophistication. It is now possible to design complex simulation simulations, to go back to the real conditions detected and to perform millions of simulation processes without overloading the systems. Moreover, with the increase in the number of providers, the range of options continues to grow and expand. Additionally, data from real-time asset monitoring technologies such as LIDAR (light detection and ranging) and FLIR (forward-looking infrared) can now be integrated into digital twin simulations.
The covid-19 outbreak has provided a new application opportunity for the market, which represents the growth adoption of the market. Digital twin technology is gaining momentum in healthcare diagnostics. Digital twins disrupt traditional healthcare by modeling a particular patient’s conditions and attributes using machine learning data aggregated from a variety of patients.
Market growth is also expected, with various partnerships and acquisitions conducted recently. In June 2021, Waylay announced its partnership with top Salesforce implementation partners for Waylay Digital Twin, its powerful no-code IoT asset monitoring solution for Salesforce. Selected implementation partners build consulting and implementation capacity and bring decades of Salesforce expertise to Waylay Digital Twin projects.

Main market trends

Mass adoption of 3D printing technology in manufacturing is expected to fuel demand

3D printing technology has already brought revolutionary changes in the manufacturing industry thanks to its ability to create rapid models and flexible printing materials. With the introduction of digital twin technology, the advantage of 3D printing has further increased in various manufacturing industries such as automotive, aerospace, medical, and utilities.
Market vendors are involved in partnerships and collaborations to integrate their 3D printing capability with digital twin technology, where they aim to reduce production and manufacturing costs through pre-testing and predictive analysis some products.
Using software such as Netfabb and Siemens NX, manufacturers can perform simulations and tests on the digital twin and eliminate the need for multiple physical prototypes. Using sensor data, manufacturers can track and trace the conditions inside the 3D printer that is making a part. With each new layer and data source, the digital twin becomes more complete.
Digital twins can also be used for creating 3D printers themselves. For example, Siemens helped HP create a digital twin of its Jet Fusion 5200 3D printer to help simulate airflow patterns through the machine. The data generated allowed HP to optimize its cooling channel topology for ideal ventilation.
Several developed and developing countries are focusing on maximizing their adoption of 3D printing with the implementation of digital twin technology. The United States, China, Japan, China, Germany, and the United Kingdom are among the leading countries adopting this technology with their existing 3D printing industry base.

North America holds a large market share

North America mainly dominates the IoT industry in aerospace, automotive, and manufacturing. This region has developed economies such as the United States and Canada, where massive investments are made in R&D activities, contributing to the development of new technologies such as smart sensors, edge scanning, printing 3D and the digital twin.
While manufacturing has begun to embrace digital twin technology, construction remains largely a 2D industry and one hungry for technological innovation. With 3D visual digital twin technology, offsite experts now have access to onsite views into project details, starting where Google Street View leaves off.
Recently, in June 2021, Cupix announced the availability of CupixWorks 2.0, a major update to its flagship product, CupixWorks. CupixWorks 2.0 is the industry’s most advanced 3D digital twin platform, empowering building owners, general contractors and project managers to build smarter, turning any construction site into an easy-to-manage project. creating value throughout the life cycle of a property.
Furthermore, the increased demand for digital twins by building and infrastructure owners and operators is expected to create new market opportunities for digital technologies and digitization of the AEC industry. Autodesk has been on a tear, expanding its support for digital twins in the construction industry. For starters, Autodesk has launched Tandem, a digital twin platform that promises to connect the dots between project owners and architecture, engineering, and contracting (AEC) teams.

Competitive landscape

As numerous regional and global players dominate the market with their technological expertise in digital twin solutions, the global digital twin market is expected to be fragmented in nature. ANSYS, Inc., Cal-Tek Srl, Cityzenith, General Electric Company, IBM Corporation, Lanner Group Limited, Mevea Ltd., Microsoft Corporation, Rescale, Inc., and SAP SE are some of the major players present in today’s market. However, all these players are involved in competitive strategic developments such as partnerships, new product innovation and market expansion to gain leading positions in the global market.

June 2021 – FARO Technologies, Inc. announced the acquisition of HoloBuilder. HoloBuilder’s SaaS platform will add quick and easy reality capture photo documentation and add remote access capability to FARO’s highly accurate 3D point cloud-based laser scanning to create the world’s first digital twin solution. end to end of the sector.
March 2021 – The Lamina Tower, an ultra-luxury residential condominium tower in the Middle East, has partnered with Cityzenith LLC. create a versatile digital twin using the SmartWorldOS Digital Twin desktop application to create a 3D view of the property and its surroundings, as well as other requirements.

Additional benefits:

The Market Estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06155647/?utm_source=GNW

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