Digital Twin

• [New] Over the next three years, the technologies posting the largest increases in investment will be digital twins (+164%), 3D printing (+125%), augmented reality/virtual reality, and data warehouses.
• Farad AI has developed a digital twin of the UK's low voltage electricity grid at substation level, providing low-carbon technology project developers with significantly better visibility of their grid connection opportunities.
• Over the next three years, the technologies posting the largest increases in investment will be digital twins (+164%), 3-D printing (+125%), augmented reality/virtual reality, and data warehouses.
• In the UK, Mott Macdonald is leveraging a digital twin to manage the decommissioning of one of the most complex nuclear facilities in the world, where small mistakes could prove environmentally hazardous, and site clean-up is expected to take more than 100 years.
• Another area that will see the application of digital twins is in product life-cycle management.13 Medical device companies are often global in their scope, and developments can be carried out by widely dispersed teams.
• The projected growth rate is expected to be driven by continuous industrial adoption of digital twin technology and we kick-start the year 2021 by highlighting the top 5 industrial sectors projected to make the most use of digital twin technology and reap its rich rewards.
• The Southern Positioning Augmentation Network which is being jointly developed by the Australian and New Zealand governments has recently completed an 18-month trial and will become fully operational in 2023.
• The Digital Twin market will grow from US$3.8bn in 2019, to US$35.8bn per year by 2025, at a CAGR of 45.4%.
• Digital twins, which Gartner says could save $1 trillion in manufacturing costs each year, will see have a big year in 2021.
• The use of digital twin technology is expected in logistics that will stay with us for at least the next 5 years.
• The global market for digital twin technology is expected to increase 17% in 2021, to reach $12.7 billion.
• The digital twin market is anticipated to witness a CAGR of 35.0% over the forecast period 2021-2026.
• The Digital Twin market will grow from $3.1 billion in 2020, to $48.2 billion per year by 2026, at a CAGR of 58%.
• The digital twin market is expected to grow at a CAGR of 37.87%, to reach USD 15.66 Billion by 2023.
• The digital twin market is estimated to grow from USD 3.8 billion in 2019 to USD 35.8 billion by 2025, at a CAGR of 45.4%.
• Chevron expects to save millions of dollars using digital twins to predict maintenance problems more quickly.
• Digital twins: An estimated four out of five IoT platforms will employ digital twins over the next five years, propelling the global digital twin market to expand at a strong CAGR of 47.0% between 2019 and 2025.
• Further out, IDC saw 30% of cities using automation from the combination of IoT, AI, and digital twins to blend the physical and digital and improve the remote management of critical infrastructure and digital services by 2025.
• By 2025, over 50% of utilities will increase automating operations spend with an emphasis on AI, ML and edge technologies, doubling, as a result, the penetrative capability of predictive and prescriptive maintenance.
• In order to improve remote management of critical infrastructure and services, 30% of cities will turn to IoT, AI, and digital twins to create a hybrid physical / digital solution by 2025.
• Prediction 2: By 2023, 20% of new industrial assets deployed will leverage preconfigured digital twins to commission assets 50% faster, enabling digital twins for entire operations settings and processes.
• The market for digital twins will grow from $US3.8 billion in 2019 to $US35.8 billion per year by 2025.

Last updated: 18 April 2021