Digital twin market is anticipated to grow significantly at a CAGR of 40.2% over the forecast period. 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.
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
- The market number available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
Segment Covered– by type,by deployment type, by application
Regions Covered- North America, Europe, Asia-Pacific, Rest of the World
Competitive Landscape- 3i Inc., ABB group, General Electric Co., Microsoft, IBM, Scalable Network Technologies Inc., Wipro Ltd., and others 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
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Digital Twin Market –Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East & Africa
Company Profiles
- 3i Inc.
- ACPD Services Ltd.
- Artemis Technologies Ltd.
- AVEVA Group Plc
- COSMO Tech
- Cupix Inc.
- Emerson Electric Co.
- Etteplan
- Flexciton Ltd.
- Fujitsu Ltd.
- HASH
- Imerso AS
- Integrated Environmental Solutions Ltd.
- Nomoko AG
- Nvidia Corp
- SCALABLE Network Technologies Inc.
- Siemens AG
- TwinThread Inc.
- Unlearn AI Inc.
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