Global Digital Twins Market 2021-2026: Rising Adoption of 3D Printing Technology in Manufacturing Expected to Fuel Demand – ResearchAndMarkets.com

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DUBLIN – (COMMERCIAL THREAD) – The report “Digital Twins Market – Growth, Trends, COVID-19 Impact and Forecast (2021 – 2026)” has been added to ResearchAndMarkets.com offer.

The boom in adoption of 3D printing technology, the growing demand for digital twins in the healthcare and pharmaceutical industries, and the growing propensity for the adoption of IoT solutions in various industries are expected to drive the adoption of these solutions during the forecast period.

The global digital twins market was valued at USD 7.53 billion in 2020, and it is expected to reach a value of USD 46.08 billion by 2026, registering a CAGR of 35.01% over the forecast period, 2021- 2026.

Highlights

  • The promise of digital twins lies in improving collaboration and workflows between different types of groups, such as product design, sales and maintenance teams, and engineering disciplines. For example, the US Airforce has made extensive use of digital twins to design and build a new prototype aircraft in over a year, a process that traditionally spans decades. Additionally, IoT sensors have created a potential space for engineers to test and communicate with sensors built into operating products, providing real-time system standards operation and timely maintenance.

  • In addition, digital twin technology helps improve the physical design of the product for the entire product lifecycle 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 machine equipment through its analysis software connected to IoT components such as smart sensors and networks.

  • The tools for creating digital twins are growing in power and sophistication. It is now possible to design complex simulation simulations, go back from detected real conditions, and perform millions of simulation processes without overloading systems. In addition, with the increase in the number of suppliers, the range of options continues to grow and expand. Additionally, data from real-time asset monitoring technologies such as LIDAR (light sensing and telemetry) and FLIR (prospective infrared) can now be integrated into digital twin simulations.

  • Covid-19 outbreak has provided new application opportunity for the market, which represents the adoption of market growth. Digital twin technology is gaining momentum in healthcare diagnostics. Digital twins are disrupting traditional healthcare by modeling the conditions and attributes of a particular patient using aggregated machine learning data from a variety of patients.

Key market trends

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

  • 3D printing technology has already brought revolutionary changes in the manufacturing industry with its ability to quickly create models and flexible printing materials. With the introduction of digital twin technology, the advantage of 3D printing has grown even further in various manufacturing industries such as automotive, aerospace, medicine, and utilities.

  • Suppliers in the market 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 analysis predictive of goods.

  • 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 the data from the sensors, manufacturers can track and plot conditions inside the 3D printer that makes a part. With each new layer and data source, the digital twin becomes more complete.

  • The digital twins can also be used for the creation of 3D printers themselves. For example, Siemens helped HP create a digital twin of its Jet Fusion 5200 3D printer to help simulate the airflow patterns through the machine. The data generated allowed HP to optimize the topology of its cooling channels for ideal ventilation.

North America will gain significant market share

  • The IoT industry in aerospace, automotive, and manufacturing is predominantly dominated by North America. This region has developed economies such as the United States and Canada, where massive investments are found in R&D activities, thus contributing to the development of new technologies such as smart sensors, on-board analysis, printing 3D and the digital twin.

  • While manufacturing has started to embrace digital twin technology, construction remains largely a 2D industry and hungry for technological innovation. With 3D visual digital twin technology, offsite experts now have access to onsite views in project detail – taking off where Google Street View ends.

  • 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, enabling 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.

  • In addition, the increased demand for digital twins by owners and operators of buildings and infrastructure is expected to create new market opportunities for digital technologies and the digitization of the AEC industry. Autodesk has been in tears, extending support for digital twins to the entire construction industry. For starters, Autodesk launched Tandem, a digital twin platform that promises to connect the dots between project owners and architecture, engineering and subcontracting (AEC) teams.

Companies mentioned

  • ANSYS, Inc.

  • Cal-Tek SRL

  • Cityzenith Inc.

  • General Electricity Company

  • IBM Company

  • Lanner Group Limited (Royal Haskoning DHV)

  • Mevea Ltd.

  • Microsoft Corporation

  • Rescale, Inc.

  • SAP SE

For more information on this report, visit https://www.researchandmarkets.com/r/wgf74w


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