Digital Twins Market (2022-2027)_Sample Extract

1. GLOBAL DIGITAL TWINS MARKET Page . 1 | Web . www.industryarc.com Mail – sales@industryarc.com

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3. TABLE OF CONTENTS Topics Slide No Chapter 01: Global Digital Twins Market Overview - 004 Chapter 02: Global Digital Twins Market- Executive Summary - 010 Chapter 03: Global Digital Twins Market Landscape - 014 Chapter 04: Global Digital Twins Market - Startup Companies Scenario - 024 Chapter 05: Global Digital Twins Market- Industry Market Entry Scenario - 028 Chapter 06: Global Digital Twins Market Forces - 032 Chapter 07: Global Digital Twins Market- Strategic Analysis - 043 Chapter 08: Global Digital Twins Market- By Type - 052 Chapter 09: Global Digital Twins Market- By End User - 062 Chapter 10: Global Digital Twins Market- By Geography - 091 Chapter 11: Global Digital Twins Market – Market Entropy - 151 Chapter 12: Global Digital Twins Market– Industry/Segment Competition Landscape - 158 Chapter 13: Global Digital Twins Market- Key Company List By Country - 168 Chapter 14: Global Digital Twins Market Company Profiles - 171 Chapter 15: Global Digital Twins Market- Research Methodology - 201

4. CHAPTER - 01 GLOBAL DIGITAL TWINS MARKET OVERVIEW

5. 1. MARKET OVERVIEW (1/5) Overview • Digital Twin is a virtual representation of a physical object or system that spans its entire lifecycle. The virtual twin is updated using real-time sensor data, and uses simulation, machine learning and reasoning to help in complex decision making tasks. The use of digital twin technology enables more effective product research and design owing to the substantial amount of data created about potential performance outcomes. Such information may lead to key insights that help organizations make needed product refinements before starting production. Besides, digital twins can aid manufacturers decide what to do with products that reach the end of their product life cycle and need to receive final processing, via recycling or other methods. Digital twins help find which product materials can be economically harvested. • The rapid industrialization in emerging economies, together with the growing popularity of industry 4.0 in industrialized nations are contributing to a favorable opportunity for the global Digital Twins market.

6. 1. DEFINITIONS & SCOPE (2/5)

7. CHAPTER - 02 GLOBAL DIGITAL TWINS MARKET- EXECUTIVE SUMMARY

8. KEY TRENDS BY TYPE • Key insights: • Design and Development segment dominated digital twins market in 2021 with a revenue of $ 2,956.56 million and is projected to reach $ 22,514.29 by 2027 growing at a CAGR of 40.9% during the forecast period 2022-2027. • The rapid growth of the segment can be attributed to the rapid rise in the use of digital twin technology by large and small scale enterprises in the manufacturing sector during the planning and design stages of their products and manufacturing systems. • This is because a digital twin at an early stage serves as a clear, unambiguous definition, allowing for a robust approach to digitally verify specific behaviors and the logic of the entity in issue. • However, the predictive maintenance sector is set to be the fastest growing segment with the CAGR of 48.8% during the forecast period 2022-2027. This is owing to the growing need to reduce unplanned downtime caused by breakdowns and outages of infrastructure and machinery. • Additionally, digital twins can assist in changing this failure situation and reducing maintenance and production costs over time by analyzing real time sensor data through simulations. Global Digital Twins Market Revenue Share, By Type, 2021 (%) Global Digital Twins Market- Revenue CAGR, By Type, 2022-2027 (%) Source: IndustryARC Analysis, Expert Insights

9. KEY TRENDS BY END USERS • Key insights: • The manufacturing segment dominated the Digital Twins Market in 2021 with revenue of $ 2,354.58 million and is forecast to reach $ 15,847.44 by 2027 growing at a CAGR of 38.0 % during the forecast period 2022-2027. • The higher share of the segment is attributed to the growth in the use of sensors and other IoT devices in the manufacturing industry owing to the adoption of Industry 4.0 in developed as well as major emerging economies. • In addition, rapid rise in the use of digital twins for industrial simulation activities in the manufacturing sector is anticipated to drive the segment’s growth during the forecast period. Industrial simulation sub-segment is projected to grow at a CAGR of 40.6% during the forecast period 2022-2027. • However, Smarter Homes and Smarter Cities segment is predicted to register the fastest growth rate at a CAGR of 51.4% during the forecast period 2022-2027 owing to the massive growth in smart city projects in regions such as Europe, North America and the Middle East. • For instance, in January 2022 the city of Las Vegas revealed plans to employ digital twins to forecast future energy consumption, pollution, mobility, and emergency management. Global Digital Twins Market Revenue Share, By End Users, 2021 (%) Global Digital Twins Market Revenue CAGR, By End Users, 2022-2027 (%) Source: IndustryARC Analysis, Expert Insights

10. CHAPTER - 06 GLOBAL DIGITAL TWINS MARKET FORCES

11. 6.1. DRIVERS - IMPACT ANALYSIS (1/5) Digital Twins Market- Drivers-2021-2027 Low High Source: IndustryARC Analysis & Expert Insights

12. 6.1. DRIVERS - IMPACT ANALYSIS (2/5) • Growing Implementation of digital twins for smart manufacturing • In a digital approach, a digital twin builds a virtual representation of a physical entity. With the rapid evolution of digital twin, its application in the smart manufacturing sector has become increasingly widespread. During the design phase, digital twins can be used as virtual prototypes that can be altered to test different simulations or designs before investing in a solid prototype. This reduces the number of iterations required to get the product into production, saving time and money. • digital twins for manufacturing processes can detect differences that suggest the need for preventative maintenance before a significant problem arises. They can also aid in load optimization, tool calibration, and cycle time reduction. As a result of digital twins identifying and preventing any problems, GE, one of the early users of digital twins in manufacturing, saw around 40% reduction in reactive maintenance in less than a year and above US$10 million avoided in lost output. • On a production line, sensors can be utilized to construct a digital twin of the process and assess key performance metrics. The digital twin can be tweaked to find new ways to improve output, minimize variations, and aid in root-cause investigation. This in turn reduces time taken for manufacturing related outcomes by up to 70%, as per a survey conducted by GE. • As per Siemens, a significant number of important manufacturers such as Bridgestone and Raytheon, have recently implemented digital twins technology in their smart manufacturing lineup in oder to test new products and streamline their manufacturing processes. Companies such as Boeing also reported 40% improvement in their parts manufacturing process, using digital twins. Further, increasing number of major companies such as Adidas have announced investments in Digital twins technology to speed up production processes. • Digital twins implementations for smart manufacturing is further being driven by initiatives such as Change2Twin by EU. Change2Twin is the most recent EU-funded effort aimed at ensuring that every manufacturing company in Europe has access to all of the technology required to create a Digital Twin. It will especially cater to SMEs.

13. CHAPTER - 07 GLOBAL DIGITAL TWINS MARKET- STRATEGIC ANALYSIS

14. 7.1. VALUE CHAIN ANALYSIS Aerospace & Defense • Customers • Aircraft Design • Fleet Management • Infrastructure Monitoring • Predictive Maintenance • Turbine Maintenance • Queue management • Farm Management Automotive & Transportation Research and Development Smart Homes & Smart Cities Manufacturing • Manufacture • Technology Partner/Distributor Energy & Utilities Others • The value chain analysis is an evaluation of each step involved in the processing of any product or service and its delivery to end users. The figure given provides a complete view of the value chain analysis of the Digital Twins Market. • Digital Twins use several components which can be divided into three main categories, namely, the hardware components, the data management middleware solutions, and the software components. Most of the players procure hardware components, which usually include IoT sensors, actuators, network devices and edge servers, from other companies. However, organizations usually design their own data management middleware, such as Industrial IoT platforms, as well as software components, such as AI and ML-powered analytics modules. • Due to the neoteric nature of the technology, quite a few companies carry out R&D to fully exploit its potential. Key players such as GE and Oracle have laboratories dedicated to this cause. R&D activities are further being bolstered by Government funding across several countries. • The digital twin is then built by outfitting physical objects with a variety of sensors that collect data and measure insights, and then connecting the sensors to a digital platform that typically includes a data processing solution, a communication interface, and Edge security solutions to protect the data collected. To handle and aggregate data, a middleware is implemented on the cloud or on premises. • Once the solution is put together, it is distributed by Technology partners to end users across several industries who use it for virtual design, product monitoring and maintenance, supply chain management and urban planning among many others.

15. 7.2. PRICING ANALYSIS (1/1) • The infrastructure required to generate the data that makes up a digital twin accounts for the majority of the costs. One of the most important components is the digital twin software or platform, which is usually available as a SaaS service. For instance, the MindSphere platform from Siemens has a starting cost of $30/month. • Prices also vary depending on the amount of IoT sensors employed, and hence tend to rise in tandem with the physical object's size. However, IoT sensor prices have recently decreased to a new low of $0.38 per unit, and has encouraged major players such as IBM, Oracle, and SAP, to introduce product portfolios centered on data twins. This, combined with the twins' multiple-use potential, has resulted in lowering prices. • Despite decreased overall costs, the initial cost of implementing Digital Twins is still considerably high due to the increased number of sensors and computational resources that are integrated. Recent estimates show that the initial cost of implementations usually run upwards of $50,000 with additional costs incurred depending on the scale of connectivity. Global Digital Twin Market Prices, 2020-2021 Price Range ($), 2020-2021 Source: Expert Insights & IndustryARC Analysis

16. CHAPTER - 08 GLOBAL DIGITAL TWINS MARKET - BY TYPE

17. 8.1. DESIGN & DEVELOPMENT • The goal of digital twin technology is to create virtual clones of things or processes that behave like their genuine counterparts. The goal is to evaluate its effectiveness or behavior in specific situations in order to increase its effectiveness. The digital twin paradigm, when applied to products, devices, and even entire business ecosystems, can expose knowledge from the past, optimize the present, and even predict the future performance of the many sectors studied. • Digital Twin can provide an efficient solution for future product design, development, and innovation, given the growing need for individualized products and the application of Industry. • For instance, Swedish innovation agency Vinnova have recently announced a grand and long-term investment into a Chalmers based competence center that will lead the development. In Digital Twin Cities, a broad consortium of 28 Swedish and international stakeholders with a base in Chalmers will collaborate. Cutting-edge research will be undertaken in eight different research fields, spanning all components required to build large-scale digital twin technology and reap the benefits it delivers in terms of new approaches to urban planning and design, architecture, and digital construction. • Digital twins are frequently used by manufacturers in the planning and design stages of their products and manufacturing systems. This is because a digital twin at an early stage serves as a clear, unambiguous definition, allowing for a robust approach to digitally verify specific behaviors and the logic of the entity in issue. • Digital twins can demonstrate the impact of design changes, usage scenarios, environmental conditions, and other endless variables by incorporating multi-physics simulation, data analytics, and machine learning capabilities. This eliminates the need for physical prototypes, reduces development time, and improves the quality of the finalized product or process. • Design & Development Segment of Digital Twins Market generated a revenue of $2,956.56 million in 2021 and is projected to reach a revenue of $ 22,514.29 million by 2027 growing at a CAGR of 40.9 % during 2022-2027. Design & Development: Global Digital Twins Market Revenue, 2021-2027 ($M) Source: IndustryARC Analysis & Expert Insights

18. 8.2. PERFORMANCE MONITORING • The digital twin of performance includes both production and product performances. It receives data from the product and the manufacturing facilities on a regular basis, resulting in new insights. • For instance, in Dec 2021 P&O Ferries and We4Sea have signed a co-operation agreement to implement the We4Sea digital twin performance monitoring system across the P&O Ferries chartered fleet, with the goal of lowering fuel usage and emissions. • For, Instance In the aerospace and defense sector, for example, the LOCOMACHS has installed a digital twin for the entire production process for an aircraft wing, which aids in performance monitoring. • Planners can forecast maintenance difficulties and improve asset performance by making predictions. Assets such as manufacturing machinery, including machines and plants, can be managed via digital twins. With the integration of analytics, IoT, and sophisticated visualization, asset management becomes much easier. • Performance Monitoring Segment of Digital Twins Market generated a revenue of $1,729.74 million in 2021 and is projected to reach a revenue of $12,732.60 million by 2027 growing at a CAGR of 40.1% during 2022-2027. Performance Development: Global Digital Twins Market Revenue, 2021-2027 ($M) Source: IndustryARC Analysis & Expert Insights

19. CHAPTER - 10 GLOBAL DIGITAL TWINS MARKET- BY GEOGRAPHY

20. 10.4.1.CHINA • China is accelerating plans to build new digital infrastructure across the country, including 5G networks, artificial intelligence (AI), the Internet of Things (IoT), intercity high-speed rail, and research and development centers. • According to a report, in 2021 China has revealed a plan to accelerate organizational transformation toward digitalization and intelligence by extending the use of cloud and data technology. The National Development and Reform Commission (NDRC) and China's Cyberspace Administration jointly issued a plan that prioritized digital twins alongside big data, AI, and 5G. • For instance, 51World and Aerofugia Technology in china has made a deal in china for the strategic co-operation of New Aviation and Digital Twin Earth. • Besides, China is the worlds most populous country and has initiated a plan to completely modernize its transport system by the year 2035 and it is remapping its morning commute system with digital twins, For instance 51world is believed to be one of the leading organization in Digital Twin technology in developing Chinese infrastructure and development. • China has a lot of potential when it comes to digital transformation in the industrial sector. The region's digital twin market is developing because to a dense population, rising per capita income due to large-scale industry and urbanization, and increased adoption of IoT. • China segment of the Asia Pacific Digital Twin Market generated a revenue of $592.38 million in 2021 and is projected to reach a revenue of $6664.23 million by 2027 at a CAGR of 50.4% during 2022-2027 China: Global Digital Twins Market Revenue, 2021-2027 ($M) Source: IndustryARC Analysis & Expert Insights

21. CHAPTER - 14 GLOBAL DIGITAL TWINS MARKET COMPANY PROFILES

22. 14.1. GENERAL ELECTRIC General Electric: Product Portfolio Address: 5 Necco Street Boston, MA 02210, USA Tel: +001 877 394 9775. Website: www.ge.com Business Overview Business Segments Source: Company Website and Annual Reports

23. 14.1. GENERAL ELECTRIC Financials: General Electric, Revenue, 2019-2021 ($M) General Electric, Revenue Share, By Business Segment, 2021 (%) General Electric, Revenue Share, By Geographical Segment, 2021 (%) • General Electric– Digital Twins Segment, 2021 (%) Source: Company Website and Annual Reports

24. 14.1. GENERAL ELECTRIC General Electric: Developments Source: Company Website and Annual Reports

25. CHAPTER - 15 GLOBAL DIGITAL TWINS MARKET RESEARCH METHODOLOGY

26. RESEARCH METHODOLOGY Data Analysis Preliminary Research • Defined market scope • Key points such as market trends, performance and market dynamics for the Digital Twins Market are identified, which are then used to estimate the market to the best extent. • After the corroboration of data, the team of analysts moves toward understanding how the market has evolved over the years • The overall market size is gathered after analysing various segments and verticals of the market • An impact analysis is also carried out to fathom the factors that would possibly affect the market in the next few years • Bottom-up approach along with statistical modelling based on the various factors was applied while estimating value for each of the segments. It was estimated through primary as well as secondary sources across major countries and regions. 1 6 Verification Data Gathering 2 5 • A number of secondary sources have been utilized for data gathering. • Various trade bodies and associations were taken into consideration to understand the dynamics of the market. • Dedicated for thorough check of all data points that have been incorporated and rechecked against various data sources • Key data points are collected from paid secondary databases and successively validated from primary sources. • The market shares are further validated through expert interviews with key industry players, with respect to specific segments 3 4 Data Synthesis Forecast Methodology • At this stage, the micro and macro factors prevalent in each region are analysed and various patterns in historical data are identified and compared with the current scenario. • Companies are identified and a detailed analysis is carried out on Digital Twins Software's & Services provided by the companies. • The time series forecasting methodology is applied based on the overall industry growth along with the assessment of micro and macro factors prevalent in the industry • The forecasting model is an iterative tool and is backed by historical trends of the market along with a regressive mathematical model that assesses the value based on factors such as capital expenditure, service cost, and so on.

27. SECONDARY SOURCES Digital Twins Market (Partial List) Secondary Sources: Company financials, magazines, journals, press releases, paid databases, in-house data repository, company websites, Associations, journals and white papers.

28. PRIMARY SOURCES Digital Twins Market (Partial List)

29. PRIMARY SOURCES Breakdown of Primary Interviews, By Designation, % Breakdown of Primary Interviews, By Region, % Total No of Primaries Conducted: 250

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