“Technologies and Solutions Like Artificial Intelligence (AI), Machine Learning (ML), and Internet-of-Things (IoT) Will Support Positive Growth of Electrical Digital Twin Market”, says Visiongain report
05 September 2019
Visiongain’s new report the Electrical Digital Twin Market Report 2019-2029: Forecasts by End-use (Manufacturing, Materials Science, Industrial Products, Energy & Utilities, Healthcare & Life Sciences, Infrastructure and Urban Planning, Retail & Consumer Goods), Logistics Sector (Container Digital Twins, Shipments, Warehouses and Distribution Centers, Logistics Infrastructure, Logistics Networks), by Twin Type (Digital Gas & Steam Power Plant, Digital Grid, Digital Wind Farm, Digital Hydropower Plant, Distributed Energy Resources), by Application (Asset Performance Management, Business & Operations Optimization, Digital Twin Aggregate), by Deployment Type (Cloud, On-Premises ) Plus Leading Company Analysis and Regional and Leading National Market Analysis.
Artificial Intelligence (AI), Machine Learning (ML), and Internet-of-Things (IoT), among others, are the main technologies and solutions that allowed the technology to be supported. Factors such as increased use of connected devices across different organisations, increased adoption of cloud systems and the emergence of high-speed networking technologies have enabled businesses to choose IoT alternatives.
Given that IoT can help businesses increase their services and procedures by leveraging digital twin platforms, the increasing acceptance of IoT is particularly good for the worldwide economy. On the other side, IoT and cloud platforms ' vulnerability to cybercrimes and threats to data security would hamper market growth. Several companies are still dependent on 2D drawings, especially tiny and medium-sized ones. If they do not acquire appropriate knowledge in 3D designs, they risk losing their customers ' 3D drawing knowledge to their rivals, which would also hamper the development of the industry.
Technology Fusion to Gain Competitive Edge Over Competitors in the Global Market
Through its quick model construction capacity and versatile printing materials, 3D printing technology has already brought revolutionary changes to the manufacturing sector. The benefit of 3D printing has gone even further in multiple manufacturing sectors such as the automotive, aerospace, medical and utility sectors with the advent of digital twin technology. Market vendors are engaged in partnerships and collaborations to integrate their 3D printing capabilities with digital twin technology to reduce production and manufacturing costs through pre-testing and predictive product assessment.
January 2019: Siemens AG announced that its 3D additive process simulation will be integrated with digital twin software to create optimized models with minimal mistakes. This two-tech integration on the same platform is expected to drive development in the manufacturing industry for both 3D printing and digital twin technology. Several advanced and developing nations focus on using digital twin technology to leverage their 3D printing acceptance. The United States, China, Japan, China, Germany and the United Kingdom are some of the main courtiers adjusting this technology to their current 3D printing sector base.
Automotive And Transportation Segment Is Expected To Grow Over The Forecast Period
The automotive and transportation segment is expected to grow over the forecast period at a CAGR exceeding 32.8 percent. In the coming years, increased demand for connected cars is anticipated to drive the segment. In the automotive sector, digital twins are implemented to create virtual models of a connected vehicle, capture operational / behavioral information and assess the vehicle's general efficiency. It is also possible to use the technology to provide full tailored services. It is also anticipated that the retail and consumer goods segment will see a substantial CAGR as businesses leverage the technology to better comprehend consumers ' evolving requirements and customize products and services, and operations accordingly for enhanced user experience.
Leading Regional & National Analysis
Together, the national markets of North America and Europe accounted for over 48% of the worldwide market share in 2018. These areas are among the most recent technologies' early adopters. While some of the most prominent tech giants are home to them, they also have a distinctive ecology of studies. They are also experiencing intelligent linked devices being increasingly adopted. These two areas are anticipated to keep their leadership due to all these variables.
Asia Pacific is expected to grow over the forecast period to a CAGR exceeding 42.0 percent. Some emerging countries, like Japan, China, and India, have conducted a number of projects to promote IoT adoption. This increases the development of the industry. In addition, the ongoing deployment of high-speed Internet facilities, increased industrialization and decreasing average selling prices of sensors and modules in the region are anticipated to further drive the market.
The comprehensive report offers market estimation and forecast for the period ranging 2019 – 2029 for leading national markets and rest of the world. Moreover, the report contains dedicated leading companies covering 10 leading producers in the field of advanced energy storage systems.
IBM Corporation, Microsoft Corporation, PTC, SAP, Siemens AG, SAS Institute, ABB, AVEVA Group plc, Dassault Systèmes, General Electric, Hexagon AB
Some of the major businesses on the market are ABB Group; Hexagon Geosystems AG; PTC, Inc.; Dassault Systèmes; AVEVA Group plc; SAP SE; Schneider Electric SE; and Siemens AG. As part of the attempts to gain a competitive advantage over their competitors, these businesses are developing innovative apps for digital twin technology. For example, General Electric uses the technology to evaluate the operating life of critical jet engine parts and determine the optimum maintenance intervals. These businesses are attempting to advance technology to improve product development success rates and improve organisational efficiency by up to 25% or more.
The Electrical Digital Twin Market Report 2019-2029 report will be of value to anyone who wants to better understand the energy storage market and its various segments. It will be useful for businesses who wish to better comprehend the part of the market they are already involved in, or those wishing to enter or expand into a different regional or technical part of the energy industry.
Notes for Editors
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Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.
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