European digital twin market revenue to hit $9.5bn
The revenue of European digital twin market crossed $1bn in the year 2019 and is predicted to touch $9.5bn mark by 2026, growing at 30% between the years 2020 and 2026; as per the research done by Graphical Research.
The advent of real-time information has transformed how businesses and organisations operate and the digital twin technology has been consistently paving the way for the spread of smart technology.
Machine & health equipment monitoring to gain traction due to the pivotal role in the launch of COVID vaccine
With the entire world awaiting the promise of a vaccine for COVID-19, an advanced digital twin can play a crucial role throughout the R&D lifecycle, right from the first visualisations of the structure of the virus to delivering the COVID vaccine out of the research laboratory, making it available publicly across hospitals on a global scale.
The machine & health equipment monitoring segment is set for considerable growth due to the enhanced ability to make vaccines and other medicines available to patients at a faster pace and with efficiency. Thus, simulation of every single step in the launch of new products in the domain can save time simultaneously preventing costly investments, thereby speeding up the progression of the Europe digital twin market growth.
Infrastructure buildings segment to spiral upward as it can improve outcomes
The deployment of digital twin technology assists in the visualisation of the infrastructure assets in an efficient manner, by presenting the entire lifecycle of the asset, tracking change, and performing analysis for optimising asset performance. The infrastructure buildings segment is expected to soar owing to the integration of the Internet of Things (IoT), reality data, and engineering data, access to holistic data enabling surveillance of infrastructure below and above the ground is possible. Since the utilisation of digital twin technology aids significantly in decision-making and consequently, better outcomes, advancing the Europe digital twin technology market share.
Leading industry players have been contributing toward the Europe digital twin market growth by offering advanced solutions to the construction industry. For instance, recently in December 2020, Microsoft announced its global partnership with Ireland-based Johnson Controls to integrate two digital platforms, Azure Digital Twins and OpenBlue Digital Twins. The collaboration seeks to surround the entire ecosystem consisting of the building and device management technologies by digital cloud technologies.
Due to rapid penetration of digital twin technology, Italy to represent a major chunk of market share
Since Italy is continuously exploring the application of the technology across electricity grids, maritime, and logistics industries, it appears to be a highly promising geographical segment of the Europe digital twin market over the coming years. Recent developments across the nation have been setting the stage for the expansion of the Europe digital twin technology market size.
For instance, Ericsson has been utilising a digital twin engine to recreate the Livorno Port area in real time. Digitalised 3D models of the general cargo freights and the storage space enables in accurate localisation of goods, which is fundamental to the optimisation of the space. It also enables faster retrieval of an object at the right time, ensuring smoother loading of cargo at the port. Along the same lines, digital twin technology is being used in the form of digitalised 3D models of the electricity grid in the identification of single components as well as their state of operation using multiple sensors across the grid.
By 2026, the Europe digital twin market is expected to command over $9.5 billion, as the region approaches a highly automated future.