Europe Digital Twin Market share is estimated to be overwas USD 1 billion in 2019 and is expected to register a lucrative growth with at a CAGR of over 30% between 2020 and 2026.
 

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The digital twin market growth in the region is attributed to the presence of multiple enterprises engaged in digital twin technology and supportive government initiatives. Due to the COVID-19 crisis, the companies operating in the critical infrastructure are focusing on strategic partnerships to support development initiatives. For instance, in April 2020, ORE Catapult and James Fisher Asset Information Services Ltd. partnered to deploy digital twin technology for offshore wind management. The companies are collaboratively working on digitizing technical assets across the sector.

The use of cloud-based solutions and platforms along with the cyber risk associated cyber riskswith it is expected to affect the digital twin market growth. According to the Hiscox Cyber Readiness Report 2020, there has been an upsurge in cyberattacks on enterprises across France, Germany, Spain, and & the UK and has increased drastically. Similarly, the monitory impact of these attacks isare affecting company’s business operations. These significant risks may drive companies in the region to show reluctance in the adoption of digital twin solutions.

The machine & health equipment monitoring segment in is expected to hold a major market share by 2026. The growth is attributed to rapid modernization across the automotive, healthcare, and manufacturing industries in the region. The cCompanies are leveraging digital twin technology to improve product performance, minimize the asset downtime,s and enhanced diagnosis. The use of digital twin technology enables companies with a real- time machine and equipment monitoring for in-depth predictive analysis.

The use of digital twin technology for in automotive applications is anticipated to grow exponentially withat a CAGR of above 35% from 2020 to 2026. The aAutomotive enterprises leverage digital twin technology to improve the design, efficiency, and performance of the vehicles. With rapid digitization, the use of IoT/IIoT sensors and innovative software solutions tofor improveing driving dynamics hasve increased significantly. the dDigital twin technology accompanies these software & hardware components to avoid potential risks in vehicles.

In Germany, there has been rapid digitization across multiple industry verticals including healthcare. The cCompanies operating in the country are emphasizing heavily on the collaborative development of digital twin solutions. For instance, in May 2020, Atos SE and Siemens AG partnered to develop digital twin solutions for the pharmaceutical sector. The companies tested Process Digital Twin solution powered by advanced technologies including AI, IoT, and advanced analytics that provide flexibility and improve efficiency in pharmaceutical manufacturing. This new digital twin solution facilitated the a sustainable development process, process quality, & and reliability.

The lLeading companies operating in the region are developing innovative solutions to offer virtualized assets and monitoring capabilities. For instance, in March 2020, SAP SE launched SAP Predictive Engineering Insights, a cloud-based solution powered by SAP Leonardo. The newly launched solution enables enterprises to develop virtual assets of physical components to gain in-depth real- time insights from sensor feeds. Theis launch helped the company to expand its digital twin offering with the addition of innovative solutions. Some of the leading companies operating in the Europe digital twin market include, Capgemini SE, SAP SE, and SimensSiemens AG., etc.