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Asia Pacific Digital Twin Market Forecast 2026 By End-use (Manufacturing, Healthcare, Automotive, Aerospace & Defense, Energy & Utility, Infrastructure Buildings, Retail & Consumer Goods), By Application (Product Design & Development, Machine & Equipment Health Monitoring, Process Support & Service), Research Report, Regional Outlook (China, India, Japan, South Korea, Australia), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
Published Date: June 2021 | Publisher: Graphical Research Report ID: GR1867 | Delivery : PDF  Request Free Sample

Asia Pacific Digital Twin Market size surpassed USD 1 billion in 2019 and is set to observe 35% growth rate from 2020 to 2026. Supportive government initiatives for the development of IoT infrastructures and smart cities are supporting the regional market growth.

Moreover, the Asia Pacific digital twin market demand is attributed to the growing adoption of IoT devices across the manufacturing sector. The rising internet penetration coupled with the proliferation of smartphones and the advent of technologies, such as AI, machine learning, and blockchain, is driving the IoT growth in various manufacturing sectors, ranging from automotive to aviation.

Prominent players in the automotive, manufacturing, and engineering sectors are adopting Industry 4.0 including digital twin for factory automation and smart supply chain. For instance, in April 2019, Toyota presented its vision for the future warehouse with lean logistics and pre-trained intelligent forklifts. The IoT services of Microsoft Azure coupled with machine learning will help vehicles to quickly learn navigation in the digital twin of warehouses.

Asia Pacific Market, By Application

 Asia Pacific Digital Twin Market

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The process support and service segment in the Asia Pacific digital twin market will expand at over 34% CAGR during the forecast period due to the growing demand for cost-effective maintenance services. The advent of digital twin technology supports & facilitates faster, cost-effective, and efficient repair & maintenance. This improves customer satisfaction, optimizes manpower for manufacturers, and reduces the overhead costs in aftermarket repair & maintenance services.

Digital twin service providers are developing digital twin technology to reduce process engineering wastes. For instance, KBC, a Japanese digital twin solution provider, introduced the Petro-SIM 7.1 digital twin technology that optimizes the total cost of ownership of process simulation models in the oil & gas and chemical industries.

Asia Pacific Market, By End-use

The manufacturing sector held over 25% Asia Pacific digital twin market share in 2020 led by the growing deployment of IoT and connected devices across manufacturing facilities. The industrial IoT digital twins enable remote diagnosis and commissioning of products, thus improving customer satisfaction and lowering service costs. The physical asset malfunction is diagnosed remotely through its digital counterparts. Depending on the faults of the physical assets, necessary equipment and parts are replaced via technicians. The collected data on product malfunctioning improves future products.

The industrial IoT digital twin offers hybrid visualization, combining visual information with historical and live data. This provides a better understanding of machines at work and the process for data scientists, product designers & managers. This improves the ability to make informed decisions and to identify critical areas, which require immediate attention.

Asia Pacific Market, By Country

China digital twin market size is poised to grow exponentially through 2026 owing to the advent of the next generation 5G technology in the country. Telecom service providers in the region are developing innovative 5G solutions. For instance, in February 2020, Huawei Technologies launched a 5G Digital Engineering solution based on digital twin technology. The solution simulates a physical site with digital operations. The site digital twin helps companies in managing their network infrastructure from planning to maintenance. This will help telecom enterprises to accelerate the 5G deployment and infrastructure management.

Competitive Industry Landscape

Some of the leading companies operating in the Asia Pacific digital twin market are ABB Group, Accenture Plc, Autodesk Inc., Dassault Systèmes, General Electric Company, IBM Corporation, Microsoft Corporation, Oracle Corporation, Schneider Electric Inc., Siemens AG, TIBCO Software Inc., and Wipro Ltd.

Market players are focusing on the development of innovative digital twin solutions for various applications. For instance, in September 2019, ABB launched the PickMaster Twin, a robotic software for vision-guided random flow picking and packing applications. The software is powered with digital twin technology and complies with packaging machine standards. It can also be integrated with factory planning systems. This launch helped the company to provide advanced solutions and expand its digital twin technology portfolio.
 

Frequently Asked Question(FAQ) :

The industry size for digital twin in APAC had reached USD 1 billion in 2019 and will register a 35% CAGR up to 2026 owing to the rise in government initiatives for the development of IoT infrastructure and smart cities.
The regional market share from the process support and service application segment is expected to record more than 34% CAGR through 2026 with the growing need for cost-effective maintenance services.
The manufacturing sector accounted for 25% of the APAC industry share in 2019 and will grow with the higher deployment of connected devices and IoT at production facilities.
Revenue share from the China market is slated to grow at a significant rate up to 2026 due to the advent of the next generation 5G technology across the country.

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