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APAC Digital Twin Market size to cross $11 Bn by 2026
Published Date: 2021-07-06
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APAC Digital Twin Market size is anticipated to reach USD 11 billion by 2026, according to a latest forecast report by Graphical Research.
The Asia Pacific industry growth is attributed to the evolution of Industry 4.0 across the manufacturing sector. With the rapid adoption of Industry 4.0 in several industries, the manufacturing sector along with other sectors has become increasingly digital. The digital twin technology is a prominent emerging player in Industry 4.0 as it bridges the gap between the physical and virtual world, improving operational efficiency in several industries including manufacturing, retail, healthcare, energy, and aviation.
Machine and equipment health monitoring held a market share of over 50% in 2019 due to the increased demand for real-time asset monitoring, roadside assistance, faster fault diagnosis, and reduced asset downtime. Rapid digitalization of the manufacturing, automotive, and healthcare industries due to the growing adoption of Industry 4.0 is supporting the increasing use of digital twin technology in machine & equipment health monitoring. This reduces asset downtime, improves product performance, and enables faster fault diagnosis.
The aerospace & defense industry is expected to grow at a CAGR of over 40% during the forecast period. The defense sector is increasingly embracing the digital twin technology to reduce aircraft accidents and enable the efficient performance of weapons & other equipment. The digital twin technology helps the aerospace industry to reduce unplanned downtimes in engines and other aircraft systems. It also helps to plan the actions based on various simulated scenarios, such as weather and performance of other assets, to enable airlines to keep aircraft in service for a longer period.
Browse detailed statistical insights from the report, “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” along with the table of contents (ToC) @
India is expected to grow at a significant growth rate during the forecast period. Supportive government initiatives, such as tax benefits, skill development, and improvement in the ease of doing business in the country, are anticipated to increase the GDP contribution of the manufacturing sector from 15% to 25% by 2025. For instance, in October 2018, CII announced that it will develop an Industry 4.0 India platform to develop the technical knowledge & skills of workers in various sectors. The CII is currently focusing on the engineering and automotive industries, which were the early adopters of automation in India. Furthermore, with increasing smart city developments, the demand for digital twin solutions in cities & buildings is growing significantly.
The major companies operating in the digital twin industry are focusing on innovative digital twin solutions to strengthen their market position. For instance, in February 2020, Accenture developed cyber digital twins to simulate potential attack scenarios in a bid to improve the cybersecurity framework. The digital twin uses AI to simulate real-time attacks on digital assets and helps cybersecurity teams in designing new solutions to counter these threats.
The market for digital twin in APAC research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2015 to 2026 for the following segments:
Asia Pacific Market, By Application
- Product design & development
- Machine & equipment health monitoring
- Process support and service
Asia Pacific Market, By End-use
- Aerospace & defense
- Energy & utility
- Infrastructure buildings
- Retail & consumer goods
The above information has been provided for the following countries:
- Asia Pacific
- South Korea