According to the Graphical Research new growth forecast report titled Europe Digital Twin Market size is set to exceed USD 9.5 billion by 2026. The Europe Digital Twin market growth is attributed to the use of advanced virtualization technologies and analytics in diverse industry verticals. The companies operating in the region are launching innovative digital twin solutions. For instance, in May 2020, GHENOVA Ingeniería launched GHENOVA 360º, an advanced digital twin development center. The solution is ideal for developing digital twins of naval systems and equipment. This launch helped the company to serve manufacturers of civil & military ships with advanced digital twin solutions.
The process support and service segment in the market is witnessing a growth rate of over 35% from 2020 to 2026. The increasing demand for reducing overhead costs and facilitating cost-effective services to improve customer experience is supporting the segment growth. The vendors providing aftermarket diagnosis and maintenance services are enabling cost efficiencies and faster time to market through the use of digital twin technology.
The energy & utility end use segment in the market is expected to grow at a CAGR above 30% over the forecast period. The growing proliferation of connected industrial devices & sensors including IoT/industrial IoT is resulting in the generation of a large volume of data. The companies are using digital twin technology to draw actionable insights using analytics. The companies including Siemens SE are benefiting from the use of technology to achieve untapped efficiencies in utility operations.
In France, the extensive presence and business initiatives of leading enterprises operating in the market, such as Capgemini SA & Dassault Systèmes, are anticipated to support market growth. The companies are focusing on the collaborative development of integrated digital twin solutions. For instance, in February 2019, ABB Group and Dassault Systèmes partnered to offer digital twin solutions using 3DEXPERIENCE platform of Dassault Systèmes. Through this partnership, the companies were able to help customers in improving overall flexibility, efficiency, and sustainability.
The companies operating in the market are focusing on new product developments and innovations. For instance, in September 2019, ABB launched 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.
Some of the key vendors in the Europe Digital Twin Market include ABB Group, Accenture Plc, Ansys Inc., Autodesk Inc., AVEVA Inc., Bentley Systems Incorporated, Bosch Rexroth AG, Capgemini SE, Dassault Systems, General Electric Company, IBM Corporation, Infosys Limited, Microsoft Corporation, Oracle Corporation, PTC Inc., Rockwell Automation, SAP SE, SAS Institute Inc., Schneider Electric Inc., Siemens AG, TIBCO Software Inc., and Wipro Limited.
The Europe Digital Twin market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2019 to 2026 for the following segments:
Market Share, By Application
- Product Design & Development
- Machine & Equipment Health Monitoring
- Process Support & Service
Market Size, By End Use
- Aerospace & defense
- Energy & utility
- Infrastructure buildings
- Retail & consumer goods
The above information has been provided for the following countries: