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North America Digital Twin Market Valuation to Gain $1.5 bn by 2026
Published Date: 2020-10-30
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According to the Graphical Research new growth forecast report titled North America Digital Twin Market value estimated to exceed USD 1.5 billion by 2026. The North America digital twin market growth is attributed to the rising proliferation of industrial IoT across the manufacturing sector. Smart factories are increasingly adopting Industrial IoT with digital twin technology to design complex architecture and learn from the historical data through AI and machine learning to avoid the drawbacks of previous models. For instance, GE saved millions of dollars in aircraft maintenance costs through the development of over 300 digital twins for GE90 engines that power a fleet of 777 aircraft.
In North America, the machine & equipment health monitoring segment is estimated to witness a growth rate of over 30% CAGR between 2020 to 2026, which is triggered by the rapid digitalization of manufacturing, automotive, and healthcare industries. The increasing number of cost-effective IoT sensors and the adoption of industrial IoT coupled with the proliferation of connected devices are catering to the rising demand for real-time monitoring and predictive analytics with the use of digital twin technology.
For instance, in November 2018, ABS and GE collaborated on the digital twin deployment for equipment health monitoring and prediction. GE’s SeaStream solution was deployed for data analytics capabilities coupled with health & performance monitoring of rig equipment through a digital twin. This enabled condition-based maintenance on ABS classed rigs within an ABS Preventative Maintenance Program.
The manufacturing segment accounted for over 25% market share in 2019, which is attributed to the increased deployment of digital twins in discrete manufacturing to extend the life of equipment & assets and reduce operational costs. The digital twin of the product holds the complete data of the product life cycle, bridging the data gap to improve the performance of simulation tests. Simulation tests enable rapid assessment of change impacts and early discovery of faults in the design, improving the manufacturing process.
Companies operating in the North America digital twin industry are focusing on the development of innovative digital twin solutions to sustain the growing market competition. For instance, in March 2019, Oracle Engineered Systems, the digital twin arm of Oracle, launched customized small-scale digital twin solutions for enterprises that are in the niche stages of adopting the technology. This was a part of Oracle’s strategy to gain a foothold in the evolving digital twin market by accelerating the commercialization of its solutions.
Major companies operating in the North America digital twin industry are 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 Ltd., Microsoft Corporation, Oracle Corporation, PTC Inc., Rockwell Automation, SAP SE, SAS Institute, Schneider Electric, Inc., Siemens AG, TIBCO Software, Inc., and Wipro Ltd.
The North America Digital Twin market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2020 to 2026 for the following segments:
Market Share, By Application
- Product design & development
- Machine & equipment health monitoring
- Process support and 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:
- North America