As fast as the industries are evolving throughout the world, demonstrating the integration of different technological advancements improving the overall manufacturing experience, these industries are also utilizing these technologies in their manufacturing processes to enhance operational efficiencies. Yet, high risk associated with the operational activities across sectors like aviation, healthcare, and oil & gas is upsurging the need for better prediction, process, and services in these sectors.
Digital Twin is one such concept, a virtual illustration or mapping of a physical entity that can be an object, a process, or a system. This technology can observe the behavior of the product or system in real-time & evaluate the asset health & failure time, thereby minimizing downtime.
The adoption of digital twin technology in hand with the Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing, among others, is also enhancing the application of Digital Twi across industries and backing economic growth. In fact, a recent research report published by MarkNtel Advisors reveals that the Global Digital Twin Market is set to register a CAGR of around 58% during 2021-26. Now, let us read the blog further to learn more about the key aspects driving the utilization of these technologies in modern-day industries.
Popularity & Application of Digital Twins in Industries
These technologies enable businesses to increase their operational productivity backed by the mounting demand for asset health optimization across industries, entwined with the soaring penetration of Industrial Internet of Thing (IIoT) and the escalating establishment of smart building infrastructures for optimum energy consumption.
Besides, escalating demand for Digital Twin technology across the manufacturing sector to optimize the manufacturing process by maintaining the equipment health & production schedule is demonstrating an opportunistic prospect of the industry globally. You might be surprised to learn that with a greater inclination toward digitalization, transformations of equipment & product manufacturing processes with smart manufacturing are demonstrating a collaborative manufacturing system of various technologies & solutions like a digital twin. Here, these technologies help deliver real-time information to the operator and cater to them with better information about the changing conditions within the factory.
Moreover, as this technology brings a virtual representation of the physical asset or process using the Internet of Things (IoT), the application of digital twin help in optimizing the entire manufacturing process through a virtual model of the physical asset, thereby increasing the overall profit. Hence, the demand & popularity of these technologies is growing swiftly.
Furthermore, since any disruption in the manufacturing process or unplanned downtime influences the production line at a standstill position, applying these technologies to eliminate the possibility of losses to the manufacturer is boosting the overall demand for digital twins worldwide. Hence, the potential of the digital twin is increasing swiftly and instigating the leading players to bring greater accessibility & new developments in the same during the coming years.
With the growing awareness among industry players about the availability & benefits of technologies like Digital Twins, the use of IoT & cloud-based solutions alongside digital twins for predictive maintenance is becoming crucial in industries and promoting the demand. Hence, it can be estimated that the overall growth of the digital twin industry is opportunistic in the future.