The revenue of Europe’s digital twin market crossed $1 billion USD in the year 2019 and is on pace to hit the $9.5 billion mark in 2026, growing at 30% between the years 2020 and 2026, as per research done by Graphical Research.
The advent of real-time information has transformed how businesses and organizations operate, and digital twin technology has been consistently paving the way for the spread of smart technology.
With the entire world awaiting the promise of an antidote for the Novel Coronavirus, an advanced digital twin can play a crucial role throughout the R&D lifecycle, right from the first visualizations of the structure of the virus to delivering the COVID vaccine out of the research laboratory, making it available publicly across hospitals on a global scale.
The machine & health equipment monitoring segment is set for considerable growth due to the enhanced ability to make vaccines and other medicines available to patients at a faster pace and with efficiency. Thus, simulation of every single step in the launch of new products in the domain can save time while simultaneously preventing costly investments, thereby speeding up the progression of Europe’s digital twin market growth.
The deployment of digital twin technology assists in the visualization of the infrastructure assets in an efficient manner, presenting the entire lifecycle of the asset, tracking change and performing analysis for optimizing asset performance. The infrastructure buildings segment is expected to soar, owing to the integration of the Internet of Things (IoT), reality data and engineering data; access to holistic data enabling surveillance of infrastructure below and above the ground is possible.The utilization of digital twin technology aids significantly in decision-making and, consequently, better outcomes, advancing Europe’s digital twin technology market share.
Leading industry players have been contributing toward Europe’s digital twin market growth by offering advanced solutions to the construction industry. For instance, in December 2020, Microsoft announced its global partnership with Ireland-based Johnson Controls to integrate two digital platforms, Azure Digital Twins and OpenBlue Digital Twins. The collaboration seeks to surround the entire ecosystem of the building and device management technologies with digital cloud technologies.
Since Italy is continuously exploring the application of the technology across electricity grids, in addition to the maritime and logistics industries, it appears to be a highly promising geographical segment of the Europe digital twin market over the coming years. Recent developments across the nation have been setting the stage for the expansion of Europe’s digital twin technology. market size.
For instance, Ericsson has been utilizing a digital twin engine to recreate the Livorno Port area in real time. Digitalized 3D models of the general cargo freights and the storage space enable accurate localization of goods, fundamental to the optimization of the space. They also enable faster retrieval of an object at the right time, ensuring smoother loading of cargo at the port.
Along the same lines, digital twin technology is being used in the form of digitalized 3D models of the electricity grid in the identification of single components, as well as their state of operation using multiple sensors across the grid.
