The global digital twins for industrial facilities market will grow from $787 million in 2020 to $27.6 billion in 2040 according to a new study from independent research firm Verdantix. The forecasted compound annual growth rate of 19.5% will be driven by operational excellence strategies, enterprise risk initiatives, and cost-cutting programmes. Vendors positioned to benefit from this growth include digital twin solution providers such as Autodesk, Bentley Systems, Cognite, DNV GL, GE Digital, and Siemens as well as services firms like Arcadis, Golder, Kongsberg Digital, and Worley.
“As expected, concerns around the COVID-19 pandemic have accelerated implementation of remote working solutions.” commented Sebastian Winter, Verdantix Industry Analyst. “Digital twins for industrial facilities provide the basis of a number of remote working use cases that help with business continuity as well as safety of operations, such as remote communication between managers and frontline workers using 3D simulations and giving frontline workers better access to granular asset and equipment data.”
The Verdantix report, Market Size And Forecast: Digital Twins For Industrial Facilities 2020 – 2040, provides digital twin solution providers, systems integration services firms, and financial investors with the information they need to take advantage of the market opportunity. The model breaks down market size and forecast trends across 16 industry segments specified by asset classes and 10 geographic regions. In 2020, Infrastructure accounts for 17% of the market with spend of $130m, onshore oil and gas production accounts for 12% of the market with spend of $91m, while manufacturing plants will hit $85 million and Power generation: fossil fuels will hit $42 million.
“The 20-year CAGR of 19.5% reflects two periods growth” continued Winter. “In the next 10-years the market will reach $6.5 billion following current trends. Then from 2030 to 2040 market growth will explode making total spend reach $27.6 billion in 2040, as widespread adoption of the underlying technologies required for more sophisticated twins – enterprise asset management software, APM software, and IoT platforms, to name a few – gathers pace. This in turn significantly drives an increase in spend per customer, creating a second era of growth for the market.”
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