April 17, 2021

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Advances in world technology

Europe Digital Twin Technology Market likely to touch new heights by end of forecast period 2020-2026

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Jan 29, 2021 (Market Insight Reports) —
The Europe Digital Twin technology 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 Ingenieria 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.

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With the entire world awaiting the promise of an anti-dote 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 simultaneously preventing costly investments, thereby speeding up the progression of the Europe digital twin technology market growth.

The deployment of digital twin technology assists in the visualization of the infrastructure assets in an efficient manner, by 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. Since the utilization of digital twin technology aids significantly in decision-making and consequently, better outcomes, advancing the Europe digital twin technology market share.

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.

Since Italy is continuously exploring the application of the technology across electricity grids, maritime, and logistics industries, it appears to be a highly promising geographical segment of the Europe digital twin technology market over the coming years. Recent developments across the nation have been setting the stage for the expansion of the Europe digital twin technology market size.

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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 enables in accurate localization of goods, which is fundamental to the optimization of the space. It also enables 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.

Table of Contents (ToC) of the report:

Chapter 1 Methodology & Scope

1.1 Research methodology

1.2 List of data sources

1.2.1 Secondary

1.2.2 Primary

Chapter 2 Market Snapshot

2.1 Europe Digital Twin technology market snapshot

Chapter 3 Europe Digital Twin Industry Insights

3.1 Industry coverage

3.2 Industry size, 2015 – 2026

3.3 Impact of COVID-19 pandemic

3.4 Value chain analysis

3.4.1 Company product snapshot

3.5 Innovation landscape

3.6 Regulatory norms & directives

3.7 Drivers & restraints

3.7.1 Market drivers

3.7.2 Market restraints

3.8 Industry analysis – Porter’s

3.9 Competitive benchmarking, 2019

3.9.1 Strategy dashboard

3.10 PEST analysis

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COMTEX_379798670/2599/2021-01-29T02:48:27

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The MarketWatch News Department was not involved in the creation of this content.