Market insight Three live examples of the digital twin concept
The digital twin technology is not new infact it has been extensively used by a few leading organisations for some time now. Machine Market International offers an insight into some of these firms and also projects the growth of this innovative technology in the near future.
Manufacturers are always on the lookout for more advanced technologies that help them to optimise production and reduce costs. Especially in today’s digital world, production processes have to become smarter and more efficient. This is where digital twin comes in. A 2018 survey by Gartner revealed that 48 % of organisations that implement Internet of Things (IoT) are already using, or intend to make use of the digital twin technology.
It also mentioned that the number of participating organisations i.e. 202 respondents across China, U.S., Germany and Japan that will make use of the digital twin concept will triple by 2022. This shows the magnitude of this innovative concept. Gartner also reported that at least half of the manufacturers with annual revenues greater than 5 billion dollars will have at least one digital twin initiative for either products or assets by 2020. It also predicted that the concept should reach widespread adoption within the next five or 10 years.
Companies implementing the digital twin technology
The American multinational conglomerate General Electric Company has developed about a million digital twins globally and this comprises of various assets from industries such as power, energy, aviation, and healthcare as well as assets from its own factories and processes.
In the automotive field, Tesla, one of the major players producing has a digital twin for every car it manufactures. The firm identifies the digital twin for each vehicle based on the car’s vehicle identification number (VIN). With the assistance of the technology, data is constantly sent back and forth from the car to the factory.
Lastly, one of the leading energy companies Chevron Corporation is using digital twins for its oil fields and refineries in order to predict maintenance problems at these sites. The company also has plans to adopt this technology for its high-value equipment and for this purpose, intends to install sensors on the equipment by 2024.
All the above mentioned companies have saved millions of dollars with the use of the digital twin technology in their processes and hence, showcase the huge potential of this concept across diverse industrial sectors. Digital twin technology is the need of the hour!