Market trend What is digital twin technology?
Digital twin technology enables to reduce downtime and improve productivity on the shop floor. Industry experts predict that with the emergence of IoT and big data analytics in smart factories, there will be a growing demand for this new innovation in the near future.
With the ever-evolving manufacturing market, there is a need to constantly upgrade to better and more enhanced technologies. The digital twin technology is one innovation which is expected to revolutionise the industry like never before but what is this technology all about? In simple terms, digital twin technology means duplicating the physical assets of a product, production process or performance of a production system into a virtual system. The pairing between both the physical and virtual worlds enables manufacturers to analyze data, optimise systems and processes, and monitor systems in order to detect problems even before they occur. This process prevents downtime and develops new opportunities. Users can make use of design, simulation, manufacturing and analytics software to create and validate these digital twins.
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Digital twin market scenario
The global digital twin market size is expected to reach 26.07 billion dollars by 2025, states a report by Grand View Research. The market is estimated to register a strong CAGR of 38.2 % over the forecast years. With the growing number of smart factories across the globe, the adoption of Internet of Things (IoT) and big data analytics is also increasing. It is these concepts that will contribute to the rise of the digital twin technology. The report adds that sectors such as healthcare and life sciences, aerospace and defense, automotive and transport, manufacturing, and energy and utilities are some of the main industries that will witness a significant growth in its incorporation of the new age technology.
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The International Data Corporation (IDC) has also mentioned that companies that invest in digital twin technology will see a 30 per cent improvement in cycle times of critical processes. This may be true as manufacturers can now visualise the entire shop floor along with the status of each machine. The visual is also supported by live and historical data so that managers can make better decisions and also identify critical areas that need immediate attention. For instance, problems such as wear-and-tear and temperature abnormalities in machines can be identified and solved at an early stage, thus reducing downtime and improving productivity.
With digital twin, one is able to gain a better understanding of the product design or manufacturing process. Hence, specialists can make improvements in order to enhance the output or efficiency of the systems. Many of the leading industry players are already exploring this technology in their production processes and with time all the other players will follow suit.
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