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Pneumatic Electromagnetic Valves Market - Forecast(2021 - 2026)

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Pneumatic Electromagnetic Valves Market Overview

Pneumatic Electromagnetic Valves Market size is forecast to reach $X billion by 2025, after growing at a CAGR X% during 2020-2025. Pneumatic driven valves are responsible for controlling the pressure, rate, and amount of air moving through a system, and the Electromagnetic Driven Valves use electrical current to generate a magnetic field to operate a mechanism that regulates the fluid flow opening in a valve. GE Aviation in the USA will establish a world-class pneumatics laboratory to test jet engine components under a full range of temperatures, pressures, and other conditions. The budget of the Advanced Engineering Pneumatic Research Laboratory (AdEPT) is about $13 million with the latest facility dedicated to measuring large, high-precision components including engine pneumatic valves, starter systems, and other systems. The US generates vast amounts of electricity, it has more than 225 power plants, One electric company has 12 separate branches running hydroelectric, natural, coal, and nuclear projects in various nations. The rising need for energy would start to create infrastructure and raise the market for electromagnetic pneumatic valves. 


Pneumatic Electromagnetic Valves Market Report Coverage

The report: “Pneumatic Electromagnetic Valves Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Pneumatic Electromagnetic Valves Market. 
By Type: Two Way Valves, Three-Way Valves, Four Way Valves, Others
By System: Electromagnetic Driven Valve, Pneumatic Driven Valve, Electro-Pneumatic Valve
By Operation: Direct Acting Valves, Pilot Operated Valves, Manual Reset Valves
By Industry: Aerospace, Automobile, Oil and Gas, Railways, Chemical Industry, Pulp and Paper, Power Generation, Plastics, Pulp And Paper, Pharmaceuticals, Textile, Agriculture, Others
By Geography: North America, South America, Europe, APAC, ROW

Key Takeaways

  • Throughout the forecast period, Three-Way Valves is predicted to rise the fastest CAGR 5.43 percent. The use of pneumatic three-way valve technology is focused on ISO International Standards to ensure that the goods are safe, of reasonable quality and highly effective for uptime.
  • The highest CAGR in the forecast period is projected to rise in Chemical Industry. According to the National Accounts Figures 2017 released by the Central Figures Office (CSO), in 2015-16, chemical and agricultural goods excluding pharmaceuticals (Industry Division 20 of NIC 2008) accounted for 1.27% of GVA (2011-12 prices) relative to 1.19% in 2014-15.
  • With a share of 4.58 per cent, North America is projected to have the largest share in the Pneumatic Electromagnetic Valves industry. New innovations in the automotive sector have boosted the demand for automobiles in America which has had a major impact on the valve business.
  • Power generation and oil & gas industry will fuel the development of the market for pneumatic electromagnetic valves. Industrialization in developing countries contributing will enhanced demand for smart components.


Pneumatic Electromagnetic Valves Market Segment Analysis - By Type 

On the basis of Type, Three Way Valves is expected to grow the highest CAGR 5.43% in the forecast period. Adoption of three-way pneumatic valve technology is based on ISO International Standards to ensure that the products are safe, of good quality, and highly effective for uptime. This model can be used strategically to reduce costs through improved systems and procedures, as well as to reduce errors and eliminate waste through increased productivity. The valve is normally defined by its kvs [m3/h] value, which expresses the volume of water passing through the fully open valve in 1 hour with a difference of 1 bar in pressure. The total flow remains constant in three ways valve and the liquid circuit is split into two loops, constant and variable flow rate, in applications where it is used. A three-way control valve may be used to power and monitor surfaces for heating or cooling, radiator systems, floor heating/cooling and much more.

Pneumatic Electromagnetic Valves Market Segment Analysis - By Industry

On the basis of Industry, Chemical Industry is expected to grow the highest CAGR in the forecast period. According to the National Accounts Statistics 2017 released by the Central Statistics Office (CSO), in 2015-16, the chemical and industrial products except pharmaceuticals (Industry Division 20 of NIC 2008) accounted for 1.27% of GVA (prices for 2011-12) compared to 1.19% in 2014-15. GF Piping Systems has introduced a new generation of solenoid diaphragm valve which offers non-corrosive connections in the chemical sector. Instead of the commonly used four metal screws this valve was installed with a central plastic housing nut. It is defined by a homogeneous temperature behavior, even surface pressure and a high pressure level of up to 240 psi (for water usage only). Metso Corporation has agreed to invest in a new greenfield valve manufacturing center in Jiaxing, China, which would support numerous sectors in both local and global markets, such as oil and gas, aerospace, chemicals and others.

Pneumatic Electromagnetic Valves Market Segment Analysis - By Geography

North America is expected to hold the largest share in Pneumatic Electromagnetic Valves Market with a share of 4.58%. New innovations in the automobile sector have boosted car demand in America that has greatly affected the valve business. About 11.3 million vehicles and trucks were assembled at one of 46 vehicle manufacturing plants in America prior to 2018. This tremendous development results in an improvement in the usage of pneumatic electromagnetic valves. Linamar spent $500 m in January 2018 to finance the development of the latest electrified vehicle engines. The growing installation of such valves further leads to the rise in the demand for valves. In the oil and gas and power production sectors, the pneumatic valves are gradually being installed. The Mexican electricity industry has expanded by an average of 2.9 per cent since 2000, which has had a more beneficial effect on the demand for pneumatic valves. Growing automotive production in Mexico and expanded pneumatic valve installation greatly affected the valve sector. In 2017, Mexico produced 13.63 percent of light-duty automobiles sold in the U.S. which clearly demonstrates the rise in the Mexican automobile industry that further led to the rise of the pneumatic valve sector.

Pneumatic Electromagnetic Valves Market Drivers

Power generation and oil & gas industry to drive the growth of pneumatic electromagnetic valve market

Egypt's government aims to increase the ability for producing energy by 2020. We would accomplish this goal by developing a modern infrastructure and establishing a nuclear power plant under Russian experience and its technology. This new project will produce 10 MW of power in Siwa Oasis, whereby the Egyptian Electricity Holding Company signed a deal with ACWA to develop 2 GW of renewable energy projects. So that the power generation and oil & gas industry will push the development of the demand for pneumatic electromagnetic valves. The rising Oil and Gas sector expenditure is expected to triple in 2019. Development in oil output in Norway, the US, Canada, and Brazil is projected to hold the planet well-supplied and reach the rise in global oil demand by 2020. Through the US introduction of high-end manufacturing and specialized equipment, 80% of the world's market rise would be absorbed, rising production.

Industrialization in developing countries leading to rise in demand for smart components

Industrialization in various developing countries contributes to enhanced competition for high-end products with integrated effective assembly. It would help them increase efficiency and therefore satisfy consumer needs. This development would boost demand growth. The enormous acceptance of automation has noted a substantial increase. Automation totally transforms the manner in which the production or distribution sector operates which renders the commodity less expensive. This impressive accomplishment was only possible due to the advanced module they followed.

Pneumatic Electromagnetic Valves Market Challenges

Reduction in the price of oil and gas and fall in oil field

In 2018, the price of crude oil dropped by more than 25.84 percent relative to the previous year, although the price of crude oil rose by 12.47 percent in 2017 relative to 2016. U.S., Canada, South America were once the Middle East's biggest customers of oil & gas. Increasing oil & gas output in these countries, in effect, hampers Oil & Gas exports in the Middle East. O&G development in the Middle East has not diminished despite a decline in demand. Therefore, the prolonged uncertainty in the price of crude oil could lead to the reduction or cancelation of new projects, thus reducing the demand for solenoid valves used in this particular industry.

Pneumatic Electromagnetic Valves Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Pneumatic Electromagnetic Valves Market. In 2019, the market of Pneumatic Electromagnetic Valves Market has been consolidated by the top players -IMI Precision Engineering, Emerson Electric CO., Bosch Rexroth AG, ITT INC., Danfoss, Burkert Fluid Control Systems, Denso Corporation, Parker Hannifin Corp, Pneumadyne, Eaton.



Launches/Acquisitions

  • In April 2019, IMI Precision Engineering launches electric actuator solutions. IMI Precision Engineering, through its collaboration with industry leader servo motor manufacturer Control Techniques, is able to deliver a full electric actuator solution. As well as motors, drives and a variety of accessories to suit individual applications, customers may benefit from a single point of contact for electric actuation.
  • In September 2017, Emerson launched DeltaVTM PK Controller, which makes its DeltaVTM Distributed Control System (DCS) advanced automation accessible to fast-growing industries historically less dependent on large-scale automation.


Location: United States

Static Mixer Market - Forecast(2021 - 2026)

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Static Mixer Market Overview:

SThe static mixers are  market has been growing rapidly mainly due to  used extensively for extensively use of static mixer in  the process of homogenization various hominization process in various the industrial operations such as food processing, heat transfer, chemical reactions, polymer blending, and cosmetics and pharmaceutics, but also for in water treatment of waste water. The global Static Mixer Market size is estimated to grow at a CAGR of 5.1% during the forecast period i.e. 2018—-2023. The APAC region is estimated calculated to be as the largest segment for market for Static Mixers, with holding a share of 35.28% of the overall market in by 2023, and itsthe value is estimated to grow toreach $965.28mM by 2023. The rising market in China and India, particularly for disposable static mixers will drive the market. 


Static Mixer Market Outlook:

The static mixer is also known as a motionless mixer, this device is basically inserted into housing or pipelines with the objective to handle or control the fluid streams. Insertion of a static mixer significantly accelerates inline mixing or reaction. This market includes the technique essentially desirable for inexpensive, fast and continuous operation.  According to IndustryARC findings, iIndustrial static mixers will hold the largest market share during the forecast period. In the industrial static mixer, there is a very broad range of applications are incorporated in fluid processing industries such as Chemical Industry, Oil, Gas & Petrochemicals, Plastics Injection Molding & Extrusion, Polymer Production, and other industries. The Industrial segment of the static mixer market was valued at $459.28m in 2017 and by type is estimated to reach $581.29m by 2023, M growing at a CAGR of 4.5% during the forecast period of 2018—-2023 by 2023 from $459.28m M in 2017 and is forecast to grow at a CAGR of 4.5% during the forecast period of 2018-2023.

The average selling price of disposable static mixer was estimated to be $0.75 per unit in 2017 and is anticipated to reach $0.59 per unit. This decline in ASP is more compared to non-disposable static mixer due to the decline in the plastic prices and the increasing number of Chinese players in disposable static mixer market that provides the less priced products.The decline in average selling price of disposable static mixers is higher as compared tothan that of non-disposable static mixers because of the increasing number of Chinese players in the disposable static mixer market offering that offer low-cost products; and also, due to the drop in plastic prices. 

Static Mixer Market Growth Drivers:

According to the Organisation for Economic Co-operation and DevelopmentOrganization For Corporation and Development (OECD), in manufacturing sector, countries such as Estonia, Lithuania, the Czech Republic, Brazil, and Slovenia are anticipated to witness a have significant increase of SMEs in the manufacturing sectorin SME’s. The growing number of SMEs coupled with the growing demand for the static mixers in various end- user industries such as water treatment, oil & gas, pulp and paper, and food & beverage for mixing, blending, dispersion, heat transfer, mass transfer, solids suspension, dosing, emulsion formation, dissolution, pH adjustment, and dilution is expected to strengthen the static mixers  market growth. The rising market for disposable static mixers in China and India, particularly for disposable static mixers will also act as a growth driver.drive the market. 

Static Mixer Market Challenges:

Though the helical static mixers market has continued to be in matured over stage the  since past 15 recent years, . The customers are still viewing the helical static mixers as a commodity,  and are ignoring the difference between the offerings andor performance. This view of customers towards helical static mixers is anticipated to give rise provide prospects to the new entrants in the market offeringthat offer which offers the helical static mixers for at huge price variations. This price variation is anticipated to further result in decreased margins for major players and lessen the number of distribution channels, thereby affecting the overall profitability of the manufacturers of helical static mixers. Thus, the increasing number of new players in the manufacturing of helical static mixers with huge price variation is anticipated to  hampering the revenue growth of helical static mixers;, which in turn and consequently, affectings the entire Sstatic Mmixer market growth.
Number of SMEs and Large Enterprises in Brazil, 2012—-2017
 
 
 

Static Mixer Market Research Scope:

The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the plastics in electric vehicleStatic Mixer  market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of static mixer market, and itstheir specific applications in different end user industries in different types of vehicles.

Static Mixer Market Report: Industry Coverage


Types of Static Mixer Market — By Type: Industrial, Laboratory

Structure of Static Mixer Market — By Structure: Helical, Square, Plate

Usage of Static Mixer Market — By Usages: Disposable, Non Disposable

Flow of Static Mixer Market — By Flow: Laminar flow, Turbulent flow, Transitional fFlow

End Users of Static Mixer Market — By End Users: Water Treatment, Oil & Gas, Pulp and Paper, Food and Bbeverages, Pharmaceuticals, Construction, Chemicals, HealthCare and Cosmetics, Mining and Metal, Transportation, and Power Generation.

The Static Mixer market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
  • North America: The U.S., Canada, Mexico
  • South America: Brazil, Chile, Argentina, Ecuador, Peru, Colombia, Costa Rica
  • Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
  • APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
  • Middle East and Africa: Israel, South Africa, Saudi Arabia

Static Mixer Market Key Players Perspective:

Nordson Xaloy, SPX Corporation, and Sulzer Ltd. were analyzed to be the dominant players ofin the Static Mixer market in 2017, with a share of 12.7%, 11.4% and 8.8% respectively. EThe extensive product portfolio, along with well- diversified sales and distribution network, provides avail significant exposure and visibility to these players in the market. 
Some of the other key players mentioned in this report are DuPont, BASF SE, Solvay SA, Covestro (Bayer), DSM NV, Toray Industries, Celanese Corporation, RTP Company, and Mitsui Chemicals America among others.

Static Mixer Market Trends:

  • The U.A.E. has planned to establish a comprehensive hub for international pharmaceutical companies, and the country is planning to double its drug manufacturing factories by 2021. As of now, the country has 54 pharmaceutical firms in the region. These i The iIncreasinge in the number of pharmaceutical firms coupled with the deployment of static mixers for various applications such as penicillin production, syrup dilution, and others is anticipated to provide offer prospects for the Static Mixer market.
  • The manufacturers of static mixers are actively investing in R&D, research and the development of static mixers. These  increasing the chances of investments in R&D is primarily responsible for the launching of new products with advanced technology. One such instance is was the launch of PerfectPeak™ 3D Printed Static Mixer by Motto Corp. This product has incorporated incorporates 3D printing technology to reduce the baseline noise significantly. Thus, the increasing investments in R&D is anticipated to provide ample amount of opportunities for Static Mixer market in near future
  • Water is a critical global resource now and for the future. With the world population expected to reach 9.8 bBillion by 2050 coupled with extensive industrial growth, there is tremendous a pressing need for recycling and reusing of the water. Growing industrialization coupled with erratic rain fall patterns due to climate change in developing countries has resulted in lowering and depletion of water resources. At this juncture, governments around the world have started focusing on setting upthe water treatment plants. This is set to drive the market for the Static Mixers. 
  • DThe dental implants, where the static mixers have direct applications, is one market that is set to witness tremendous growth in the future due to the increased increasing number of dental clinics in developed countries and the growing awareness about dental hygiene in emerging economies. The rising demand for better oral hygiene services coupled with the growing disposable incomes is set to boost the market for dental services.


Location: United States

Artificial Intelligence Market In Education - Forecast(2021 - 2026)

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 RTTS Title here is AI but as per Link the topic is on AI in Energy and Utilities market. The title can be changed to Artificial Intelligence market in Energy and Utilities

Technical Keywords: Price Collision, Energy Storage, Autonomous Grid, Energy Distribution System, Intelligent Machines

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SUBMITTED SAME RD/TOC content in December 2020,
PLEASE ADVICE FURTHER
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Artificial Intelligence (AI) can be used in many applications. In this case, the title can be changed to "Artificial Intelligence market in Energy and Utilities" as RD is specific to Energy and Utilities application. Have checked with RM

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AI in Energy and Utilities Market Overview

The market for AI in Energy and Utilities is forecast to reach $4.5 billion by 2026, growing at a CAGR of 32.75% from 2021 to 2026. The market is driven by the rapid demand for power and dearth of information grid in power generation. Artificial intelligence (AI) is an extent of computer technology that highlights the formation of intelligent machines that work and react like humans. The energy and utility sector involves in the production and distribution of energy constitutes of oil and gas, power generation and others. As technologies are getting advanced, the energy and utility sector is experiencing a rapid change in price collision and energy storing technologies. Artificial intelligence creates drastic changes in the energy and utility sectors. The effects of AI technology can be seen in their applications such as smart autonomous grid, energy distribution system and so on. Heavy investment is one of the biggest challenge hindering the growth of this technology in energy and utilities sector. 

Report Coverage

The report: “AI in Energy and Utilities Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the AI in Energy and Utilities Market.

By Type – Solutions, Services

By Application – Robotics, Renewables Management, Demand Forecasting, Safety & Security and Infrastructure and Others

By End Use– Energy Generation, Energy Transmission, Energy Distribution, Utilities

By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa).

Key Takeaways

·         Deployment of AI into energy sector resulted in drastic changes in the transmogrification of energy in energy sources distribution. AI has brought advancement in the devices for auto detection and other energy infrastructure.

·         Both Energy & Utility sectors have proven to be the most innovative in the application of Artificial Intelligence.

·         Energy production has been influenced by Artificial Intelligence in more ways than one. For example it helped in optimizing drilling by identifying the right spots of energy resources for drilling.

 

AI in Energy and Utilities Market Segment Analysis - By Application

Demand Forecasting has dominated the AI in Energy and Utilities Market with a share of 26.9% in 2020 as compared to the other applications due to rising demand for efficiency improvements drive the adoption of AI technology for this application. Artificial intelligence is now deployed in energy and utilities too. Some of the key applications are storage, autonomous grid, failure management, upstream exploration, energy consumption, load forecasting, yield optimizing, predictive maintenance, device management, energy theft. A significant share of companies involved in Energy and Utilities already bestowed training to their employees on AI related and other big data frameworks while the remaining are showing signs of interest to move towards AI.

 

AI in Energy and Utilities Market Segment Analysis - By End Use Industry

The Utilities sector has been witnessing significant share among End Use Industries at 50.3% share in 2020. AI can be integrated with all the cycles of electricity i.e. from generation to transmission and energy distribution to the end users. The autonomous energy grid is the new technology which is self-organized and can control itself by employing advanced AI machine learning techniques, and simulate to create resilient, useful, and affordable optimizing energy systems. NREL (National Renewable Energy Laboratories) is working to develop these energy grids that can be optimized for secure, resilient, and economic operations. This technology will change the whole scenario in which the energy is generated and distributed. AI will mark the paradigm shift in energy and utilities market.

 

AI in Energy and Utilities Market Segment Analysis - By Geography

North America dominates the AI in Energy and Utilities Market at a share of 42.1% in 2020 due to the increasing adoption of technological advancements in the region. However, APAC is likely to witness highest growth during the forecast period. Artificial Intelligence in Energy and Utilities Market is driven by vast range of energy production in nations like the U.S and Brazil. The key applications in the region include Robotics and Demand forecasting among others.

AI in Energy and Utilities Market, By Geography, 2020


AI in Energy and Utilities Market Drivers

Technological Advancement driving new applications

Energy and utilities sectors are innovating their products with the help of AI technology. NextEra Energy invested in machine learning based wind projects in U.S. The project is initiated to avoid any power fluctuations in nearby areas. Duke Energy implemented power plants over some areas in the U.S by converging the Industrial IOT and AI system to predict and analyze power failure. There are some other key players, such as Southern Company and Dominion Resources. Southern Company started its project to save energy consumption as they implemented AI system to predict and provide the amount of energy required in specific areas. Dominion Resources are focused towards grid analytics and control with the help of machine learning. These advancements are developing new applications in the energy sector thereby driving the market.

 

Rise of Microgrid Adoption

The rise of Microgrid adoption, especially due to implementation of smart cities will drive the market. The microgrid market is evolving and growing rapidly. Many governmental organizations are investigating the viability of microgrids to enable continuation of service during an emergency or power outage. Emerging with different technologies such as distributed energy resources and blockchain, AI has potential to deliver the active management which is the requirement of the future. Powerful AI will have that much capability to balance grids, demands, negotiate actions, self-healing and facilitating the host of new products and services. Siemens is designing self-sufficient smart autonomous microgrid system in Finland. Currently, the investment on this project is not predicted, but concerning about renewable energy and new technology, the Ministry of Economic Affairs and Employment (MEAE) gone through their projects and taken their investments in granted. This rise of microgrid and smart grid will drive the adoption of AI in Energy sector.

 

AI in Energy and Utilities Market Challenges

Concerns Regarding Data Privacy

Privacy concerns are cropping up as companies feed more and more consumer and vendor data into advanced, AI-fuelled algorithms to create new bits of sensitive information, unbeknownst to affected consumers and employees. This is especially prevalent in the utilities sector, where consumer data collection has been at the forefront in terms of big data challenges. These data privacy concerns will hinder the adoption of AI especially in utilities sector.

AI in Energy and Utilities Market Outlook

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the AI in Energy and Utilities Market. The AI in Energy and Utilities Market is dominated by major companies such as Alpiq (Switzerland), SmartCloud Inc. (U.S.), General Electric (U.S.), Siemens AG (Germany), Hazama Ando Corporation (Japan), ATOS SE (France), AppOrchid Inc. (U.S), Zen Robotics Ltd. (Finland) and others.


Location: United States

Digital Twins Market - Forecast(2021 - 2026)

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Digital Twins Market Overview

The global Digital Twins Market is estimated to surpass $16.7 billion marks by 2026 growing at an estimated CAGR of more than 24.7% during the forecast period 2021 to 2026. Companies find various use cases to utilize the technology as there will be billions of connected devices in next few years, thereby billions of digital twins can be represented. These digital representations of real devices will lead to new opportunities like remote periodic checkup and maintenance of all devices, new product development based on user preference, service upgrade, safety and better customer experience. To get a competitive advantage, companies look at digital twin as the opportunity to understand the customer needs, improve the existing products or services and to develop new products, thereby enhancing the customer experience. Not just in Smart cities and Factory 4.0, digital twin concept has penetrated health care in telemedicine technology to create personalized solutions to anticipate and prevent disease.

Digital Twins Market Report Coverage

The report: “Digital Twins Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Digital Twins Market.
By Type: Software (Design Software, Analytics), Services (On-Premises, Cloud)
By Applications: Product Design and Development, Business Optimization, Inventory Management, Performance Monitoring (Asset Performance Management, Field Service Management), Predictive Maintenance and Others
By End User Industry: Aerospace and Defense, Smart Home and Smarter Cities, Energy and Utilities, Manufacturing, Automotive and Transportation, Chemicals and Materials, Healthcare, Retail, Agriculture and Others
By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa).

Key Takeaways

  • Digital twin consists of software including CAD, FEM and analytics; products like computing devices, AR / VR, other wearable devices, location-based systems, sensing technologies including sensors and gauges, coordinate Measuring Machines, lasers, vision systems and scanning devices and related services
  • Digital twin eliminates guesswork from determining the best course of action to service critical physical assets, from engines to power turbines. Easy access to this intelligence about assets paves the road to wider optimization and business transformation.
  • Digital twin technology spans across all industries where the value is in assets and more generally complex systems. Its ability to deliver early warnings, predictions, and optimization is currently used with external operating assets.
  • The digital twin idea has additional benefits too, as it can use historical data and current data to provide a complete picture of a particular asset, its past performance, what it should be achieving now and its likely end of life date, when it would be predicted to be less efficient.

Digital Twins Market Segment Analysis - By Application

The applications of digital twins that are covered in this study are product design and development, performance monitoring, predictive maintenance, inventory management, and business optimization. In 2020, predictive Maintenance is the leading segment at 24% share followed closely by performance monitoring. Though it can provide a complete real-time performance of an asset which allows technicians to look for inconsistencies or any problems which are not easily identified through traditional methods, it is not bounded by the limitations of time. 
The situations and environment can be simulated and run in advance to predict how the asset will be affected based on factors like life cycle, runtime or working with exposure to tough environment. Using the results from these tests, the companies can predict when the asset is likely to fail and how it can fail before it actually fails. Though Business optimization is at a nascent stage now considering the benefits digital twin can help to business when integrated to the business operations. Inventory management is a small and slow-growing market. However as reduced downtime is the primary objective of digital twin, inventory management plays a key role in supply of spare parts and other components.

Digital Twins Market Segment Analysis - By End-Use Industry

Increasing market volatility, customer expectations and technology impacts are driving businesses everywhere towards transformation. Initiatives to digitize assets, machines, devices, workflows and processes are being launched under different technologies and all the industries use them for their advantage. Most of these digital transformations are targeted at increasing automation, operational intelligence and connectedness. The method by which companies are doing this is to develop a digital twin of their business that surface the information they need to improve decision making, de-risk planning and delight customers with new experiences and business models. Manufacturing sector in factory 4.0 is the biggest user of digital twin. In the cloud, a machine’s digital twin makes its current state and prior operating history available at a level of detail that’s only possible with the Industrial Internet of Things. Earlier, these machines were programmed to monitor relatively few parameters, like high temperatures or high vibration levels. Now using digital twin everyone in the company from maintenance engineers to the CEO of a company has a vision into the life of the machine, from the granular detail of specific machines or the aggregated metrics.

Digital Twins Market Segment Analysis - By Geography

The global market for digital twin in 2019 was dominated by North America followed by Europe as the adoption rate was higher. As more and more companies in Asia Pacific are expected to learn the best practices, it is expected to gain significant market share. In North America, the recent developments in digital twins give companies throughout the product chain, product designers, manufacturers, and suppliers, more ways to optimize operations, speed products to market, increase competitiveness and expand business opportunities. So companies that add capabilities in simulation using digital twin are better equipped to deal with cost pressures, offshore competition and shifting consumer market trends that mandate product.

Digital Twins Market Drivers

Rising Data Collection Points due to IoT

The high growth in internet has created way for many innovative technologies and applications, which as a business generates billions of dollars. Internet connects people from all parts of world through their devices, thereby generating huge amount of data. With addition of sensors to the devices, additional data can be collected which is termed as Internet of Things. With the data collected and digital modelling such as computer-aided design (CAD), a digital twin can be created for billions of the connected devices. Digital Twins allows companies to trace their products throughout their life cycle. In addition to product performance and maintenance it also provides opportunity to the companies to understand customer’s needs and improve customer experience. The companies or vendor can inspect and monitor which part of the product needs replacement considering the safety or operational efficiency, without being in proximity to the products. This helps them in the decision-making process that is associated with physical products.

Becoming an Integral Part of Digital Factory Strategies

With more and more companies getting digitalized, digital twins are becoming a part of the strategy, Companies can replace the current reactive static model, with a dynamic proactive model. The data analyzed in a digital twin is used for prevention of issues rather than diagnosing post an issue. Digital twin technology facilitates virtual prototyping, the digital representation of a product before it is physically created and also simulating the operation of the product in its intended environment. This leads to precise product design at higher quality at a faster pace and low cost. Industrial robots and other complex machinery operate by combining different components and their interactions with other systems and behaviours are extremely difficult to anticipate using the traditional design process. Hence these complex systems need multiple improvements before they reach higher efficiency, which adds cost to the design process. However, using the simulation in a virtual model a superior product can be designed without any additional cost. Moreover, in a digital factory setup, the Industrial IoT, many sensors are integrated to the complex machines and their interactions and behaviours at different operating conditions can be easily tracked. The data not only helps in superior design but also supports predictive maintenance. With multiple benefits like superior product or process design, predictive maintenance and reduced operating cost, the digital factories have started to integrate digital twins in their operations.

Digital Twins Market Challenges

Significant Computing Requirements

Machine learning, Analytics and Artificial intelligence are the backbones of the new technologies by adding intelligence to new or existing systems to form a smarter network. They are getting embedded into regular equipment such as home appliances, electronic devices, medical devices and industrial appliances. This shows the emergence of conversational systems with the support of IoT into a digital network that is progressing towards digital twins. With billions of IoT devices, there is a need to track the operations of billions of digital twins. In addition, there is a need for a robust simulating software which should be up and running continuously without any delay or disturbances. Considering the need for processing huge amount of data and billions of digital representations, scalable massive cloud infrastructures integrated to millions of physical servers is required.  The financial resources that is required to operate this computing and storage infrastructures is high, making it impossible for small enterprises to get the complete benefits of digital twins. Moreover, the need for advanced security protocols to protect the data adds cost and require additional computation. 

Digital Twins Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Digital Twins Market. ANSYS, PTC, Dassault Systèmes, General Electric (GE), Bosch, IBM, Microsoft, Oracle and Infosys, Siemens and others are considered to be the key players of the Digital Twins Market.

Acquisitions/Technology Launches/Partnerships

  • In February 2020, Huawei Launches Industry’s First Site Digital Twins Based on 5G Digital Engineering Solution
  • Bentley Systems Commits $100 Million of Venture Funding to Accelerate Infrastructure of Digital Twins

For more Information and Communications Technology related reports, please click here

Location: United States
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