Asia Pacific Digital Twin Market Size, Share & COVID-19 Impact Analysis, By Type (Parts Twin, Product Twin, Process Twin, and System Twin), By Application (Predictive Maintenance, Business Optimization, Product Design & Development, and Others), By End-user (Aerospace & Defense, Automotive & Transportation, Manufacturing, Healthcare, Retail, Energy & Utilities, Home & Commercial, IT and Telecom, and Others), and Regional Forecast, 2023-2030

Asia Pacific is the third largest region in the global digital twin market. It is projected to grow at a CAGR of 45.9% during the forecast period. The global market is projected to grow from USD 8.60 billion in 2022 to USD 137.67 billion by 2030.

A digital twin is a virtual representation that accurately reflects a physical object's lifecycle and is designed to control, monitor, and optimize a project's functionality. The digital twin can be used in various ways to add value to a product, process, user, or organization. In India, the state of Andhra Pradesh is developing a digital twin of a brand new city. Designed by architects Foster and Partners, Amaravati will serve as the new state capital, after changes to regional borders carved off the original capital, Hyderabad, into the new state of Telangana.

LATEST TRENDS

Increasing Usage of Urban Digital Twins in the Development of Smart Cities to Boost the Market Growth

The rising usage of the digital twin in urban areas helps to improve the management of energy, mobility, waste, safety and security, and city infrastructure. Digital twins are essential in guiding city planners through dynamic modelling and forecasting using leading-edge technologies.

The digital twin also helps to reduce the environmental impact by cutting down carbon dioxide emissions, which is likely to maintain the city in a more innovative, safer, efficient, and more sustainable way. Thus, increasing the use of these twins will help to bring development in smart cities in near future.

DRIVING FACTORS

Implementation of Digital Twin Improves the Operational Performance to Drive the Market Growth

The digital twin is an essential technology in Industry 4.0, which helps to improve the manufacturing industry's production throughout its operations. Implementing these twins boost the ability to collect and visualize the data and apply the right analytics to fulfil the business objectives. It also helps predict the failures in advance to reduce operational downtime with the help of predictive maintenance to improve the performance of the production line.

Thus, implementing digital twin improves operational performance, which drives the market growth during the forecast period.

RESTRAINING FACTORS

High Implementation Cost of Sensors and Computational Resources to Restrict the Market Growth 

A digital twin is the complex virtual representation of the physical system, which is majorly linked with sensors and different Internet of Things (IoT) devices. Integrating emerging technologies such as artificial intelligence, IoT, sensor integration, big data, wireless networks, machine learning, and data visualization makes the system more complex, significantly requiring many sensors and other computational resources. Hence, the high implementation cost of sensors and other computational resources is expected to hinder the digital twin market growth.

KEY INDUSTRY PLAYERS

In terms of competitive landscape, ABB Group, Fusion VR, IBM Corporation, Hiverlab PTE LTD, Yokogawa India Limited, and KINCHIT Technologies Pvt Ltd. are the key players of the Asia Pacific market. This is on account of strong end-user offerings, active involvement in R&D investments for the acceleration of end-user launches, and approvals in the forecast period.

LIST OF KEY COMAPNIES PROFILED:

• ABB Group (China)


• Faclon Labs Pvt Ltd (India)


• KINCHIT Technologies Pvt Ltd. (India)


• Accenture Plc (India)


• General Electric Company (India)


• PITCRAFT (India)


• Fusion VR (India)


• IBM Corporation (India)


• Hiverlab PTE LTD (Singapore)


• Cerexio Pte Ltd (Singapore)


• Yokogawa India Limited (India)

KEY INDUSTRY DEVELOPMENTS:

• October 2022: Accenture Plc in collaboration with Mars Incorporated, a global food, and pet care products and services provider helps to develop “Factory of the Future” using artificial intelligence (AI), edge technology, cloud, and digital twins to improve the performance of the production line.


• November 2021: Yokogawa completed the acquisition of Insilico Biotechnology, a Germany-based developer of innovative bioprocess digital twin technology to accelerate digital transformation in the bioprocessing industry and develop the business.


• February 2022: Fujitsu Asia in partnership with Carnegie Mellon University (CMU) conducting research to develop “Social Digital Twin Technology” to explore future applications of social digital twins in global communities.

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The market report provides qualitative and quantitative insights on the market and a detailed analysis of the market share & growth rate for all possible segments in the market. Along with the market forecast, the research report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are the overview of the number of procedures, an overview of price analysis of types of end-users, overview of the regulatory scenario by key countries, pipeline analysis, new end-user launches, key industry developments – mergers, acquisitions & partnerships and the impact of COVID-19 on the market.

Report Scope & Segmentation