Europe 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

Europe is the third largest region in the global digital twin market. It is projected to grow at a CAGR of 43.7% 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 near-identical copy of a physical device. The rising penetration of advanced technologies such as IoT, AI, augmented, and virtual reality in Italy helps to explore new applications of the digital twin across maritime, electricity grids, and logistics sectors. This leads to bringing the developments associated with digital twin technology in Europe during the forecast period.

LATEST TRENDS

Growing Use of Digital Twins Helps to Reduce Costs and Increase Supply Chain Efficiency in Manufacturing Industry Offering Growth Opportunities

Manufacturers are looking for systems that can anticipate potential errors and malfunctions to prevent further losses. These twins help engineers improve product performance by estimating the physical design of prototypes that change at each stage of the design process.

The digital twin helps manufacturers to simulate and monitor the asset or network to improve the system performance. It will boost the integration of digital twins in the manufacturing industry soon.

DRIVING FACTORS

Integration of Digital Twin Enhances the Product Lifecycle Management Process to Propel the Market Growth

Digital twin technology is central to developing Industry 4.0 initiatives, including automation, real-time data sharing, and intelligent manufacturing processes. Additionally, many end-user industries actively use digital twins for asset and product lifecycle management. It also helps to save operational costs and aims to reduce errors in the production line to optimize the production process using real-time information.

RESTRAINING FACTORS

Lack of Structured Data Standards to Hinder the Market Growth 

The primary source of digital twin data is the data collected from many Internet of Things (IoT) signals. It requires several remote sensors that help to communicate over unreliable networks. Thus, it becomes difficult to collect standard and noise-free data for implementing digital twin among various industries such as manufacturing, energy, and automotive, among others.

Thus, the lack of availability of standard data may restrict the digital twin market growth among various industry verticals.

KEY INDUSTRY PLAYERS

In terms of the competitive landscape, AVEVA Group plc, Siemens AG, PTC, Inc., Oracle Corporation, and Bosch Sicherheitssysteme GmbH are the key players in the Europe market, which helps to increase the Europe digital twin market share during the forecast period. This is due to 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 COMPANIES PROFILED:

• AVEVA Group plc (U.K.)


• Siemens AG (Germany)


• PTC, Inc. (France)


• Oracle Corporation (Belgium)


• Bosch Sicherheitssysteme GmbH (Germany)


• Honeywell International, Inc. (Belgium)


• Hexagon AB (Germany)


• SETLabs Research (Germany)

KEY INDUSTRY DEVELOPMENTS:

• January 2023: Hexagon AB completed the acquisition of LocLab, a Germany based 3D digital twin creation firm, to strengthen Hexagon’s digital twin solutions in order to make the ‘Smart Digital Reality’ more accessible for the new and existing customers of Hexagon present across the globe.


• December 2022: Vodafone Group Plc. have generated a 3D digital twin of its U.K. mobile network and allows engineers to visualize the network improvements and business expansion.


• March 2022: Siemens entered a collaboration with Protium and used digital twin to develop hydrogen infrastructure for aircraft, which helped to optimise the system design.

REPORT COVERAGE

To gain extensive insights into the market, Request for Customization

The Europe digital twin market report provides qualitative and quantitative insights on the market and a detailed analysis of the market size & growth rate for all possible segments. 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 overview of the number of procedures, an overview of the price analysis of various 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