Market Definition
A digital twin is a virtual model of an object or system that uses machine learning, simulations, and data analytics capabilities to predict the performance characteristics of its physical companion before it gets manufactured for real. In this technology-driven era, digital twins are continuously learning new skills to generate better insights for making products more innovative & processes more efficient.
Market Insights
The UK Digital Twin Market is anticipated to grow at around 30% CAGR during the forecast period, i.e., 2022-27. The growth of the market is likely to be propelled mainly by the increasing requirement for asset monitoring in industries, the mounting prevalence of Industry 4.0, and the rising construction of smart buildings for optimum energy consumption in the UK. Besides, the increasing utilization of digital twin models in manufacturing sectors to reduce costs & improve supply chain efficiency is another prominent aspect projected to drive the industry in the coming years.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 30% |
| Key Companies Profiled | ANYSYS, Inc., General Electric Company, Google, IBM Corporation, Microsoft Corporation, Oracle Corporation, PTC Inc., Robert Bosch, SAP SE, Siemens AG |
| Unit Denominations | USD Million/Billion |
Digital twins are predictive models that help companies virtually see physical prototypes of their assets before they get developed in real-time, thereby improving process workflow throughout a product's lifecycle. Several industries in the UK, specifically automotive & transportation, manufacturing, healthcare, and aerospace & defense, are increasingly utilizing digital twin technology in multiple applications, such as remote monitoring, energy management, & factory optimization, among others, in order to optimize their operational workflows & supply chains, enhance overall productivity & efficiency, design better products, & thus reduce downtime.
Furthermore, the surging penetration of automation in various end-user verticals, coupled with the growing utilization of digital twins in the retail & automotive sectors in order to provide personalized customer services, are other prominent aspects creating new directions for the UK Digital Twin Market to expand significantly through 2027.
Latest Trend in the UK Digital Twin Market
The aerospace & defense sector is projected to create remunerative prospects for the Digital Twin Market in the UK. The aviation industry is increasingly adopting digital twin technology to overcome the shortcomings of current fleet management practices and save resources with predictive & prescriptive analytics. By creating the digital twin of aircraft & feeding them with real-time data, airlines are able to reduce maintenance costs, enhance reliability, and optimize their overall performance.
On the other hand, there's increasing utilization of digital twins in the defense sector to enhance the efficiency & performance of weapons and ensure less causality by diagnosing & avoiding faults in real-time using digital twin-based predictive maintenance models. Hence, these aspects are projected to create a pool of profitable opportunities for the UK Digital Twin Market to witness considerable growth in the aerospace & defense sector over the coming years.
