Digital Twins: Applications and Potential
Published on : Friday 05-05-2023
Suchita Gupta explores how the global digital transformation has fueled the innovation of digital twin technology.
The digital twin technology has gained enormous attention in the recent few years, especially in the power generation, manufacturing, and healthcare industries. This technology combines artificial intelligence (AI), the internet of things (IoT), metaverse, machine learning, cloud computing, and virtual and augmented reality (VR/AR) to create digital models of real-world devices, systems, or processes. By providing seamless virtual interactions, this technology has transformed how businesses and organisations today interact with their consumers, design, build, operate, and develop their goods and services throughout their lifecycle.
Moreover, digital twins can be used to analyse and optimise the environmental impact of cities capture, by capturing, organising, and displaying data to give a realistic model of the physical world. By combining multiple data sources, the digital model can be used as a predictive guide to the future, as it can compare possible scenarios based on current energy usage, water consumption, and waste management. This can help decrease the city's carbon footprint and support sustainability goals.
In the wind industry, a digital twin is used to understand the health condition of a wind turbine or a full fleet. Digital twins along with artificial intelligence and machine learning algorithms help replicate the behavior of all mechanical parts, turbines, generators, etc. Siemens Gamesa, the global renewable energy company, which produces more than 100 gigawatts of wind power, is working with NVIDIA Corporation to generate AI-driven digital twins of its turbines.
Not only this but also, digital twins are used to provide property owners with detailed information about the property tax assessment process. Digital twins can create detailed and precise virtual representations of properties, including their size, layout, and features. It reduces the requirement for physical inspection and automates tasks, thereby enhancing the transparency, speed, and accuracy of assessments.
According to a report published by Allied Market Research, the global digital twin market size is projected to reach $125.7 billion with a considerable CAGR from 2022 to 2030. North America is currently dominating the market with the highest market share. The Asia-Pacific region, at the same time, is expected to witness the fastest growth rate during the forecasted period. Several factors such as surge in demand for digital twins in automotive, manufacturing, and other end use industries, increased research & development activities inside the IoT and intelligent systems fields, and rise in demand for effective and expensive technologies for production process are driving the growth of the global digital twin market.
In addition, the outbreak of the COVID-19 pandemic had boosted the growth of the market even more. The implementation of the global lockdown along with the social distancing norms created a huge demand for digital twins in every industry. With this drift on board, the key market players focused on product launches and product enhancements, as well as R&D investments, in order to stay competitive and increase their market share, which in turn, further augmented the growth of the global digital twin market.
A digital twin had been used to track COVID-19 patient's condition, the impact of tablet devices, and other variables during the pandemic. In the post-pandemic, the emergence of digital twin technology in the healthcare industry holds great promise for improving the lives of the population worldwide. The twin allows precision testing of a wide array of treatments, thereby resulting in better informed decisions that can improve patient outcomes.This way, digital twin is going to continue meeting the standard of high-quality patient care in the near future.
Suchita Gupta is an explorer, musician and content writer. While pursuing MBA, she found that nothing satisfies her more than writing on miscellaneous domains. She is a writer by day, and a reader by night. Besides, she can be found entertaining her audience on social media platforms. Find her on LinkedIn & Instagram.
Reference
https://www.alliedmarketresearch.com/digital-twin-market-A17185
