Understanding how Industrial Metaverse is revolutionising digital transformation in process industries.

Beyond games and social interactions, the idea of the metaverse, a virtual environment where users interact with digital twins and 3D representations of physical objects, has quickly developed. The term ‘Industrial Metaverse’ has become popular as enterprises try to capitalise on this immersive technology, especially in process industries such as manufacturing, energy, and chemical production.

Traditionally relying on large-scale, complex operations, process industries face constant pressure to improve efficiency, safety, and sustainability. Digital transformation has been essential to handle these problems, with technologies like big data analytics, IoT, and artificial intelligence (AI) all playing major roles.

However, the advent of the industrial metaverse, which offers a more interactive, immersive, and integrated digital experience, is poised to completely disrupt this transformation. The global market for Industrial Metaverse, according to Market.us, is forecast to reach US$ 462.0 billion by 2033, up from US$21.5 billion in 2023, growing at a CAGR of 35.9% during the projected period 2024-2033.

Benefits of the industrial metaverse

The industrial metaverse integrates digital twins, AI, VR/AR, IoT, and blockchain into a virtual environment that simulates real-world industrial processes. For industries, it has several advantages, from increased productivity to sustainability. The following are some main advantages:

Improved Collaboration and Remote Work

With the industrial metaverse, teams from all around the world can work together in a common virtual environment. This makes it easier to solve complex problems, design products, and project management. Furthermore, regardless of physical location, engineers, designers, and other stakeholders can collaborate in real time to improve decision-making and shorten time-to-market using the industrial metaverse.

Improved Operational Efficiency

Improving operational efficiency is one of the most significant impacts of the Industrial Metaverse. Real-time process simulation, monitoring, and optimisation are made possible for industries by the integration of digital twins, or virtual replicas of actual assets, within the metaverse.

For example, by modeling various operating scenarios, digital twins of drilling rigs or refineries allow operators in the oil and gas industry to forecast equipment breakdowns, maximise production, and minimise downtime.

Improved Safety and Risk Management

In the process industry, where hazardous materials and complex machinery are widespread, safety is of utmost importance. Workers can rehearse emergency response techniques in the Industrial Metaverse without risking their lives. It provides immersive simulations and training environments.

Furthermore, in the metaverse, real-time monitoring and predictive analytics can help in identifying possible safety concerns before they become more serious.

Other benefits of the industrial metaverse in process industries are:

• Data-driven decision making
• Customer-centric innovation, and
• Sustainability and environmental impact.

The fields which are most likely to be affected are construction, manufacturing, and healthcare, said Mr Masato Komiya, CEO of d-strategy, inc., and Special Associate Professor at Tokyo International University.

He noted that “Dassault Systèmes, Autodesk, PTC, Siemens, and ANSYS (collectively known as DAPSA) are very present in construction and manufacturing. We need to become users and make maximum use of existing platforms from these companies. Functionally complete platforms offer the means to extract maximum performance while keeping new investments to a minimum. Different fields require unique approaches, yet there is a common need to effectively utilise existing platforms for overall optimisation. This is an important step in realising the industrial metaverse.”

Challenges of integrating the industrial metaverse in process industries

While the industrial metaverse plays a crucial role in process industries, it possesses certain challenges.

Technological Complexity and Integration: The implementation of the industrial metaverse requires the seamless integration of several cutting-edge technologies, each with unique complexity. For instance, integrating IoT, hardware integration, software development, and virtual reality and reality into a single platform requires expertise.

Data Security and Privacy Concerns: The industrial metaverse relies on massive volumes of data from linked devices and sensors to effectively function. Such amount of data must be gathered, stored, and analysed. This raises significant concerns regarding privacy and data security. Securing confidential data against online threats and unauthorised access is essential, particularly in sectors like energy, healthcare, and defense where data breaches could have disastrous effects.

High Costs and Investment Requirements: The development and deployment of the industrial metaverse demand a substantial financial commitment. In addition to software development, data storage, and cybersecurity, businesses also need to invest in cutting-edge hardware, such as VR headsets and IoT devices.

Skills Gap and Workforce Training: A highly skilled workforce capable of building, maintaining, and applying these cutting-edge technologies is needed for the industrial metaverse. However, there is a big skills gap right now in fields like AI programming, IoT management, and AR/VR development. To upskill their existing employees or find new talent with the requisite experience, businesses need to invest in training programs.

Regulatory and Compliance Challenges: Depending on the industry and location, there are certain regulatory and compliance requirements that must be addressed before the implementation of the industrial metaverse. It can be complex and time-consuming to ensure compliance with international standards, industry-specific rules, and data protection requirements. Businesses must manage these regulatory challenges to avoid legal issues and potential fines.

Ethical and Social Implications: Businesses need to confront the ethical and social challenges that the industrial metaverse brings up. Important factors to take into account include the possibility of job displacement from automation, the digital divide between tech-savvy employees and those who are not, and the environmental effects of higher energy use.

Scalability and Sustainability: Another major challenge is scaling the industrial metaverse from pilot projects to full-scale implementation. Robust and long-lasting infrastructure is needed to enable large-scale deployments, such as data centres and high-speed networks. Furthermore, there are concerns about the industrial metaverse's potential environmental effects due to its high energy usage.

Future trends of the industrial metaverse in the process industries

Within the process industries, the industrial metaverse is starting to take on a revolutionary role. It allows the physical and digital worlds to come together to improve safety, innovation, and operational efficiency. The technology is expected to have a significant impact on the process industries as it develops further.

Some of the key future trends of the industrial metaverse in process industries are as follows:

• Digital twins and advanced simulations
• Immersive training and collaboration
• Improved safety and risk management
• Sustainable and green manufacturing
• AI-driven process optimisation
• Interoperability and standardisation
• Decentralised and secure data management
• Edge computing and real-time analytics, and
• Human-machine collaboration.

The bottom line

With the integration of virtual and physical environments, the metaverse offers unparalleled prospects for efficacy, innovation, and sustainability. Businesses that embrace this digital frontier will gain a competitive edge in the rapidly changing market, improving their operational capabilities.

As the Industrial Metaverse continues to redefine the future of process industries, Industrial Automation believes that investing in this technology can help you as an industry leader drive your digital transformation journey. Connect with us to unlock the full potential of the industrial metaverse.

References

1. https://www.ey.com/en_jp/technology/industrial-metaverse-unlocks-the-future-realizing-next-generation-factories-through-digital-transformation

2. https://economictimes.indiatimes.com/news/company/corporate-trends/embracing-industry-4-0-navigating-business-transformation-trends-in-the-digital-age

3. https://www.dataparc.com/blog/digital-transformation-process-industries-5-stages/

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