Manufacturing Sector is Revolutionized through Digital Twin Technology
Published by : Industrial Automation
The digital twin technology market is estimated to grow from USD 3.8 billion in 2019 to USD 35.8 billion by 2025, at a CAGR of 37.8%. North America exhibited the largest share of the digital twin technology market in the year 2019, and APAC is likely to come up with the highest CAGR during the forecast period.
The significant elements which have increased the demand for the adoption of digital twin technology manufacturing systems include declining time and cost of product development, and unplanned downtime with the approval of digital twins increased adoption of technologies such as IoT and cloud network. The digital twin technology manufacturing supports technologies related to Industry 4.0. This can give the scope to improve upon the benefit of predictive maintenance, reduce waste, reduce batch changeover times, and improve product quality. Not only this, but the products manufactured within this framework, starting from its designing phase to the deployment phase has also digital footprint on it.
These data help a manufacturer to analyze problems by early warnings, which is depicted through the analysis. This not only prevents the downtime, but also helps the manufacturers to develop opportunities, and plan better products in times to come, at cost-effective prices by the use of simulations.
Impact of digital twin technology on the business world
Digital twin technology calls for better connectivity between the machine and the human world. For example, if you are the manufacturer and you are not at your unit. With the help of digital twin IoT and technology, you can monitor the functioning remotely through its digital counterpart. With time, as and when the role of digital twin technology grows within an industrial structure, the manufacturers may be motivated to establish digital twin for each of its customers and each of the products manufactured within their unit, based on their demand. This will not only save time but would also give a fair idea to the manufacturers about their upcoming tasks, in their respective production unit, at cost-effeDigital Twin Technologyctive prices.
Not only this, but the digital twin IoT also enables the users to develop new products based on the behavior of the existing products in the real world. The performance of the product and customer usage is reflected in the twin technology. This is further processed into the system for future production and its future manufacture.
Over the last few years, digital twin technology has found its way into industries such as energy and power, aerospace, oil, and gas, offering advanced testing and measurement solutions on a real-time basis. With the growing trend of digital twin IoT and cloud deployment platforms, the industrial use of digital twin technology manufacturing systems is expected to grow at a healthy rate in years to come.