Market Size And Forecast: Digital Twins For Industrial Facilities 2020 - 2040

Published 27 October 2020 by Sebastian Winter & Malavika Tohani &
Asset Integrity Asset Performance Management Software Digital Transformation Strategy Digital Twin Predictive Analytics Real-Time Risk Management Market Size & Forecast

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Executive Summary

This report provides detailed analysis of the current market size and prospects of the digital twins for industrial facilities market. The analysis provides executives at digital twin solution providers, practice managers in systems integration services firms, and financial investors, with market data to inform business planning and strategy. Based on a bottom-up analysis of 196 vendors alongside survey data of 284 corporate decision-makers, Verdantix finds that the digital twins for industrial facilities market received $787 million of spend in 2020 and will grow to $27.6 billion in 2040. To take advantage of this opportunity vendors need to promote oil and gas client success stories, build lightweight offerings for the manufacturing segment, target the infrastructure segment, and develop productized offerings and new revenue models targeted at other asset classes.

Table of contents

Forecasting The Digital Twins For Industrial Facilities Market 
The 2020 Digital Twins For Industrial Facilities Market Reflects Spending From Multiple Categories 
The Digital Twins For Industrial Facilities Market Is Worth $787 Million In 2020

The Digital Twin For Industrial Facilities Market Will Boom Over The Next 20 Years 
Technology Adoption Algorithms Provide The Framework For The Digital Twin Market Forecast 
Operational Excellence Initiatives Will Drive Growth For Industrial Facility Digital Twins 
In 2040 The Global Market For Industrial Facility Digital Twins Will Reach $27.6 Billion
Vendors Must Evolve Their Offerings To Match Customer Needs

Table of figures

Figure 1. 2020 Digital Twins For Industrial Facilities Market By Region ($ Million) 
Figure 2. 2020 Digital Twins For Industrial Facilities Market By Industry ($ Million)
Figure 3. Digital Twins For Industrial Facilities Forecast And CAGR 2020—2025  
Figure 4. Digital Twins For Industrial Facilities Forecast By Industry 2020—2025 

Organisations mentioned

Akselos, ANSYS, Arcadis, Arena Simulation, Autodesk, Bentley Systems, Bluewater, BP, Cognite, Dassault Systèmes, DNV GL, European Centre For Disease Prevention and Control (ECDC), GE Digital, Golder, Kongsberg Digital, NASA, RiskPoynt, Rockwell Automation, Shell, Siemens, West Texas Intermediate (WTI), World Economic Forum, Worley

About the authors

Sebastian Winter

Industry Analyst

Sebastian is a Technology Analyst in the Verdantix Operational Excellence practice. His research agenda focuses on covering industrial risk technologies, best practices and growth strategies. Prior to joining Verdantix, Sebastian worked for Trucost, a division of S&P Dow Jones Indices, and held positions in China, Brunei and Kenya. Sebastian holds an MSc in Environmental Technology from Imperial College London.

Malavika Tohani

Research Director

Malavika leads the Verdantix Operational Excellence practice. Her current research agenda focuses on the digitization of Operational Excellence and covers operational risk technologies, best practices and growth strategies. Her recent research focussed on benchmarking the capabilities of the prominent operational risk software vendors. She has over 10 years’ experience in research and strategy consulting. Malavika previously worked at Frost & Sullivan, managing and delivering advisory projects for clients involving expansion, acquisition, benchmarking and product development strategies. Malavika holds a MSc in Economics from Madras School of Economics.

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