Market Size And Forecast: Digital Twins For Industrial Facilities 2021-2026 (Global)
10 Nov, 2021
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Executive Summary
In this report, Verdantix provides detailed analysis of the current market size and future prospects of the digital twins for industrial facilities applications market. This study finds that the market is worth $5.1 billion in 2021 and will grow to $13.9 billion in 2026, at a CAGR of 18%. Oil and gas, infrastructure and renewable power generation will be leading areas for increased spend. Growth will be driven by firms looking for technology to boost operational efficiency, modernize their approach to remote working and overhaul their efforts to meet sustainability goals. To amplify growth, solutions providers for industrial facility digital twins should (1) evangelize about successful implementations; (2) target the infrastructure segment, as governments ramp up digital twin programmes; and (3) lower the barrier to entry through an ecosystem of partners.
Forecasting The Digital Twins For Industrial Facilities Market
The 2021 Digital Twins For Industrial Facilities Market Captures Spending Across Multiple Segments
The Digital Twins For Industrial Facilities Market Is Worth $5.1 Billion In 2021
Internal And External Pressure To Digitize Operations Will Drive Market Expansion
The Digital Twins For Industrial Facilities Market Will Reach $13.9 Billion In 2026
Digital Twin Software Suppliers Can Expand Market Share In Three Ways
The 2021 Digital Twins For Industrial Facilities Market Captures Spending Across Multiple Segments
The Digital Twins For Industrial Facilities Market Is Worth $5.1 Billion In 2021
Internal And External Pressure To Digitize Operations Will Drive Market Expansion
The Digital Twins For Industrial Facilities Market Will Reach $13.9 Billion In 2026
Digital Twin Software Suppliers Can Expand Market Share In Three Ways
Figure 1. 2021 Digital Twins For Industrial Facilities Market Size By Region
Figure 2. 2021 Digital Twins For Industrial Facilities Market Size By Industry
Figure 3. Digital Twins For Industrial Facilities Market Forecast (2021-26)
Figure 4. Digital Twins For Industrial Facilities Market Forecast By Region (2021-26)
Figure 5. Digital Twins For Industrial Facilities Market Forecast By Industry (2021-26)
Figure 2. 2021 Digital Twins For Industrial Facilities Market Size By Industry
Figure 3. Digital Twins For Industrial Facilities Market Forecast (2021-26)
Figure 4. Digital Twins For Industrial Facilities Market Forecast By Region (2021-26)
Figure 5. Digital Twins For Industrial Facilities Market Forecast By Industry (2021-26)
Accenture, Organisation for Economic Co-operation and Development (OECD), Cognite, US Food and Drug Administration (FDA), UK Department for Business, Energy and Industrial Strategy, Itus Digital, Bentley Systems, Akselos, Aluminium of Greece, Buildmedia, Neptune Energy, Wellington City Council, Kongsberg Digital, Cosmo Oil, Alan Turing Institute, AspenTech, TetraSpar, University of Cambridge, SP Energy Networks, Data Gumbo, AVEVA, IBM, GE Digital, Black & Veatch, Equinor, International Monetary Fund (IMF), Siemens, Victoria State Government, Fugro, BP, A/S Norske Shell, Wood, Emerson, Commonwealth Scientific and Industrial Research Organisation (CSIRO), Eserv, OMV
About the Authors
Hugo Fuller
Senior Analyst
Hugo is a Senior Analyst in the Verdantix Industrial Transformation practice. His current research agenda explores the technologies within the industrial asset management soft…
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Malavika Tohani
Research Director, Industrial Transformation
Malavika leads the Verdantix Industrial Transformation practice. Her current research agenda focuses on digital technologies for Operational Excellence including digital twins…
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