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
Industry Analyst
Sebastian is an Industry Analyst in the Verdantix Operational Excellence practice. His research agenda covers digital twins for industrial facilities, asset management software, and connected worker platforms. Sebastian also delivers market strategy, voice of the customer, thought leadership, CDD, and digital strategy advisory pieces. Prior to joining Verdantix, Sebastian worked for Trucost, a division of S&P Global, and held positions in China, Brunei and Kenya. Sebastian holds an MSc Environmental Technology from Imperial College London.
Research Director, Operational Excellence
Malavika leads the Verdantix Operational Excellence practice. Her current research agenda focuses on digital technologies for Operational Excellence including digital twins and software solutions for industrial risk and asset management. Malavika has over 15 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.