Smart Innovators: Digital Twins For Industrial Facilities

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Executive Summary

In this report we provide an overview of digital twin solutions for industrial facilities and applications. We outline the dynamic operational framework of a digital twin and break down the functionalities underpinning each of the five distinct sophistication levels of digital twins. Speaking with 22 suppliers, we find that the digital twin supplier landscape is convoluted, and only a handful of suppliers are able to offer all the functionality required to create, sustain and operationalize a digital twin. Following a customer-centric approach, we detail the use cases and value propositions digital twins offer across a project’s life cycle. We highlight the functionality – in terms of depth of simulations, analytics and data management – required to embark on a digital twin project, considering business objectives as well as the maturity of the organization in terms of asset management.

Table of contents

Not All Industrial Digital Twins Are Built Equal
Dynamic Digital Twins Mandate Quasi-Real-Time OT, IT and ET Data Exchange
Digital Twins Connect Up To Six Different Categories Of Data
Digital Twin Sophistication Levels Dictate Functionality Requirements 
Introducing The Fragmented Make-Up Of The Digital Twins Supplier Landscape 

Digital Twins Provide Users With Tools To Enhance Facility Design, Operation And Safety  
Digital Twins Improve Budgeting And Engineering Of Asset-Intensive Capital Projects
Digital Twins Boost Performance And Safety Of Operations And Maintenance
Digital Twins Deliver Added Value By Providing Increased Visibility Into Process And Team Performance

The Market For Industrial Digital Twins Is Undergoing Fast Development  

Table of figures

Figure 1. Operational Framework Of A Dynamic Digital Twin Of An Industrial Plant 
Figure 2. Digital Twin Components And Data Streams 
Figure 3. Functionalities Required For Each Digital Twin Sophistication Level 
Figure 4. Market Landscape Of Digital Twin Technology Providers   
Figure 5. Digital Twin Use Cases Along The Project Life Cycle 
Figure 6. Value Propositions Of Digital Twins For Industrial Facilities 
Figure 7. Breadth Of Functionality And Industry Coverage Of 34 Digital Twin Technology Suppliers 

About the authors

Victor Voulgaropoulos

Industry Analyst

Victor is an Industry Analyst in the Verdantix Operational Excellence practice. His research agenda focuses on asset management solutions and their overlap with industrial risk management technologies and digital twins. His advisory portfolio includes go-to-market, growth strategy, commercial due diligence and digital strategy projects for corporates, vendors and investors. Prior to joining Verdantix, Victor was a research associate at Imperial College London and Massachusetts Institute of Technology, providing engineering advisory services for clients in the energy industry (oil & gas, nuclear and solar). Victor holds a PhD in Process Engineering from University College London.

Malavika Tohani

Research Director

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.

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