Report : Europe Digital Twin Market Forecast to 2031 - Regional Analysis - by Type (Asset Twin, System Twin, Process Twin, and Parts/Component Twin), Enterprise Size (Large Enterprises and SMEs), and End User (Manufacturing Sector, Automotive Sector, Aerospace & Defense Sector, Healthcare Sector, Retail Sector, and Others)
At 39.2% CAGR, Europe Digital Twin Market is Projected to be Worth US$ 44,992.25 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Europe digital twin market was valued at US$ 3,186.38 million in 2023 and is expected to reach US$ 44,992.25 million by 2031, registering a CAGR of 39.2% from 2023 to 2031. Increasing adoption of IOT devices, large-scale digital transformation & industry 4.0 adoption across enterprises and surging emphasis on predictive maintenance are among the critical factors attributed to drive the Europe digital twin market growth.
Organizations struggle to be competitive in a rapidly changing and dynamic market. Digital transformation has become a new model for many organizations to gain competitive advantages in the intense and dynamic market competition by improving their performance and processes. The COVID-19 pandemic has further boosted digital transformation as its consequences compelled organizations to increase the use of digital platforms to manage their consumers and employees. Digitalization has had a significant impact on original equipment manufacturers (OEMs). It has resulted in notable modifications to the way businesses create, produce, and market their goods, as well as engage with suppliers and customers. The advent of computer-aided manufacturing (CAM) and computer-aided design (CAD) technologies in the past made it possible for engineers to design and model items digitally. The fourth industrial revolution, or Industry 4.0, further presented OEMs with both new opportunities and challenges in recent years. To increase automation and efficiency, Industry 4.0 entails integrating digital technologies with current processes. As the adoption of digitization and Industry 4.0 advances, the manufacturing process becomes increasingly digital, propelling the integration of digital twin technologies for testing and simulating new parameters and design variants.
On the contrary, high development cost hampers the growth of Europe digital twin market.
Based on type, the Europe digital twin market is segmented into asset twin, system twin, process twin, and parts/component twin. The asset twin segment held 35.0% share of Europe digital twin market share in 2023, amassing US$ 1,116.50 million. It is projected to garner US$ 18,693.98 million by 2031 to register 42.2% CAGR during 2023-2031.
In terms of enterprise size, the Europe digital twin market is bifurcated into large enterprises & SMEs. The large enterprises segment held 75.8% share of Europe digital twin market in 2023, amassing US$ 2,416.35 million. It is anticipated to garner US$ 35,076.44 million by 2031 to expand at 39.7% CAGR during 2023-2031.
Based on end user, the Europe digital twin market is categorized into manufacturing, automotive, aerospace & defense, healthcare, retail, and others. The manufacturing segment held 27.0% share of Europe digital twin market in 2023, amassing US$ 859.41 million. It is predicted to garner US$ 11,883.50 million by 2031 to expand at 38.9% CAGR between 2023 and 2031.
Based on country, the Europe digital twin market is categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 31.5% share of Europe digital twin market in 2023. It was assessed at US$ 1,002.75 million in 2023 and is likely to hit US$ 15,500.22 million by 2031, registering a CAGR of 40.8% during 2023-2031.
Key players operating in the Europe digital twin market are General Electric Co; Microsoft Corp; Siemens AG; Dassault Systemes SE; PTC Inc.; Robert Bosch GmbH; International Business Machines Corp; Oracle Corp; Ansys, Inc.; and Autodesk, Inc. among others.
- In March 2023: L&T Technology Services Limited, a leading global pure-play engineering services company, and Ansys, a global leader and pioneer of Multiphysics engineering simulation software, had signed an MOU to establish the LTTS-Ansys Center of Excellence (CoE) for Digital Twin. The center supports LTTS in demonstrating industry use cases, developing future-facing solutions, and enabling its customers to optimize design, manufacturing, and supply chain processes. Ansys' Twin Builder solution allows LTTS to further expand its market share in digital twin areas.
- In September 2021: Ansys and Rockwell Automation expanded digital twin connectivity to industrial control systems, enabling users to optimize the design, deployment, and performance of industrial operations. By implementing simulation-based digital twins, engineering teams can garner new insights that speed innovation and reduce costs from the design phase to the production phase.
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