While digital twins are prized for what they offer, their use isn’t warranted for every manufacturer or every product created. Not every object is complex enough to need the intense and regular flow of sensor data that digital twins require. Nor is it always worth it from a financial standpoint to invest significant resources in the creation of a digital twin. (Keep in mind that a digital twin is an exact replica of a physical object, which could make its creation costly.)
On the other hand, numerous types of projects do specifically benefit from the use of digital models:
- Physically large projects Buildings, bridges and other complex structures bound by strict rules of engineering.
- Mechanically complex projects Jet turbines, automobiles and aircraft. Digital twins can help improve efficiency within complicated machinery and mammoth engines.
- Power equipment This includes both the mechanisms for generating power and transmitting it.
- Manufacturing projects Digital twins excel at helping streamline process efficiency, as you would find in industrial environments with co-functioning machine systems.
Therefore, the industries that achieve the greatest success with digital twins are those involved with large-scale products or projects:
- Engineering (systems)
- Automobile manufacturing
- Aircraft production
- Railcar design
- Building construction
- Power utilities
Digital twin market: Poised for growth
The rapidly expanding digital twin market indicates that while digital twins are already in use across many industries, the demand for digital twins will continue to escalate for some time. In 2020, the digital twin market was valued at USD 3.1 billion. Some industry analysts speculate it could continue to rise sharply until at least 2026, climbing to an estimated USD 48.2 billion.¹