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A digital twin is a virtual copy of a physical entity, which can be a product, system, component, or network of more complex systems. While a physical entity typically refers to tangible objects, a digital twin can also replicate a process, simulating and analyzing its performance. Thus, a digital twin can serve as a tool to virtually replicate and...

06 Jul 2023  |  Global  |  Market Research

Global BIM and Digital Twin for Built Environment Growth Opportunities

The Dynamic Duo will Transform the Future of Digital Building Life Cycle Management

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BIM and digital twin are complementary technologies transforming the AEC industry by enabling collaborative design, improving project efficiency, and enhancing asset performance. BIM provides a comprehensive 3D modeling and data management platform, while digital twin extends it with data integration, optimization, simulation, and 3D virtual experi...

A digital twin is a virtual replica of a product, system, or process. Geopolitical tensions arising as a result of the COVID-19 pandemic, trade disputes, wars between countries, and other factors have prompted automakers and their suppliers to employ digital technologies to minimize operational disruptions, reduce costs and resource utilization, re...

The European aftermarket distribution ecosystem is a multi-billion euro industry, with distributors grouped into uneven clusters based on their size (revenue and network) and the operating structures of their respective buying groups. Frost & Sullivan independently plotted the top 10 European distributors in this Frost Radar™ analysis. In 2019, sel...

23 Aug 2022  |  Global  |  Market Research

Growth Opportunities for Digital Twins in Manufacturing

Next generation Digital Twins Enabling Transformational Growth in Industrial Manufacturing

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Digital twins (DTs) are not a novelty. Different industry verticals have been benefiting from DTs for decades. However, technological enablers such as artificial intelligence, blockchain, and 5G are expanding the limits of DTs and opening up the concept. The next generation of plants and factories are starting to demonstrate success in complementi...

27 Jun 2023  |  Global  |  Technology Research

Advancements in Digital Twin Technology Transforming the Energy Sector

Precise Modeling and Process Integration from a Single Platform to Enhance Analytics in Power Generation, Transmission, and Distribution

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To meet global emission reduction targets, renewable energy must account for at least 42% of energy consumption by 2030 and 60% by 2050, compared to 17% in 2021. Although the global power generation sector is moving toward renewable power to curb greenhouse gas emissions, renewable energy is intermittent. Therefore, its increased share in the power...

25 Oct 2024  |  Global  |  Market Research

Digital Twins in the Oil and Gas Industry, Global, 2024 2030

Digital Twins are Driving Transformational Growth in the Global Oil and Gas Industry by Enabling Precise Operational Simulation

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Fueled by the rising adoption of autonomous technologies, digital twins are emerging as an attractive growth opportunity in the oil and gas (O&G) industry. Digital twin technology helps O&G firms utilize and analyze enormous amounts of production data, enabling them to visualize various hypothetical production scenarios in real time. Digital twi...

The automotive aftermarket is a significant contributor to waste and pollution including fluids, batteries, greenhouse gases, and used materials from parts. The circular economy is an alternative economic model that focuses on reducing waste and pollution by keeping products and materials in use for as long as possible. Remanufacturing, which is th...

This edition of the Oil and Gas (O&G) Technology Opportunity Engines features information on digital twin solutions for asset integrity monitoring, radio frequency (RF) heating for heavy oil and bitumen extraction, maritime emission control techniques based on scrubbing, remotely operated vehicles for asset monitoring, advanced cubing technology, a...