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MARKET SIZE AND FORECAST: DIGITAL TWINS FOR INDUSTRIAL FACILITIES 2020 - 2040

Published 27 October 2020 by Sebastian Winter & Malavika Tohani &
Asset Integrity Asset Performance Management Software Digital Transformation
Strategy Digital Twin Predictive Analytics Real-Time Risk Management Market Size
& Forecast
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EXECUTIVE SUMMARY


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

SEBASTIAN WINTER

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.

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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