Global Digital Twins Market to Reach US$35.5 Billion by the Year 2026
Digital twin technology is an advanced concept that bridges the gap between digital and physical worlds to help users coordinate and consolidate product lifecycle management.
The Digital Twins market in the U.S. is estimated at US$2.6 Billion in the year 2020. The country currently accounts for a 39.6 percent share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of
US$6.5 Billion in the year 2026 trailing a CAGR of 51.4 percent through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 30.9 percent and 37.6 percent respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 32.3 percent CAGR while Rest of European market (as defined in the study) will reach US$3.8 Billion by the end of the analysis period.
North America represents the largest regional market for digital twins, attributed to among others massive investments in research and development activities, presence of a large number of digital twin vendors, and significant developments and early adoption of advanced digital technologies, including digital twin, 3D printing, edge analytics, and smart sensors, in the region. Growth in Asia-Pacific region is attributed to the dense population, rising per capita income with large-scale urbanization and industrialization, and growing adoption of IoT technology, primarily in countries, such as China, India, South Korea, and Japan, a study shows.
Metsä Fibre, part of Finnish forestry group Metsä Group, will take over the maintenance operations of its production units as part of its own organisation. At present, the maintenance of the company’s pulp mills and the Rauma sawmill in Finland has been outsourced to the maintenance company Oy Botnia Mill Service Ab, which is jointly owned by Metsä Fibre Oy and Caverion Oyj.
EU Project Helps Strengthen Transition to a Circular Economy Through Tracking of Critical Raw Materials
A new three-year EIT RawMaterials funded scheme, known as CSyARES (Circular System for Assessing Rare Earth Sustainability), will help companies improve the transparency and sustainability of their supply chains when it comes to critical materials.