Europe Digital Twin Market Size to 2026 – COVID-19 Impact, Competition and Forecast

The Europe digital twin market size is projected to surpass USD 9.5 billion by 2026. Growing prominence of advanced virtualization technologies and analytics across various industry verticals in Europe has been driving the adoption of digital twin technology in the region over the past few years.

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In addition, strong presence of major industry players along with favorable government initiatives are positively influencing the technology adoption further. To illustrate, in 2020, GHENOVA Ingeniería had announced the establishment of an advanced digital twin development center named GHENOVA 360º. Such initiatives are also opening new growth avenues for Europe digital twin market.

As mentioned before, virtualization technologies are witnessing heightened demand in Europe. This can be seen from the consistent efforts undertaken by regional companies to develop advanced solutions to provide virtualized assets and monitoring capabilities. For instance, in 2020, SAP SE introduced a cloud-based solution named SAP Predictive Engineering Insights, powered by SAP Leonardo. According to the company, this solution helps enterprises develop virtual assets of physical components to obtain real- time insights from sensor feeds. This launch apparently enabled the company to expand its digital twin offering with additional innovative aspects.

Digital twin technology has wide range of applications across different sectors. Its application in process support and service segment is gaining immense popularity lately, as it facilitates cost-effective services by minimizing the overhead costs. It also helps in improving the overall customer experience. The vendors offering aftermarket diagnosis and maintenance services are largely using digital twin technology as it provides cost effectivity and faster time to market. With increasing adoption, process support & service segment is expected to witness an appreciable CAGR of over 35% through 2026 across the overall market.

The technology is also observing elevating demand in energy & utility sector. This can be credited to the rising proliferation of connected industrial devices and sensors comprising of IoT/industrial IoT which is resulting in generation of large volumes of data. The companies in this sector are extensively using digital twin technology for obtaining actionable insights using analytics.

Companies such as Siemens SE are enormously benefiting from the technology deployment to attain untapped efficiencies in utility operations. Considering these factors, energy & utility segment is expected to record a robust CAGR of over 30% through 2026.

Speaking of the European countries emerging as a lucrative avenue for the market, Germany is gaining high significance owing to rapid digitization across various domestic industries. Several major companies operating in the country are inclined on collaborative development of digital twin solutions, which is in turn augmenting the digital twin market growth.

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Quoting an instance, in 2020, Atos SE announced partnership with Siemens AG to develop digital twin solutions especially for pharmaceutical sector. Under this initiative, the companies performed test on Process Digital Twin solution that were powered by advanced technologies like IoT, AI and advanced analytics that offer high flexibility and efficiency in pharmaceutical production. This new solution apparently facilitated the sustainable development process, reliability and process quality.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Research methodology

1.2    List of data sources

1.2.1    Secondary

1.2.2    Primary

Chapter 2   Market Snapshot

2.1    Europe Digital Twin market snapshot

Chapter 3   Europe Digital Twin Market Insights

3.1    Industry coverage

3.2    Industry size, 2015 – 2026

3.3    Impact of COVID-19 pandemic

3.4    Value chain analysis

3.4.1    Company product snapshot

3.5    Innovation landscape

3.6    Regulatory norms & directives

3.7    Drivers & restraints

3.7.1    Market drivers

3.7.2    Market restraints

3.8    Industry analysis - Porter's

3.9    Competitive benchmarking, 2019

3.9.1    Strategy dashboard

3.10    PEST analysis

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