Growing
use of digital twin for predictive maintenance
Digital twins are used widely for
predictive maintenance across various industries. Digital twin-based predictive
maintenance uses a real-time sensor to record the health and working conditions
of a product, process, or system and analyze it against the historical data for
its failure modes and criticality. This analyzed data can be used for taking
predictive measures.
A neural network detects abnormal patterns
in the incoming sensor data of the physical asset and reflects the patterns in
predictive models. This data can be used to predict failures; if a physical
asset’s configurational parameters are likely to lead to a failure, a digital
twin localizes the issue, assesses its criticality, notifies technicians, and
recommends a mitigating action.
The digital
twin market is estimated to grow from USD 3.8 billion in 2019 to
USD 35.8 billion by 2025, at a CAGR of 37.8%.
The Industrial Internet of Things (IIoT)
and Industry 4.0 are gaining traction with the rising demand for
digitalization. According to MarketsandMarkets, the smart manufacturing market
was valued at USD 153.25 billion in 2017 and is projected to reach USD 299.19
billion by 2023; it is expected to grow at a CAGR of 11.9% from 2018 to 2023.
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IIoT brings together machines, advanced
analytics, and people involved in the working of a particular process or
product. It is the network of a multitude of industrial devices connected by
communications technologies that result in systems that can monitor, collect,
exchange, analyze, and deliver valuable insights for better decision-making
capabilities. With technology having the ability to cover the entire life cycle
of a physical system, process or product, it provides businesses with a
powerful analytical tool, which helps companies in thoroughly assessing key
performance indicators and provide insights as to where enhancements/upgrades
can be made. In the long-run, insights taken from digital twins will drive
various opportunities for innovation and growth.
About
MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B
research on 30,000 high growth niche opportunities/threats which will impact
70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers
worldwide including 80% of global Fortune 1000 companies as clients. Almost
75,000 top officers across eight industries worldwide approach
MarketsandMarkets™ for their painpoints around revenues decisions.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
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