The number of companies that mentioned “digital twin” technology in their company filings increased by 43% in 2022 compared to 2020, according to GlobalData’s Company Filing Analytics Database, with the technology, construction, oil and gas, and mining sectors the most prominent.
A digital twin analyses data from the real world to generate simulations and is a realtime, virtual copy of an actual physical thing, like an aeroplane engine, a factory floor, or even a person.
“Since it has become easier and more cost-effective to create a digital twin, companies across sectors are increasingly implementing the technology to boost productivity, innovate the manufacturing process, and reduce costs,” says Ekta Chourasia, business fundamentals analyst at GlobalData.
American Software mentioned providing a digital twin of its supply chain network that would assist customers, respond to dynamic market conditions, and mitigate risks. Accenture also mentioned training employees using a digital twin pilot, optimising onboarding time and significantly reducing the learning curve of workers without disturbing production.
Liberty Energy discussed introducing a virtual equipment digital twin model for each frac pump that helps to reduce the cost of ownership for each pump, and greater data and reporting across all crews enabling everyone to take responsibility for their job.
Gecina, a construction company, mentioned digitalising its property portfolio through a digital twin approach. On the other hand, Freeport-McMoRan, a mining company, discussed the role of digital twin in studying the equipment’s history of operations and providing predictive instructions to support higher efficiency.
“Companies are also increasingly turning to digital twin technologies to create and implement more sustainable products, processes, and systems,” adds Chourasia. “Several companies are discussing implementing the technology for energy conservation. For example, Bouygues, a construction company, discussed using the technology to monitor and optimie resource consumption to save energy.”