Buyer’s Guide: Digital Twins For Industrial Facilities

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Executive Summary

This report provides managers interested in exploiting the potential of digital twins for industrial facilities with a guide to which tech vendors currently provide market offerings. The study includes a high-level assessment of 26 vendors on seven capabilities and across 15 different asset classes. Firms interested in deploying a digital twin for an industrial facility such as a power plant or offshore oil rig will find it hard to shortlist more than three vendors with any credible success stories in the public domain. The current lack of customer references reflects the early stage of the market for industrial facility digital twins. Vendors need to share more case studies with prospective customers to accelerate adoption and get the digital twin concept onto a faster growth trajectory.  

Table of contents

The Digital Twins Market Is At The Start Of A Long Evolution  
Digital Twins Have Multiple Usage Scenarios For Industrial Facilities
Many Tech Vendors See Digital Twins As A Huge Market Opportunity
Digital Twin Success Requires A Laser Focus On Asset Class Deployment  
Seven Capabilities Define The Breadth And Depth Of Digital Twin Offerings
Firms Should Buy From Vendors With Successful Projects In Their Asset Class
Firms Will Succeed With An Evolutionary Strategy For Digital Twin Adoption

Table of figures

Figure 1. Digital Twin Creation Capabilities  
Figure 2-1. Digital Twin Volume Of Deployments For Process Industries
Figure 2-2. Digital Twin Volume Of Deployments For Manufacturing And Power Generation
Figure 2-3. Digital Twin Volume Of Deployments For Linear Assets, Mining and Construction 

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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