Strategic Focus: High Value Use Cases And Benefits Of Operationalizing Digital Twins With Process Simulations

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Executive Summary

Verdantix predicts that the market for industrial digital twins will grow from $1.2 billion in 2022 to $27.6 billion in 2040. This report explores how physics-based process simulations enhance the creation of digital twins and discusses the benefits of combining operational data with process simulation tools. Advantages of using process simulation tools with digital twins include optimizing asset run time as well as processes in real time, investigating the consequences of proposed actions, achieving emissions reductions while optimizing production, and delivering safe, efficient and sustainable remote operations.

Table of contents

Digital Twins Provide Users With The Ability To Digitize The Entire Asset Life Cycle
Physics-Based Simulations Support The Creation Of An Autonomous Digital Twin
Appetite For Process Simulation Digital Twins Rises, Driven By Technology Innovations
Industrial Firms Leverage Process Simulation Digital Twins For A Step Change In Value Gained

About the authors

Kiran Darmasseelane

Principal Analyst
Kiran is a Principal Analyst in the Verdantix Industrial Transformation practice. His current research agenda focuses on emerging solutions and global market trends across the process industries, with a particular interest in APM, AIP and process simulation solutions. Prior to joining Verdantix, Kiran worked at Siemens DI, where he gained experience in advanced process modelling and digital twin technologies. Kiran holds an MEng in Chemical Engineering from the University of Nottingham.

Malavika Tohani

Research Director, Industrial Transformation
Malavika leads the Verdantix Industrial Transformation practice. The team’s current research focusses on digital technologies and services that enable industrial operations become safer, efficient and sustainable such as asset maintenance and performance, industrial AI and data management, connected workforce and field service management, process safety and industrial engineering, design and construction. Malavika has over 20 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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