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

Senior Analyst
Kiran is a Senior Analyst in the Verdantix Operational Excellence 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, Operational Excellence
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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