A new report from Guidehouse Insights explores the global market for building digital twins. A digital twin is a digital replication of a real-world asset that offers a real-time reflection of the asset’s status. For buildings, this is a three-dimensional model of all building systems and architectural features.
According to the report, the building digital twins market is poised to grow globally from annual revenues of $848.4 million in 2023 to $2.99 billion by 2032, a compound annual growth rate (CAGR) of 15%.
“As buildings are designed, constructed, and occupied, they generate large amounts of data that can increase efficiency and reduce liability,” said Grant Samms, research analyst with Guidehouse Insights. “Digital twins are proving effective in utilizing this data by helping designers communicate better with customers, construction teams communicate better with each other, and building operators better anticipate how changing conditions will have an impact on their assets.”
Building digital twins are just beginning to find their niche in building design, construction, and operations. Of the emerging use cases, perhaps the most notable is digital twins’ advanced design, planning, and simulation. Whether measuring a crew’s efficiency during construction or the HVAC system’s efficiency during a retrofit, the digital twin’s data and simulation abilities are invaluable for avoiding mistakes and duplication of efforts, as well as making the best choices for the building’s future.
As a younger market, building digital twins face several barriers to growth. Chief among them are the lack of a clear use case in which digital twins are invaluable, poor data, and incompatibilities between a building’s hardware and software systems, according to the report.
An executive summary of the report is available for free download here.
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