Digital twins can help secure better efficiencies across the building construction and operations value chain
BOULDER, Colo., Jan. 4, 2024 /PRNewswire/ — 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 a new report from Guidehouse Insights, the annual building digital twins market 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 15.0%.
“As buildings are designed, constructed, and occupied, they generate large amounts of data that can increase efficiency and reduce liability,” says 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, and 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.
The report, Building Digital Twins, analyzes the global market for building digital twins. It provides an analysis of market issues, including emerging trends, drivers, and barriers. Global market analyses, which extend from 2023-2032, are segmented by eight building types and five world regions. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 17,000 professionals in over 55 locations globally. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, Building Digital Twins, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact:
Cecile Fradkin for Guidehouse Insights
+1.646.941.9139
[email protected]
SOURCE Guidehouse Insights
