Virtual Commissioning Market REPORT OVERVIEW
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The global virtual commissioning market size is estimated to be worth USD 540.1 million in 2021 and market is projected to touch USD 2410.49 million by 2031, exhibiting a compound annual growth rate (CAGR) of 16.0% from 2021 to 2031.
Virtual commissioning incorporates 3D technology to simulate the development of a digital manufacturing plant. It is a coming-of-age technology adopted by the manufacturing unit. It has many advantages such as reduction in start-up time, risk analysis, improved software quality and safety.
As the innovation and development of new products continue the industry players felt the strong demand for revamping the manufacturing units with the latest technology to increase the work quality and decrease error. Safety of the workers is a major concern so proper initiative should be taken lest they are not harmed during the process. Although virtual commissioning was envisioned 20 years ago it lacked performance and was not cost-effective however, the past decades have witnessed the rise of virtual commissioning due to modern technological advancements. It is predominantly adopted by the automobile industry and due to the contemporary world's need for error-free manufacturing, cost reduction and safety virtual commissioning market is anticipated to have high growth during the forecast period.
COVID-19 Impact: Diminished Demand Across Key End-Use Industries Led to Lower Demand
The outbreak of the COVID-19 led to a huge blow to the manufacturing sector. As the work mode shifted to home due to frequent lockdowns, it led to the shutdown of the industrial sector. The shutting down of industrial activity and shortage of employees affected the virtual commissioning market. However, virtual commissioning is a game-changer. It can be a functional in-home office through collaboration with the team members. Despite having the potential to grow during the pandemic times the market went down because of a lack of implementation at the right time. The market is expected to grow at a rapid rate as the technology becomes more commonplace in the auto-making business and brings a massive transformation.
LATEST TRENDS
"Incorporation of Virtual Commissioning in Healthcare to Boost the Market Growth"
The virtual commission is the latest industry trend in the healthcare sector and is witnessing massive growth. The recent global health crisis has triggered the healthcare sector to adapt to the latest innovation to improve services, and cut down the drug production time. On average, it takes 10 months to set up a drug manufacturing unit and fix the software errors. Life science industry traditional commissioning involves engineers and manual solutions to the problems. Nonetheless, it is time-consuming. On the flip side, virtual commissioning reduces the commission time, solves most of the errors virtually, and improves testing and risk reduction. The Life science manufacturing sector is yet to be automated, but it will bring results in the upcoming years.
Virtual Commissioning Market SEGMENTATION
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- By Type
Based on type, the market is divided into plant and process simulation, robotics and automation simulation, and others. Plant and process simulation segment is expected to dominate the market in the coming years.
- By Application
Based on the application, the market is divided into aerospace and defense, automotive and transportation, and machine manufacturing, energy and utility, and others. Automotive and transportation segment is anticipated to dominate the market through 2031.
DRIVING FACTORS
"Growth of Automotive Industry to Drive Product Sales"
The automotive sector is booming and several factors propelled the growth of this industry. The rise in population and consumerist culture, and high purchasing power augmented the sale of the vehicle. The growing economies have also been a major driving factor. Moreover, due to globalization, transportation is increasing. The recent emergence of sustainable development led to the integration of many technologies in the industry. The safety concern of the workers is a priority for the industries. Virtual commissioning prevents accidents that might occur during physical testing. It contributes to improved software, is cost-effective and reduces the commissioning time. The technology adheres to the demand of the modern world which supposedly will be the reason for the high virtual commissioning market share.
"Increasing demand for High-Quality Products to Boost Virtual Commissioning Adoption"
Most of the industrial and manufacturing activity today is still in a non-synchronized way and the production process is slower due to traditional commissioning. It has to go through frequent changes and debugging software errors. The whole process is time-consuming and difficult to keep up with the fast-paced modern market. Virtual commissioning and digital twins cut down this problem and increase the effectiveness of the workplace. The industry effort to meet the rise in consumer expectations and deliver quality products will boost the growth of the virtual commissioning market share.
RESTRAINING FACTORS
"Lack of Implementation to Hamper the Product Demand "
Virtual commissioning is a relatively new technology being adopted by manufacturing firms. However, there is a marketing gap as most manufacturing firms are not aware of this cut- edge technology. The industry workers lack the proper knowledge to use virtual commissioning and few companies specialize in the development and implementation of this tech. Even though it can bring a transformation in production but owing to bad implementation will prove to be a restraining factor for the market growth.
Virtual Commissioning Market REGIONAL INSIGHTS
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"European Region Dominates the Market Share due to Presence of Key Players "
Europe will dominate the market share in the forthcoming years, led by the presence of major industry players in the region. The strong automotive industry, good economy, and presence of some of the world’s largest automakers have resulted in the virtual commissioning market growth in this region. Growing use of the technology in the auto industry to design advanced vehicle systems such as autonomous cars, electric vehicles, and others will create new growth opportunities in the region.
North America is projected to hold the second-largest market share through 2028. Rapid industrial development and revamping of industrial process coupled with population urban rise are contributing to the market development. The incorporation of high innovative tech, capital flow and key industry players resulted in the growth in the North American region.
"Market Players Focus on New Product Launches to Strengthen Market Position"
Market players are adopting various growth and expansion strategies to boost their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.
List of Market Players Profiled
- Siemens (Germany)
- Rockwell Automation (U.S.)
- Dassault Systemes (France)
- ABB (Switzerland)
- KUKA (Germany)
- Maplesoft (Canada)
- CENIT (Germany)
- HEITEC AG(Germany)
- Machineering GmbH (Germany)
- Xcelgo (Denmark)
REPORT COVERAGE
This report covers the analysis of the virtual commissioning market providing a detailed analysis of the market considering all the existing key players in the market that would play a crucial role in the forecasting period. It also offers a report based on segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. The report covers an overview of the latest driving factor in the industry, dominant region, innovation
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 540.1 Million in 2021 |
Market Size Value By |
US$ 2410.49 Million by 2031 |
Growth Rate |
CAGR of 16% from 2021 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the global virtual commissioning market expected to touch by 2031?
The global virtual commissioning market is expected to reach USD 2410.49 million by 2031.
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What CAGR is the virtual commissioning market expected to exhibit by 2031?
The virtual commissioning market is expected to exhibit a CAGR of 16.0% by 2031.
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Which are the driving factors of the virtual commissioning market?
The high demand for quality products and the rise in and the growth of the automotive industry are the driving factors of the virtual commissioning market.
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Which are the top companies operating in the virtual commissioning market?
Siemens, Rockwell Automation, Dassault Systemes, ABB, KUKA, Maplesoft, CENIT, HEITEC AG, Machineering GmbH, Xcelgo are the key companies operating in the market.