The benefits of virtual twins are numerous. From increasing speed-to-market to minimizing the risk associated with complex innovations and projects, these technologies can help companies across industries reduce costs and improve operations.
Virtual twins help by allowing users to design, test and model disruptive new sustainable products and processes in record time, all virtually, significantly decreasing time to market and risk. Because of this, they have already been used in the development of 85 percent of the world’s electric vehicles and have powered breakthrough sustainability pilots such as electric furnaces, the world’s first solar airplane and new biomaterials.
But most importantly perhaps, virtual twins also significantly support the transition to a more circular economy—where parts and products are designed in a way which makes for easy reuse and repurposing and eliminates waste from the lifecycle. This can help us achieve the United Nations’ Sustainable Development Goals in the Decade to Deliver—an ever critical step to addressing the climate crisis.
Our research findings indicate that if industries, governments, and societies were to implement virtual twins, we could unlock additional benefits of USD $1.3 trillion of economic value and 7.5 Gt CO2e CO2e emissions reductions between now and 2030.