The adoption of digital twins can reduce real estate operating costs by up to 35%, drive down carbon emissions, deliver a healthier workplace, and enhance user experiences, says a new white paper by EY.
In the age of the fourth industrial revolution, technological innovation and automation have evolved from a mere “would be nice to have” to essential mainstays for industries. At the forefront of this, says EY, are digital twins.
According to the report, first movers in healthcare, energy, and transportation are driving inception and creating awareness. From a global market size of US$3.1 billion in 2020, the digital twin market is projected to reach US$48.2 billion by 2026.
The digital twin concept has been mired in fear of the unknown, so C-suites who brush over this emerging technology can’t quite be faulted for it. Hesitation in investing large amounts of funds is a valid and understandable concern.
However, there is a case to be made for the construction and real estate industries when it comes to the use of digital twins.
Time to stop “business as usual”
The EY paper posits that repeated market disruptions are now forcing the hands of business decision-makers to think out of the box to address challenges faster and more efficiently, especially given how economies are still reeling from the aftermath of the Covid-19 pandemic.
As if that’s not enough, climate change hovers menacingly behind every living being’s shadow, threatening increased global catastrophes if companies and industries continue in their carbon-emitting activities like it’s business as usual.
Trillion-dollar companies such as Blackrock have already incorporated sustainability and climate change as a factor of investment risk. It is no longer a mere consideration, but a critical necessity for businesses and industry leaders to commit to greater efforts to neutralize or mitigate their carbon footprint.
What are digital twins anyway?
Technology like digital twins offers a tangible approach to digitizing process-driven operations while at the same time building the foundation to address long-term global challenges. This is especially relevant to the slowly digitalizing construction and built environment industries.
The Digital Twin Consortium defines a digital twin as “a virtual representation of real-world entities and processes, synchronized at a specified frequency and fidelity”.
This technology uses design, construction, geospatial, and operational data to represent the asset and its connected systems. To collect and process asset data, the digital twin utilizes IoT-enabled sensors that feed into machine learning (ML) models. These models analyze and learn from previous performances as part of an internet of abilities (IoA) strategy.
IoA is hailed as the next evolution of IoT, where human augmentation and digital intelligence continuously develop and control an IoT network platform.
It introduces a fundamental shift from human-computer interaction to human-computer integration, and the functionalities are mutually connected through various IoT networks within the virtual twin.
Why digital twins for the built environment, though?
Digital twin technology consumes volumes of data-rich information to support intelligent decision-making within real estate operations more quickly, accurately, and efficiently compared to humans. The EY paper posits that digital twins have four significant value propositions within the built environment, namely:
- Building maintenance and operations
- Environmental impact and sustainability
- Health and wellness
- People improvement and real estate interface
Within the built environment, digital twins utilize spatial data to provide the core framework, equipment, and engineering data to understand the systems within, and IoT with sensors to capture real-time data.
This enables the physical building to adapt to human needs, instead of the human conforming to the building’s limitations. Aggregated data goes towards conducting simulations using physics-based modeling to run “what-if” scenarios to optimize performance.
Digital data is then able to deliver actionable insights geared toward efficiency while reducing wasted resources. A dynamic digital replica of the asset or a virtual copy of the building can be created by collating historical and live data feeds.
By EY’s calculations, adopting a digital twin approach can doesn’t only reduce real estate operating costs by up to 35%, which is surely an attractive proposition for construction companies. It also can help with decreasing carbon emissions, on top of promoting a healthier workplace and enhancing the user experience.
As digital twin technology is able to address industry challenges and result in cost savings, the case is strong for players in the built environment including construction and real estate to get ahead and adopt digital twin technology sooner, rather than later.
source: techwireasia