By creating a virtual model of a physical asset, process or system that allows for real-time simulation and analysis of its behaviour, the technology enables organisations to drive strategic and operational decisions, optimise operations, increase efficiency, reduce costs, and improve safety.
bp, Chevron, Equinor and Shell are just a few of the increasing number of major energy companies unlocking value by combining digital twins with advancing technologies such as artificial intelligence (AI) and machine learning (ML), internet of things, manufacturing execution systems, blockchain, augmented and virtual reality (AR/VR), and data analytics.
By leveraging digital twin technology, these companies are already benefitting from the following:
Realising value from evolving digital twin technology in the Industrial metaverse, companies are beginning to unlock more use cases and layer on additional technologies to expand capabilities into the enterprise metaverse.
Shell is just one company creating a modern connected ecosystem to enhance collaboration across the entire business enterprise, from drilling and production to finance and procurement. By providing a shared platform for data and insights, digital twins are helping Shell to break down silos and improve decision-making for its 140K users across 70 countries.
Companies are using digital twins to optimise supply chains, improve product design, and enhance customer experience. The technology is enabling businesses to streamline operations and deliver better value to customers.
As the oil and gas industry continues to evolve, the adoption of digital twin technology is expected to accelerate. But it is the development of AI/ML, high-performance computing, AR/VR, and other emerging technologies that will ultimately shape and drive the growth of digital twins by improving their accuracy, capabilities, and potential use cases.
Speaking at the recently held Future Digital Twin 2023, Kongsberg Digital CEO Shane McArdle said: "More and more digital twins are being adopted at scale. We see digital twins moving from a nice-to-have to a business-critical capability and technology. It's proven its value, and it's here to stay. There's only more to come!"