The opportunity of harnessing Digital twins Technology in the Construction Industry
The construction industry is estimated to be worth $8 Trillion worldwide, or 10% of global GDP, and is one of the largest sectors globally. Additionally, it is a key source of demand for materials and resources, which creates significant environmental strain and reliance.
$8 Trillion
Buildings currently use about 40% of global energy demand
From a sustainability perspective, commercial and residential buildings currently use about 40% of global energy demand (60% of the world’s electricity), account for 25% of our global water usage, and are responsible for approximately a third of global GHG emissions.
Despite these challenges, the spatial concentration of people and economic activities has potential upsides, as it facilitates the at-scale deployment of solutions. For example, urban buildings offer significant potential for achieving substantial GHG emission reductions globally.
Energy consumption in buildings can be reduced by 30 - 80% using proven and commercially available Digital twin technologies, often within the broader framework of smart cities.
