Pune India, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The digital shipyard market size was USD 963.6 million in 2020. The market is projected to grow from USD 1,129.6 million in 2021 to USD 3,444.5 million in 2028 at a CAGR of 17.27% in the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report, titled, “Digital Shipyard Market, 2021-2028.” As per our analysts, the growing demand for modernization in shipbuilding is anticipated to bolster the growth of the digital shipyard market.
The digital shipyard market has seen significant growth in recent years as a result of the increasing adoption of digital technologies in the shipbuilding industry. Digital shipyards use advanced technologies such as digital twins, artificial intelligence, robotics, and automation to optimize production processes and improve the efficiency of shipbuilding operations. The benefits of digital shipyards include reduced production time and costs, improved quality and safety, and increased flexibility and customization.
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The market is expected to continue growing in the coming years, driven by the increasing demand for more efficient and cost-effective shipbuilding solutions, as well as the continued development of advanced digital technologies. Additionally, the growing focus on sustainability in the shipping industry is also expected to drive the adoption of digital shipyards, as these technologies can help reduce the environmental impact of shipbuilding operations.
List of Key Players Covered in the Report
- IFS AB (Sweden)
- Pemamek Oy (Finland)
- Dassault Systemes (France)
- BAE Systems (U.K.)
- Altair Engineering, Inc. (U.S.)
- AVEVA Group Plc (U.K.)
- Wartsila (Finland)
- KUKA AG (Germany)
- Damen Shipyards Group (Netherlands)
- Prostep AG (Germany)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 17.27% |
| 2028 Value Projection | USD 3,444.5 Million |
| Base Year | 2020 |
| Digital Shipyard Market Size in 2020 | USD 963.6 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 200 |
| Segments Covered | By Shipyard Type Analysis, By Technology Platform Analysis, By Digitalization Level Analysis |
| Digital Shipyard Market Growth Drivers | Augmented Utilization of Industrial Internet of Things (IIoT) in Shipbuilding Industry to Spur Growth |
Report Coverage
The report presents insightful visions gained by methodical study done by our researchers. A wide-ranging research was directed to deliver the assessed size of the digital shipyard market. The data utilized to project the shares for multiple segments at the country, regional, and global levels are attained from methodical interviews with various stakeholders. Furthermore, we have attained admittance to numerous global and regional paid databases to deliver accurate information to make business investment choices effortless for you.
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Driving Factors
Augmented Utilization of Industrial Internet of Things (IIoT) in Shipbuilding Industry to Spur Growth
The digital shipyard utilizes the IIoT to refine its decision-making competencies for manufacturing courses by amalgamating the communication proficiencies of the IoT with machine learning and big data. Furthermore, the increasing usage of IIoT in the shipbuilding industry to amplify production, decline downtime, and augment operational effectiveness, is projected to fuel the digital shipyard market growth.
Segmentation
On the basis of shipyard type, the market is segregated into commercial and military.
In terms of technology platform, the market is categorized into robotic process automation, additive manufacturing, artificial intelligence and big data analytics, digital twin, blockchain, industrial Internet of Things (IIOT), and others. The robotic process automation segment is predicted to lead the market in 2020 owing to the surging demand for automation of numerous ship manufacturing methods such as welding, cutting, painting, and others.
In regards of digitalization Level, the market is classified into semi digital shipyard and fully-digital shipyard.
The global market is branched into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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Regional Insights
Asia Pacific Held Maximum Shares Stoked by
Asia Pacific is estimated to hold the highest digital shipyard market share with size of USD 323.3 million in 2020 and is anticipated to grow at a higher compound annual growth rate through the projection period.
The digital shipyard market in Europe will expand rapidly led by the increasing investments by European shipbuilders towards the adoption of automated robotic technology in shipbuilding.
North America segment is expected to increase owing to the growing research and development activities by the prime players such as Altair Engineering Inc. and others for digitalization of shipyards. 3
Competitive Landscape
Groundbreaking Product Launch Declarations by Prime Players to Bolster Market Growth
The fundamental players implement numerous tactics to spur their position in the market as leading companies. One such prime strategy is procuring companies to foster the brand value among users. Another effective tactic is intermittently launching groundbreaking products with a methodical study of the market and its target audience.
Industry Development
June 2021: Drydocks World unveiled a project of digital transformation to augment effective yield. The company declared to use IFS Cloud for asset management and resource planning, refining its systems and arranging the foundation for a digital shipyard transition.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Digital Shipyard Market
- Impact of COVID-19 Pandemic on the Global Digital Shipyard Market
- Steps Taken by the Industry/Companies/Government to Overcome the Impact
- Key Development in the Industry in Response to COVID-19 Impact
TOC Continued…!
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