Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Digital Shipyard Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The digital transformation of shipbuilding and maintenance has now reached an unprecedented pace, with the digital shipyard market demonstrating robust growth across Asia-Pacific and other regions worldwide. A new research publication focusing on the thriving digital shipyard market dives deep into the various innovations, strategies, and technologies propelling this sector forward.
Exponential Market Growth Predicted Through 2028
Current analyses show that the digital shipyard market's value, pegged at $1.21 billion in 2023, is poised to surge to $1.45 billion in 2024, indicating a CAGR of 20.1%. The comprehensive report indicates that the upward trajectory is set to continue, forecasting the market to almost double to $2.96 billion by 2028, with a consistent CAGR of 19.6%.
This growth is chiefly attributed to the ongoing integration with cutting-edge solutions like IoT connectivity, a focus on environmental sustainability in maritime practices, and a rise in the demand for maintenance services in the maritime industry.
Industry Leaders Capitalizing on Technological Advances
Several industry giants are strategically harnessing technology to bolster their market standing. Innovations such as virtual reality, artificial intelligence, and digital twins are being deployed to push the boundaries of ship design, construction, and maintenance, providing a competitive edge to proactive companies in this field.
Global Developments Supporting Market Enhancement
- The increased volume of global shipments, as reported by the United Nations Conference on Trade and Development, is ushering in new opportunities for the digital shipyard market.
- The rise of global tourism, notably in sea travel, is demanding more efficient systems for ship construction and upkeep, driving market growth.
- Emerging trends like AI for predictive analytics, cloud-based platforms for collaboration, and cyber-security initiatives add to the robustness and complexity of the market landscape.
Technologies Fueling Digital Transformation in Maritime Sector
Digital shipyards have become the epicenter of innovation in the maritime sector, employing technologies such as AR/VR, additive manufacturing, AI, big data analytics, and IIoT. These advancements are optimizing a wide array of processes, from research and development to manufacturing and fleet maintenance, ensuring a dynamic and future-ready industry.
Geographic and Sector Insights
The Asia-Pacific region, having held the lion's share of the digital shipyard market in 2023, is predicted to maintain its lead with the quickest growth in the forecast period. The extensive report covers multiple sectors, including commercial and military shipyard operations, detailing their expansion, technological adoption, and evolving needs.
A selection of companies mentioned in this report includes
- Altair Engineering Inc.
- BAE Systems plc
- Dassault Systèmes SE
- IFS WORLD OPERATIONS AB
- Accenture plc
- Aras Corporation
- Bureau Veritas SA
- Cadmatic Oy
- Damen Shipyards Group
- Hexagon AB
- iBASEt LLC
- Inmarsat Global Limited
- Kranendonk Production Systems BV
- KUKA Aktiengesellschaft
- Navantia S.A.
- Pemamek Oy
- Siemens Energy AG
- AVEVA Group plc
- Kreyon Systems Pvt. Ltd.
- PROSTEP AG
- Wärtsilä Oyj Abp
- ABB Ltd.
- Honeywell International Inc.
- Emerson Electric Co.
- Schneider Electric SE
- Rockwell Automation Inc.
- General Electric Company
- IBM Corporation
- Oracle Corporation
- Microsoft Corporation
- Google LLC
- Amazon Web Services Inc.
- Cisco Systems Inc.
For more information about this report visit https://www.researchandmarkets.com/r/gl3lu0
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