Portland, OR, Aug. 23, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global digital shipyard market generated $0.84 billion in 2021, and is projected to reach $5.09 billion by 2031, growing at a CAGR of 19.6% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Digital Shipyard Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $0.84 billion |
| Market Size in 2031 | $5.09 billion |
| CAGR | 19.6% |
| No. of Pages in Report | 372 |
| Segments Covered | Type, Technology, Capacity, Digitalization level, and Region. |
| Drivers | Significant surge in demand for cargo ships |
| Rise in environmental concerns to lower carbon footprint | |
| Opportunities | Increase in implementation of digital twin technology |
| Improvement in logistics services | |
| Restrains | High cost of digitalization |
| Complexity associated with the system |
COVID-19 Scenario:
- The outbreak of COVID-19 had had a negative impact on the growth of the global digital shipyard market, owing to the occurrence of lockdowns in various countries across the globe.
- Lockdowns resulted in the closure of various manufacturing facilities, and various projects of shipyards. All sorts of digitalization projects in shipyard were temporarily held back due to the less availability of workforce during the pandemic.
- This was majorly due to the stringent social distancing restrictions imposed by the government to significantly curb the spread of the virus during the pandemic.
- In addition, naval ship-building projects such as submarines and destroyers were prone to delays in the procurement of state-of-art equipment & components essential.
- Furthermore, there was a reduced demand for maritime transport and trade as new ship orders were canceled to counter and further limit the expenses due to the global economy and finances.
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The report offers a detailed segmentation of the global digital shipyard market based on type, technology, capacity, digitalization level, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Based on type, the commercial shipyards segment held the largest market share in 2021, garnering around two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 20.4% during the forecast period. The report also analyses other segments such as the military.
Based on technology, the robotic automation segment held the dominating market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The report also analyses other segments of the market such as artificial intelligence & big data analytics, AR & VR, and others.
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Based on capacity, the medium shipyards segment held the dominating market share in 2021, garnering nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The large shipyards segment, on the other hand, is expected to cite the fastest CAGR of 22.3% during the forecast period.
Based on region, the market across the Asia-Pacific region held the dominating market share in 2021, holding around two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 25.8% during the forecast period.
The key players analyzed in the global digital shipyard market report include Accenture, Altair Engineering Inc., Aras., AVEVA Group Plc, BAE Systems Plc, Damen Shipyards Group, Dassault Systems, Hexagon AB, iBASEt, Inmarsat Global Limited, Kranendonk Production Systems BV, Kreyon Systems Pvt. Ltd., Pemamek OY, PROSTEP AG, SAP SE, Siemens, and Wartsila.
The report analyzes these key players in the global digital shipyard market. These market players have made remarkable use of effective strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. These market players also tend to strengthen their competitive edge in the market. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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