Selbyville, Delaware, March 06, 2024 (GLOBE NEWSWIRE) --
The digital shipyard market valuation is estimated to cross USD 6.8 billion in revenue by 2032, as reported in a research study by Global Market Insights Inc.
The increasing number of shipyard agreements aimed at enhancing performance will drive the industry growth. With more shipyards recognizing the need for efficiency and productivity, they are turning to digital solutions to streamline operations. These agreements signify a shift towards technology-driven processes to optimize workflows, reduce costs, and improve the overall performance. For instance, in February 2024, Baku Shipyard (BSY Engineering) located in Azerbaijan forged a partnership with SSI to integrate its ShipConstructor design and modeling solution. Furthermore, the higher adoption of digital technologies in shipbuilding will provide shipyards with a competitive edge, further adding to the digital shipyard market growth.
Digital shipyard industry from the digital twin technology segment may exhibit a decent growth rate over 2023-2032. Digital twins are virtual replicas of physical assets enabling shipyards to simulate and analyze various scenarios throughout a vessel's lifecycle. By providing real-time insights into performance, maintenance needs, and operational efficiency, digital twins empower shipyards to make data-driven decisions, optimize processes, and enhance the vessel performance. This increasing reliance on digital twin technology is also underscoring its pivotal role for driving innovations within the shipbuilding industry.
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The military shipyards type segment in the digital shipyard market will register a noteworthy CAGR from 2023 to 2032. With defense agencies emphasizing modernization and efficiency, digital solutions are becoming indispensable. Military shipyards are increasingly turning to digital technologies to enhance their capabilities, improve operational efficiency, and ensure readiness. From advanced design and modeling tools to integrated data management systems, digital solutions enable military shipyards to streamline processes, reduce costs, and accelerate project timelines. This growing demand will further drive the critical role of digitalization in strengthening national defense capabilities.
North America digital shipyard industry will register over 13.5% CAGR between 2023 and 2032. As one of the leading regions in shipbuilding innovation, North American shipyards are increasingly adopting digital technologies to stay competitive. With the strong focus on enhancing efficiency, reducing costs, and meeting stringent regulatory standards, there is a growing need for digital solutions like advanced design software, data analytics platforms, and integrated workflow systems. The rising commitment to driving innovations and excellence in the maritime sector will also influence the regional market growth.
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Some of the leading digital shipyard market companies are Hexagon AB, BAE Systems, Altair Engineering Inc., Siemens, SAP, Aras, Wartsila, Dassault Systèmes, iBase-t, SSI, Aveva Group plc. These market players are relentlessly investing in R&D activities as well as forging partnerships to innovate new technologies, expand their product portfolios, and enhance the existing solutions. For instance, in June 2022, South Korea's Hyundai Shipbuilding group, in collaboration with Siemens, aimed to create a tailored CAD software for ship design, utilizing NX CAD to expedite digital transformation in shipyards.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Digital shipyard market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 - 2032
2.3 Regional trends
2.4 Technology trends
2.5 Type trends
2.6 Process trends
2.7 Capacity trends
2.8 Digitalization level trends
2.9 End-use trends
Chapter 3 Digital Shipyard Market Insights
3.1 Impact of COVID-19
3.2 Industry ecosystem analysis
3.3 Vendor matrix
3.4 Profit margin analysis
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Key news and initiatives
3.7.1 Partnership/Collaboration
3.7.2 Merger/Acquisition
3.7.3 Investment
3.7.4 Product launch & innovation
3.8 Regulatory landscape
3.9 Impact forces
3.9.1 Growth drivers
3.9.1.1 Need to improve overall operational efficiency through the integration of digital technologies such as virtual twins
3.9.1.2 Digital shipyards offer opportunities to optimize costs using predictive maintenance
3.9.1.3 Implementation of digital solutions contributes to enhanced safety measures in shipyards
3.9.1.4 Adoption of digital technologies supports environmentally friendly practices in shipbuilding and operation
3.9.2 Industry pitfalls & challenges
3.9.2.1 Integration challenges
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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