New York, US, March 01, 2023 (GLOBE NEWSWIRE) -- Digital Shipyard Market Scope:
Market Research Future (MRFR) 's report highlights Digital Shipyard Market Research Report: Information by Process, Shipyard Type, Capacity, Digitalization Level, Technology – Forecast by 2030 Digital Shipyard Market is projected to reach USD 476.8 Billion by 2030 and register a CAGR of 20.2%.
Ships are constructed and maintained in shipyards, sometimes known as dockyards. Currently, shipbuilding industries have been concentrating on automation for the past few years. The automation method reduces the amount of time needed for ship construction. Various businesses are now implementing digitization in the shipbuilding industry.
The phrase "digital shipyard" refers to the use of Industry 4.0 capabilities in the design, construction, and maintenance of our ships and submarines as well as the use of this technology to monitor and maintain the related infrastructure. It makes use of sensors and monitoring systems installed by Cyber-Physical Systems (CPS), which may provide massive amounts of data to an IoT device and improve the ability to foresee and schedule future repairs. To minimize operational downtime, this acquired data can be shared with other IoT devices used in an industrial setting, generally known as the Industrial IoT or IIoT.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | 476.8 Billion |
| CAGR | 20.2%. (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Process, Shipyard Type, Capacity, Digitalization Level, Technology |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America |
| Key Market Drivers | The rise in adoption of the digital twin in the shipbuilding industry |
Competitive Dynamics:
The key players of the market are:
- Siemens (Germany)
- Dassault Systèmes (France)
- AVEVA Group plc (UK)
- Accenture (Ireland)
- SAP SE (Germany)
- BAE Systems (UK)
- HexagonAB (Sweden)
- Altair Engineering, Inc. (US)
- Wärtsilä (Finland)
- IBM Corporation
- Inmarsat Plc (UK)
- IFS AB (Sweden)
- Pemamek Ltd (Finland)
- Aras Corporation (US)
- Kreyon Systems Pvt. Ltd (India)
- KUKA AG (Germany)
- iBASEt (US)
- PROSTEP (Germany)
- KRANENDONK Smart robotics (Netherlands)
- Damen Shipyards Group (Netherlands)
- Navantia (Spain)
Market USP:
Market Drivers
Due to factors including growing international seaborne trade, the Global Digital Shipyard Market is anticipated to experience considerable growth during the forecast period. Additionally, the industry is anticipated to rise as navies throughout the world purchase increasingly sophisticated warships. Additionally, growing investments by shipyard firms in the digital shipyard market are anticipated to fuel market expansion.
The rise in environmental concerns worldwide to reduce the carbon footprint produced by the shipping industry, the rise in adoption of digital twin technology, and the increase in demand for cargo ships as a result of increased maritime trade all contribute to the growth of the digital shipyard market. However, it is anticipated that the high cost of digitization, the high cost of training, the complexity of the systems, and other problems will restrain the development of the digital shipyard sector. The industrial internet of things (IIoT) and increased robot technology use in the shipbuilding industry are also anticipated to offer a wealth of chances for the major players in the digital shipyard market.
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Market Restraints
The market's expansion could be hampered by problems with rising cyber threat vulnerability and expensive acquisition costs for digital shipyard software solutions.
COVID-19 Analysis:
Uncertainty is being caused by the COVID-19 situation in the market. The whole lockdown and temporary shutdown of industries have already been proclaimed by governments in several places, which has a negative impact on overall production and sales. Countries all throughout the world have implemented tight limitations that might last for days or even months. Many businesses have ceased operations as a result of the epidemic and are waiting for better market circumstances. In contrast to other sectors, the COVID-19 disease has also had an impact on the maritime sector. In response to the COVID-19 outbreak, the government implemented lockdown, which required shipyards to cease all shipbuilding operations.
Due to the travel restrictions put in place by the governments to contain the COVID-19 spread, shipyards' digitalization initiatives are placed on hold for lack of labor. Due to the worldwide financial crisis that is the COVID-19 scenario, countries are also experiencing delays in the procurement of cutting-edge technology and components necessary for manufacturing navy ships like submarines and destroyers. Consequently, the orders for new ships have been canceled due to a decline in the need for sea transportation and trade. The most lucrative area of shipbuilding in European nations is cruise ships.
However, the production and travel of cruise ships were tied and moored because of the decline in sea passenger travel during the COVID-19 pandemic. To optimize their fleets and maintain their businesses, shipping companies have been encouraged by the epidemic to implement digital technologies and remote working. While the need has increased in reaction to the manpower scarcity brought on by the pandemic, this move is anticipated to be a digitalization catalyst, increasing the potential for highly automated technologies in the shipbuilding industry.
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Market Segmentation:
By Process Research & Development: In 2019, the market was controlled by the category. The market for digital shipyards is likely to have increased R&D activity, which will fuel the segment's expansion.
By Capacity
Because small shipyards have more modernization plans than larger shipyards, the small shipyards segment is anticipated to grow at the greatest CAGR throughout the forecast period.
By Digitalization Level
Because more cutting-edge ships are being purchased by navies in nations like China, India, and the US, the fully digital shipyard category, which dominated the market in 2019, is anticipated to experience the greatest CAGR over the forecast period.
Using technology
Due to the growing use of AR & VR devices for various shipbuilding operations, the category is anticipated to develop at a high rate over the forecast period.
Regional Analysis:
A substantial portion of the worldwide market belonged to North America, which was expected to experience rapid expansion in the years to come. Automation and digitalization are major industries in the US. It has the required infrastructure and financial support. The market in North America is soon anticipated to strengthen as a result of this. A variety of capabilities relevant to the digital transformation of shipyards are being developed and modernized by North American nations, creating a substantial potential for system integrators and maritime technology vendors. An increase in demand for modern, intricate, and technologically advanced marine vessels from military shipyards is one of the factors boosting the market's growth.
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The presence of important solution providers in the region will also support the growth of the digital shipyard. The region has led the way in integrating cutting-edge technology for various levels of digitalization and performing cutting-edge digital shipyard renovations. In terms of automation and digitalization, the United States is a significant nation. It has the infrastructure and financial support needed. This will probably benefit the market in North America in the near future.
Over the projection period, the global market in the Asia Pacific region is anticipated to grow at the fastest rate. During a period of rapid economic growth, maritime trade has grown in the area. During the projection period, demand for process improvements, quick delivery, lower costs, strict regulations, etc., is projected to increase, driving the growth of the global market in developing countries like China and India. The governments of these countries are also modernizing and encouraging the expansion of shipyards.
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