How Has The Digital Shipyard Market Size Evolved Historically?
The digital shipyard market has seen considerable growth due to a variety of factors.
• In recent times, the market size of digital shipyard has seen a significant escalation. It is projected to increase from $1.42 billion in 2024 to $1.69 billion in 2025, indicating a compound annual growth rate (CAGR) of 18.9%. Factors contributing to the increase in the historic period encompass efficiency and cost reduction in shipbuilding, international expansion of the shipbuilding industry, regulatory compliance and documentation administration, heightened intricacy in ship design and construction, and a rising demand for real-time data and information.
What Is The Projected Growth Of The Digital Shipyard Market?
The Digital Shipyard market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the digital shipyard market is predicted to experience skyrocketing growth, expanding to a size of $3.59 billion in 2029, with a compound annual growth rate (CAGR) of 20.8%.
The expected growth during the forecast period can be linked to the integration of IoT and connectivity solutions, a focus on environmental sustainability, collaboration and supply chain synchronization, an increase in requirements for ship servicing and upkeep, as well as digital twin technology and simulation. The rising major trends during the forecast timeline include the use of artificial intelligence (AI) in predictive analytics, cloud-based cooperation platforms, cybersecurity protocols for digital assets, robotic process automation (RPA) for mundane tasks, and sustainable, ecologically responsible design methodologies.
What Are The Key Drivers Fueling Growth In The Digital Shipyard Market?
The surge in maritime trade is anticipated to stimulate the expansion of the digital shipyard market. Maritime trade, or the conveyance of commodities via navigable water routes and ports, is made more efficient by digital shipyards. These digital platforms modernize shipbuilding procedures, increase efficiency, and permit the creation of smarter, greener vessels. For example, a report released by the United Nations Conference on Trade and Development, a Swiss-based intergovernmental body, in June 2023 projected a 2.4% growth in maritime trade for that year. Furthermore, between 2024 and 2028, it is predicted to grow steadily at a rate of more than 2% per annum. Thus, the escalating maritime trade is pushing the digital shipyard market's progress forward.
What Are The Principal Market Segments In The Global Digital Shipyard Industry?
The digital shipyard market covered in this report is segmented –
1) By Shipyard Type: Commercial, Military
2) By Technology: AR Or VR, Digital Twin And Simulation, Addictive Manufacturing, Artificial Intelligence And Big Data Analytics, Robotic Process Automation, Industrial Internet Of Things (IIoT), Cybersecurity, Block Chain, Cloud And Master Data Management
3) By Process: Research And Development, Design And Engineering, Manufacturing And Planning, Maintenance And Support
4) By Capacity: Large Shipyard, Medium Shipyard, Small Shipyard
5) By End-Use: Implementation, Upgrades And Services
Subsegments:
1) By Commercial: Container Shipyards, Bulk Carrier Shipyards, Offshore Support Vessel Shipyards, Cruise Shipyards
2) By Military: Naval Shipyards, Submarine Shipyards, Auxiliary Vessel Shipyards
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Which Emerging Market Trends Are Altering The Digital Shipyard Industry?
Technological progress is an emerging trend in the digital shipyard market, with key players in the sector employing new tech to retain market position. For example, in March 2022, Seaspan ULC, a marine services provider from the US, introduced their latest HoloShip facility. This cutting-edge visualization system provides Seaspan and the broader Canadian marine industry with a virtual reality platform for developing, testing, and demonstrating new digital twin capabilities, revolutionizing ship creation, formation, and maintenance processes. It enables various stakeholders including designers, engineers, production teams, and customers to realistically interact with a precise, fully detailed 3D digital model of the ship via a 5.6-meter-wide display panel. Users can explore the ship using 3D and VR headsets, interacting with the surroundings and various pieces of equipment, systems, and subsystems. Remote access to the HoloShip is also possible, allowing participants to connect via a network device.
Who Are the Key Players In The Digital Shipyard Market?
Major companies operating in the digital shipyard market include:
• 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 AG
• Navantia S.A.
• Pemamek Oy
• Siemens Energy AG
• AVEVA Group plc
• 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.
What Are The Regional Insights Into The Digital Shipyard Market?
Asia-Pacific was the largest region in the digital shipyard market in 2024. Asia-Pacific is expected to be the fastest-growing region in the digital shipyard market report during the forecast period. The regions covered in the digital shipyard market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
