USD 1.09 billion
Report ID: SQSG20Y2002 | Region: Global | Published Date: April, 2023 | Pages: 242 | Tables: 120 | Figures: 77
Digital Shipyard Market size was valued at USD 1.09 billion in 2021 and is poised to grow from USD 1.3 billion in 2022 to USD 5.5 billion by 2030, growing at a CAGR of 19.1% in the forecast period (2023-2030).
The increase in process automation is contributing significantly to the growth of the worldwide digital shipyard industry. Technology is used in digital shipyards to automate and digitalize shipyard operations. For efficient operation, ship builders rely on digital technologies. Enterprise resource planning (ERP), manufacturing execution systems (MES), computer-aided design (CAD), and product lifecycle management (PLM) are among the software and technological services offered by Digital Shipyard. Moreover, by coordinating the information across the entire supply chain, digital shipyards provide affordable & efficient solutions for design & construction. Additionally, shipyard automation and digitalization allow for real-time team cooperation on shipbuilding projects, which is projected to propel the growth of the global digital shipyard market.
US Digital Shipyard Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.09 billion
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The Global Digital Shipyard Market is segmented based on shipyard type, technology, digitalization level, capacity and region. Based on the Shipyard Type, it is categorized into Commercial Shipyard, and Military Shipyard. Based on the Technology, it is categorized into Cloud Computing, Block Chain, Artificial Intelligence, Big Data Analytics, Augmented & Virtual Reality, Robotic Process Automation, and Additive Manufacturing. Based on the Digitalization Level, Digital Shipyard Market is categorized into Partially Digital, Semi Digital and Fully Digital. Based on the Capacity, it is categorized into Small Shipyard, Medium Shipyard and Large Shipyard. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Digital Shipyard Market Analysis by Shipyard Type
On the basis of shipyard type, the commercial segment is currently dominating the global digital shipyard market, and it is expected to increase at the highest rate over the forecast period . The expansion of international seaborne trade is responsible for the growth of this segment. According to the United Nations Conference on Traffic and Development (UNCTAD), almost 80% of world trade occurs by sea. As a result, there is a growing need to digitally transform shipyards in order to speed up the production.
On the other hand, due to increased government spending on the creation and adoption of digital twin in defense technologies, the military segment is also projected to expand significantly during the forecast period.
Digital Shipyard Market Analysis by Technology
On the basis of technology, the market for robotic process automation in digital shipbuilding is driven by the development in demand for advanced and time-saving solutions. Robot process automation is the use of software robots or AI personnel to automate different business processes. The use of technology allows businesses to control computer software or robots to automate a variety of commercial activities. They are made to execute repetitive jobs, deliver direct profitability, and interact with other business systems in a manner similar to how people do.
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Based on the region, Asia Pacific is anticipated to have the biggest market share and grow at a higher compound annual growth rate, during the forecast period. The region's prominence in the digital shipbuilding industry is attributable to significant shipbuilders such as Daewoo Shipbuilding, Marine Engineering, and China Shipbuilding Industry Corporation, among others.
A published report claims that China, South Korea, and Japan produce 90% of all cargo ships in the world. As a result, the presence of shipbuilding businesses in the area promotes the digitalization of shipyards.
As European shipbuilders boost their expenditures in automated robotic technology for industrial processes, the market in Europe is also anticipated to grow dramatically.
North America is another region that is predicted to grow significantly, due to increased research and development efforts for the digitalization of shipyards by important businesses like Altair Engineering Inc. and others, over the forecast period.
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Digital Shipyard Market Drivers
For instance, the Geoje Shipyard of Samsung Heavy Industries Co. Ltd. created a number of robot systems, including inspection robots, wall-climbing robots, spider automatic welding robots, and robots that clean pipes. Since these robots were installed, the Geoje Shipyard has experienced a 68 percent production automation rate.
Digital Shipyard Market Restraints
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The market players are focusing on automating the manufacturing process. Several businesses are making efforts to incorporate digitization in the shipbuilding industry. Investments in modernizing capacities have increased in order to boost productivity and cut costs. The development of a new SAP cloud utility solution, which will help shipbuilding companies manage customer experiences and business operations effectively, is being done in partnership with players like SAP and Accenture. Market participants are investing in research and development to create cutting-edge robotic technology based on AI, IoT, and augmented reality (AR).
Digital Shipyard Market Top Players Company Profiles
Digital Shipyard Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the global digital shipyard market is currently led by countries in the Asia Pacific region, due to the presence of significant shipbuilders in the region, such as Daewoo Shipbuilding, Marine Engineering among others. Along with this, the commercial shipyard segment is currently dominating the global digital shipyard market and it is predicted to continue its dominance due to expansion of international seaborne trade.
|Market size value in 2021||USD 1.09 billion|
|Market size value in 2030||USD 1.3 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Digital Shipyard Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Digital Shipyard Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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