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Digital Shipyard Market size was valued at USD 1.09 billion in 2019 and is poised to grow from USD 1.3 billion in 2023 to USD 5.5 billion by 2031, growing at a CAGR of 19.1% in the forecast period (2024-2031).

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). 'Siemens AG', 'Dassault Systèmes', 'ABB Ltd.', 'ShipConstructor Software Inc.', 'Aveva Group plc', 'BAE Systems plc', 'DNV GL AS', 'Honeywell International Inc.', 'Kongsberg Gruppen ASA', 'Accenture plc', 'Bosch Rexroth AG', 'General Electric Company', 'Wartsila Corporation', 'AVEVA Group plc', 'Schneider Electric SE', 'SKF AB', 'PTC Inc.', 'Rolls-Royce plc', 'Altair Engineering Inc.', 'Progenitive Technologies Inc.'

Increased use of industrial internet of things (IIoT) in shipbuilding: The digital shipyard uses the IIoT to enhance its decision-making capabilities and manufacturing processes by fusing the IoT's communication capabilities with machine learning and big data. Due to the growing adoption of IIoT in the shipbuilding sector to increase output, reduce downtime, and enhance operational efficiency, the market is predicted to grow significantly over the forecast period.

The rising demand for additive manufacturing: The 3D digital model can be printed using additive manufacturing, often known as 3D printing, in a very short amount of time. Recent advancements in 3D printer technology have enabled the fabrication of larger components as well. There are now more materials available for 3D printing than only plastic. Advanced printer systems can also manufacture metal parts utilizing a high-velocity particle fusion process. The use of additive manufacturing in shipyards helps speed up system repairs because broken parts can be printed out and replaced. This is expected to positively affect the digital shipyard market.

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.

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Global Digital Shipyard Market

Product ID: SQMIG20Y2006