Global digital shipyard market expected to drive due to the growing procurement of advanced vessels by navies across the globe and increasing use of new manufacturing technologies in shipbuilding
The global digital shipyard market size was valued at USD 37.4 Million in 2019 and projected to reach USD 3002.3 Million by 2027, registering a CAGR of 23.05%, during the forecast period, 2020-2027. It is primarily attributed to the surge in the adoption of product lifecycle management (PLM) solutions and the growing use of cloud-based maintenance systems. Additionally, the increasing use of 3D digital mock-ups, PLM solutions, digital twin technology, etc. in the manufacturing of the shipbuilding will fuelling the growth of the digital shipyard industry across the globe. Furthermore, augmented budgets of shipping companies for digitalization of their vessels, and growth of the seaborne trade across the world is driving the digital shipyard market.Ships are sophisticated products with long service lives and high costs of construction, manning, operating, maintaining, and repairing. Also, ship manufacturing involves complex production processes, with large-scale but short series production, a high degree of customization, and intensive labor. These factors will spur the demand for Industry 4.0 prototype, technological capacities, to design better products, improve the efficiency of ship services, and offer new value-added processes. Furthermore, the upsurge in demand for the additive manufacturing, Big Data, cloud, horizontal and vertical integration, internet of things, cybersecurity, simulation robots, and augmented reality in the shipyard to repair, maintain, and checkup services, as well as technical support. This digital transformation in the shipyard industry will boom the growth of the market in the analysis period.
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Shipyard Type Overview in the Global Digital Shipyards Market
Based on the shipyard type, the global digital shipyard market bifurcates into Commercial and Military. The commercial segment will be the fastest-growing segment in the forecast period. It is attributable to the increasing shipping trade across the world, and the growing tourism industry will influence the royal-cruise ship industry.
Technology Overview in the Global Digital Shipyards market
Based on technology, the global digital shipyard market segregated into AR & VR, blockchain, digital twin & simulation, additive manufacturing, industrial internet of things (IIOT), robotic process automation, cybersecurity, and cloud computing. The robotic process automation will hold the highest revenue by 2027. It is owing to the increasing demand for sophisticated and time-saving solutions, and RPA helps to perform repetitive tasks, deliver direct profitability, and also communicate with other systems within the organization.
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Process Overview in the Global Digital Shipyards Market
Based on process, the global digital shipyard market classified into research & development, design & engineering, manufacturing & planning, maintenance & support, and training & simulation. The manufacturing & planning projected to lead the market by 2027. It is due to the growing demand for able AI to reduce fuel costs, the need for automation of processes to reduce the time to carry out repetitive actions, and re-engineering in the manufacturing process.
Capacity Overview in the Global Digital Shipyards Market
Based on capacity, the global digital shipyard market categorized into the large shipyard, medium shipyard, and small shipyard. The large shipyard segment will generate the most substantial revenue on account of the surge in demand for digital transformation in the manufacturing of defense ships such as navy ships.
Regional Overview in the Global Digital Shipyards Market
By geography, the global digital shipyards market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific will account for maximum revenue share by 2027, owing to the presence of keys players in the region and growing adoption for the digital shipyard to modernize and procuring marine vessels for the upgradation of their shipyards.
Global Digital Shipyards Market: Competitive Landscape
Companies such as Siemens, Dassault Systemes, AVEVA Group Plc, SAP, BAE Systems, Hexagon, Altair Engineering, Inc., Wartsila, Inmarsat Plc, IFS AB, Pemamek Ltd., Aras, Kreyon Systems Pvt. Ltd., SSI, Kuka AG, Ibaset, Prostep AG, Kranendonk Smart Robotics, and Damen Shipyards Group are the key players in the global digital shipyard market.
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