Global Digital Shipyard Market Share To worth USD 5.5 billion by 2030 | CAGR of 19.1%

The Digital Shipyard Market is projected to grow from USD 1.3 billion in 2022 to USD 5.5 billion by 2030, at a CAGR of 19.1% during the forecast period. The need for shipbuilders to meet reduced lifecycle costs, pursue better investment strategies, streamline the shipbuilding process, and reduce overhead costs have motivated shipbuilders to invest in digital shipyard solutions. This is one of the main factors driving the growth of the market.
Key players operating in the digital shipyard market include Siemens (Germany), Dassault Systems (France), SAP (Germany), BAE Systems (UK) among others solution, service and equipment providers. These players offer comprehensive solution to key stakeholders in the market.

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Digital Shipyard Industry Dynamics:

Driver: Increasing Use of Product Lifecycle Management (PLM) Solutions

Traditional shipbuilding involved the availability of old data rather than updated information, resulting in low growth and revenue. Product lifecycle management (PLM) solutions offer a complete approach to shipbuilding to improve the overall shipyard's collaboration, synchronization, and productivity, along with service and support. This can be achieved by optimizing processes such as design & engineering and supply chain management using PLM solutions.

Restraint: Increased Vulnerability to Cyber Threats

As processes get digitalized, concerns regarding their security arise. Software companies are continuously upgrading their solutions to make them resistant to hacking. Shipyards and ship operators have large pools of sensitive information stored in their IT platforms, including ship and part information. Hence, these companies are at a high risk of cyberattacks, which could lead to significant losses. Increasing adoption of digitalization could result in the rise of cyber-threats and cybercrimes to steal crucial ship operational data, thus causing threats to national security. To counter such attacks, sophisticated solutions are required. Developing such solutions would call for increased investments by software companies.

Opportunity: Augmented Reality in Shipbuilding

Augmented reality (AR) can also increase the efficiency and effectiveness of digital shipyards. AR headsets offer a high-quality immersion experience and also have the benefit of being relatively hands-free. AR headsets can access key information such as the state of a worker's alertness, in terms of a fatigue index, with the help of a screen pointed at the concerned worker. AR headsets can also help with quality checks during shipbuilding. For instance, rather than conducting a manual quality checklist for each compartment of the ship, the officer can wear an AR camera. The headset scans the barcode or IIoT tags and can obtain associated media from a server or applications such as those used for PLM. The headset can also display lists of items that have been checked, and an officer can mark off items once they are inspected through a gesture. AR headsets or AR-enabled tablets can be equipped with cameras to add photos and videos once they are inspected. This would reduce the turnaround time and increase the efficiency of the shipyard.

Challenge: Stringent Regulatory Framework

Prominent companies who manufacture and provide digital shipyard solutions, private & small enterprises, distributors/suppliers/retailers, and end customers are key stakeholders in this ecosystem. Investors, funders, academic researchers, integrators, service providers, and licensing authorities serve as major influencers in the industry.

Siemens (Germany) is among the top players in the digital shipyard market. It has a comprehensive and integrated portfolio of software and services that cover all aspects of the ship lifecycle from concept design through production to operations and optimized service lifecycle management such as product lifecycle management (PLM), marine industry sustainability, hydrodynamics, software solutions, etc. Siemens helps navigate through the digital seascape of the modern marine industry with the help of proven state-of-the-art technology. It aims at expanding its product offerings to enhance its sales volume and strengthen its foothold in the digital shipyard market. In December 2019, European shipbuilding company Navantia selected Siemens Digital Industries Software as its technological partner to digitalize the company's shipbuilding process.

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Asia Pacific Region is witnessing highest growth among all the regions. The marine industry is one of the most profitable in Asia Pacific. According to the United Nations Conference on Trade and Development (UNCTAD) in 2021, countries such as China, Japan, and the Republic of Korea retained their leadership in global ship production, representing 90% of shipbuilding activity.

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