Digital Shipyard Market Projected to Hit $7.7 Billion with an 19.8% CAGR

The global 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐒𝐡𝐢𝐩𝐲𝐚𝐫𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 is expanding rapidly due to an increase in demand for cargo ships due to increased maritime trade and rise in environmental concerns worldwide to lower the carbon footprint generated in the shipping industry. The global digital shipyard market size was valued at $1.3 billion in 2022, and is projected to reach $7.7 billion by 2032, growing at a CAGR of 19.8% from 2023 to 2032.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/A09171

The concept of digital shipyard is typically attributed to the upgradation of shipyards with the adoption of Industry 4.0 capabilities, such as "Cyber-Physical Systems" (CPS) and Internet of Things (IoT) to evolve shipyards for the modern era. By combining the Internet of Things (IoT) with cyber-physical systems (CPS), shipbuilders can produce virtual models in a fraction of the time. These are used to test, modify, and improve designs before physical production commences. Thus, many major shipbuilders in the commercial and defense sectors are adopting a combination of Industry 4.0 technologies to create a digital shipyard for the future.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

Inmarsat Global Limited, Pemamek, KRANENDONK Production Systems BV, Siemens, Altair Engineering Inc., Kreyon Systems Pvt Ltd., Wartsila, Aras, Dassault Systemes, BAE Systems, PROSTEP AG, iBase-t, SAP, SSI, Aveva Group plc, Hexagon AB, Damen Shipyards Group

A digital shipyard has been engaged to incorporate an array of digital technologies within a shipyard, including augmented reality, virtual reality, and the Internet of Things (IoT), in order to enhance operational efficiency. This solution fosters real-time immersive settings for simulating shipyard operations, leading to improved learning retention, job performance, and teamwork. As a result of the significant surge in process automation, the global digital shipyard market is experiencing substantial growth.

Prime determinants of growth

An increase in demand for cargo ships due to increased maritime trade, rise in environmental concerns worldwide to lower the carbon footprint generated in the shipping industry, and rise in adoption of digital twin technology drive the growth of the global digital shipyard market. However, the high cost of digitalization and training cost products, and complexity associated with the systems restricts the market growth. Moreover, rising implementation of robot technology in shipbuilding industry, and increasing use of industrial internet of things (IIoT) presents new opportunities in the coming years.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/2c44cd4e665d6474ffbd67b244affc02

Increase in demand for cargo ships due to increased maritime trade, rise in environmental concerns globally to lower the carbon footprint generated in the shipping industry, and rise in adoption of digital twin technology supplement the growth of the digital shipyard market. However, high cost of digitalization and training cost products and complexity associated with the systems are expected to hamper the growth of the market. In addition, rising implementation of robot technology in the shipbuilding industry and increasing use of industrial internet of things (IIoT) are expected to create ample opportunities for the key players operating in the market.

Based on type, the commercial shipyard segment held the highest market share in 2022, accounting for more than two-thirds of the global digital shipyard market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is also projected to manifest the highest CAGR of 20.6% from 2023 to 2032, owing to the increase in sea tourism, industrialization and globalization.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global digital shipyard market revenue, however LAMEA is expected to dominate the market during the forecast period. The Asia-Pacific region is dominating due to the presence of emerging economies such as China and India that are modernizing and procuring marine vessels for the upgradation of their shipyards to establish a strong foothold in the marine sector. However, the LAMEA region is expected to witness the fastest CAGR of 27.6% from 2023 to 2032. LAMEA regions are witnessing foreign investment in their countries, due to which there is rise in the development and implementation of automation, thereby boosting the market growth in the region.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A09171

Based on capacity, the medium shipyard segment accounted for the largest share in 2022, contributing to nearly half of the global digital shipyard market revenue and is estimated to rule the roost throughout the forecast timeframe. The primary factors that drive the medium shipyards segment growth are rise in the demand for sea trade & tourism due to low-cost mode of transportation and rise in investments in modernization of facilities. However, the large shipyard segment is expected to portray the largest CAGR of 22.4% from 2023 to 2032. The increase in popularity of ultra-large container ships through integration of digitization along with rise in sea trade is expected to foster market growth.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

By type, the commercial shipyards segment dominated the global digital shipyard market in 2022, in terms of growth rate.

On the basis of technology, the others segment is anticipated to exhibit a remarkable growth during the forecast period.

By capacity, the large shipyards segment is the highest contributor to the digital shipyard market in terms of growth rate.

By digitization level, the fully-digital shipyard segment is anticipated to exhibit a remarkable growth during the forecast period.

By region, LAMEA is anticipated to exhibit a remarkable growth during the forecast period.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Automotive Diagnostics Market - https://www.globenewswire.com/news-release/2021/09/06/2291912/0/en/automotive-diagnostics-market-to-garner-109-84-billion-by-2030-allied-market-research.html

Automotive Relay Market - https://www.globenewswire.com/en/news-release/2022/08/08/2493772/0/en/Automotive-Relay-Market-to-Garner-26-88-Billion-by-2031-Says-Allied-Market-Research.html

Automotive Brake System Market - https://www.prnewswire.com/news-releases/automotive-brake-system-market-worth-38-48-bn-globally-by-2026-at-7-5-cagr-allied-market-research-301157720.html

Automotive Acoustic Material Market - https://www.globenewswire.com/en/news-release/2023/03/15/2627963/0/en/Automotive-Acoustic-Material-Market-Size-to-Reach-6-6-Billion-by-2031-Allied-Market-Research.html

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:

United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.