Digital Shipyard
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How Large Will the Digital Shipyard Market Size By 2025?
Recent years have seen a swift growth in the size of the digital shipyard market. The market, which was at $1.42 billion in 2024, is projected to grow at a compound annual growth rate (CAGR) of 18.9%, reaching $1.69 billion by 2025. Factors contributing to this growth during the historic period include optimization of efficiency and cost in shipbuilding, the global expansion of the shipbuilding industry, increased need for compliance with regulations and management of documentation, rising complications in ship design and construction, and a surge in demand for real-time data and information.
How Big Is the Digital Shipyard Market Size Expected to Grow by 2029?
Expectations are high for the digital shipyard market size to experience a significant surge in the upcoming years. By 2029, it’s projected to reach $3.59 billion, with a Compound Annual Growth Rate (CAGR) of 20.8%. This projected growth can be linked to factors like the integration of IoT and connectivity solutions, emphasis on environmental sustainability, collaborations, supply chain integration, and an increase in the requirement for ship repair and maintenance. It can also be linked to the utilization of digital twin technology and simulation. Major trends projected for the forecast period are the use of artificial intelligence for predictive analysis, cloud-based collaboration platforms, security measures for digital assets, robotic process automation for repetitive tasks, and the practice of sustainable, eco-friendly designs.
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Which Key Market Drivers Powering Digital Shipyard Market Expansion and Growth?
The rise in maritime trade is anticipated to spur the expansion of the digital shipyard market. Maritime trade involves the shipping of commodities via navigable waterways and ports. The role of digital shipyards in facilitating maritime trade is significant as they optimize shipbuilding operations, enhance productivity, and support the manufacture of intelligently designed, environmentally-friendly vessels. As per a report released by the Switzerland-based intergovernmental organization, the United Nations Conference on Trade and Development, in June 2023, maritime trade is predicted to surge by 2.4% in 2023. The growth is anticipated to maintain a steady pace of over 2% annually from 2024 to 2028. Consequently, the uptick in maritime trade contributes to the growth of the digital shipyard market.
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Which Fast-Growing Trends Are Poised to Disrupt the Digital Shipyard Market?
In the digital shipyard market, technological innovations are emerging as a significant trend. Large companies active in the space are leveraging new technologies to maintain their industry standing. An example of this trend occurred in March 2022 when US-based marine services provider, Seaspan ULC, introduced its cutting-edge HoloShip facility. This immersive visualization system provides Seaspan and the broader Canadian marine industry with a virtual reality space to create, incorporate, test, and showcase novel digital twin functions, thus offering a fresh perspective on shipbuilding, construction, and maintenance. The HoloShip system makes it possible for designers, engineers, production units, and clients to virtually interact with a highly precise, comprehensively detailed 3D digital replica of the ship, projected onto a 5.6-meter-wide display wall. By utilizing 3D and virtual reality headsets, participants are virtually teleported onto the ship and thereby enabled to explore and interact with its areas, equipment, components, systems, and subsystems. Additionally, the HoloShip can be remotely accessed by individuals with a networked device.
What Are the Emerging Segments in the Digital Shipyard Market?
The digital shipyard market covered in this report is segmented –
1) By Shipyard Type: Commercial, Military
2) By Technology: AR Or VR, Digital Twin And Simulation, Addictive Manufacturing, Artificial Intelligence And Big Data Analytics, Robotic Process Automation, Industrial Internet Of Things (IIoT), Cybersecurity, Block Chain, Cloud And Master Data Management
3) By Process: Research And Development, Design And Engineering, Manufacturing And Planning, Maintenance And Support
4) By Capacity: Large Shipyard, Medium Shipyard, Small Shipyard
5) By End-Use: Implementation, Upgrades And Services
Subsegments:
1) By Commercial: Container Shipyards, Bulk Carrier Shipyards, Offshore Support Vessel Shipyards, Cruise Shipyards
2) By Military: Naval Shipyards, Submarine Shipyards, Auxiliary Vessel Shipyards
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Who Are the Global Leaders in the Digital Shipyard Market?
Major companies operating in the digital shipyard market include Altair Engineering Inc., BAE Systems plc, Dassault Systèmes SE, IFS WORLD OPERATIONS AB, accenture* plc, Aras Corporation, Bureau Veritas SA, Cadmatic Oy, Damen Shipyards Group, Hexagon AB, iBASEt LLC, Inmarsat Global Limited, Kranendonk Production Systems BV, KUKA AG, Navantia S.A., Pemamek Oy, Siemens Energy AG, AVEVA Group plc, PROSTEP AG, Wärtsilä Oyj Abp, ABB Ltd., Honeywell International Inc., Emerson Electric Co., Schneider Electric SE, Rockwell Automation Inc., General Electric Company, IBM Corporation, Oracle Corporation, Microsoft Corporation, Google LLC, Amazon Web Services Inc., Cisco Systems Inc.
Which are the Top Profitable Regional Markets for the Digital Shipyard Industry?
Asia-Pacific was the largest region in the digital shipyard market in 2024. Asia-Pacific is expected to be the fastest-growing region in the digital shipyard market report during the forecast period. The regions covered in the digital shipyard market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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