The global digital shipyard market size was USD 963.6 million in 2020. The market is projected to grow from USD 1,129.6 million in 2021 to USD 3,444.5 million in 2028 at a CAGR of 17.27% in the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report, titled, “Digital Shipyard Market, 2021-2028.” As per our analysts, the growing demand for modernization in shipbuilding is anticipated to bolster the growth of the digital shipyard market.
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COVID-19 Impact
COVID-19 Pandemic has Unfavorably Affected Shipping and Shipbuilding Industry
The lockdown owing to the COVID-19 pandemic in the first two quarters of 2020 had depicted damages in numerous sectors involving the marine sector. Shipyards, shipbuilding companies, and tier 2 and tier3 suppliers were indebted to acclimate working practices allied with government limitations that led to the disruption in shipbuilding operations. Furthermore, ship orders were canceled on the account of declined demand for marine travel and trade. Cruise ships are the most successful segment of the European shipyards in ship construction.
Report Coverage
The report presents insightful visions gained by methodical study done by our researchers. A wide-ranging research was directed to deliver the assessed size of the digital shipyard market. The data utilized to project the shares for multiple segments at the country, regional, and global levels are attained from methodical interviews with various stakeholders. Furthermore, we have attained admittance to numerous global and regional paid databases to deliver accurate information to make business investment choices effortless for you.
Segmentation
On the basis of shipyard type, the market is segregated into commercial and military.
In terms of technology platform, the market is categorized into robotic process automation, additive manufacturing, artificial intelligence and big data analytics, digital twin, blockchain, industrial Internet of Things (IIOT), and others. The robotic process automation segment is predicted to lead the market in 2020 owing to the surging demand for automation of numerous ship manufacturing methods such as welding, cutting, painting, and others.
In regards of digitalization Level, the market is classified into semi digital shipyard and fully-digital shipyard.
The global market is branched into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Driving Factors
Augmented Utilization of Industrial Internet of Things (IIoT) in Shipbuilding Industry to Spur Growth
The digital shipyard utilizes the IIoT to refine its decision-making competencies for manufacturing courses by amalgamating the communication proficiencies of the IoT with machine learning and big data. Furthermore, the increasing usage of IIoT in the shipbuilding industry to amplify production, decline downtime, and augment operational effectiveness, is projected to fuel the digital shipyard market growth.
Regional Insights
Asia Pacific Held Maximum Shares Stoked by
Asia Pacific is estimated to hold the highest digital shipyard market share with size of USD 323.3 million in 2020 and is anticipated to grow at a higher compound annual growth rate through the projection period.
The digital shipyard market in Europe will expand rapidly led by the increasing investments by European shipbuilders towards the adoption of automated robotic technology in shipbuilding.
North America segment is expected to increase owing to the growing research and development activities by the prime players such as Altair Engineering Inc. and others for digitalization of shipyards.
Competitive Landscape
Groundbreaking Product Launch Declarations by Prime Players to Bolster Market Growth
The fundamental players implement numerous tactics to spur their position in the market as leading companies. One such prime strategy is procuring companies to foster the brand value among users. Another effective tactic is intermittently launching groundbreaking products with a methodical study of the market and its target audience.
Industry Development
June 2021: Drydocks World unveiled a project of digital transformation to augment effective yield. The company declared to use IFS Cloud for asset management and resource planning, refining its systems and arranging the foundation for a digital shipyard transition.
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