Digital Shipyard Market worth $3,967 million by 2030

Thursday 14 May 2020, Amsterdam

The report "Digital Shipyard Market by Shipyard Type (Commercial, Military, Technology (AR VR, Blockchain, Digital Twin, Additive Manufacturing, IIoT), Capacity (Large, Medium, Small Shipyard), Process, End Use, Digitalization Level, and Region - Global Forecast to 2030", is estimated to be USD 693 million in 2020 and is projected to reach USD 3,967 million by 2030, at a CAGR of 19.1% from 2020 to 2030.

Intelligent technologies and processes are driving the digital shipyard market in the marine sector. Modernization and procurement plans across the commercial and military shipyards are contributing to the digital transformation of shipyards across the globe. Additionally, with the rising need for shipbuilding companies to overcome barriers of unprecedented change, disruption, expensive program costs, and expanding international opportunities, shipyards are adopting digital reinvention using innovative technologies to bring about digitalization, waste reduction, a greener environment, and faster growth. Stringent rules and standards from regulatory bodies with respect to harmful emissions, reduction in the overall operational costs, etc., are some of the factors driving the growth of the digital shipyard market during the forecast period.

Commercial shipyard segment is estimated to account for the largest share of the digital shipyard market in 2020
Based on shipyard type, the digital shipyard market is segmented into commercial and military shipyards. These shipyards differ in terms of ship size & complexity, design & construction, acquisition process, workforce, client involvement, and business models. An increase in demand for upgradations in shipyards in Asia Pacific is driving the market for military as well as commercial digital shipyards.

Robotic Process Automation segment is estimated to account for the largest share of the digital shipyard market in 2020
Based on technology, the robotic process automation segment is expected to witness faster growth in the digital shipyard market by 2030. Robotic process automation technology is widely used in the shipbuilding industry for processes such as design & engineering and manufacturing & planning. The technology is adopted by various system integrators and shipbuilders to reduce the operational time & cost and increase the efficiency and reliability of products & services.

Manufacturing & planning segment is estimated to account for the largest share of the digital shipyard market in 2020
Based on process, the manufacturing & planning segment is expected to witness higher growth in the digital shipyard market by 2030. Design & engineering is an important phase and plays a vital role in the implementation of the concept of a digital shipyard. The process involves the use of various intelligent technologies such as additive manufacturing, robotic process automation, cloud computing & master data management, and blockchain.

Asia Pacific region is estimated to account for the largest share of the digital shipyard market in 2020
The Asia Pacific digital shipyard market is projected to grow at the highest CAGR from 2020 to 2030 Countries in the Asia Pacific region are undergoing development, procurements, and modernizing various capabilities in the field of digital transformation of shipyards, which offers significant potential for system integrators and technology providers of the marine sector. A rise in demand for the procurement of modernized and sophisticated marine vessels equipped with high-end technologies in military shipyards is one of the factors driving the growth of the market in the Asia Pacific. Additionally, the increasing marine expenditure and expansion of technological networks in emerging economies such as India and China are expected to drive the demand for digital shipyards in the region.

The digital shipyard market has been gaining traction over the last few years due to the presence of several established companies as well as startups. Some of the major players in this market include Siemens (Germany), Dassault Systemes (France), AVEVA Group Plc (UK), Accenture (Ireland), and SAP (Germany), among others.