Digital Shipyard Market Summary
As per MRFR Analysis, the Digital Shipyard Market is poised for significant growth, driven by advancements in technology and increasing international seaborne trade. The market is expected to reach USD 4,768.33 Million by 2032, with a robust CAGR of 20.2%. The digital shipyard concept enhances operational efficiency, safety, and speed in the marine industry, providing tangible benefits during design, construction, and service phases. However, challenges such as cyber threats and high software acquisition costs may hinder growth.
Key Market Trends & Highlights
Key trends influencing the Digital Shipyard Market include technological advancements and increased investment.
- Market Size by 2032: USD 4,768.33 Million.
- CAGR during forecast period: 20.2%.
- Significant growth driven by advanced vessel procurement by navies globally.
- R&D segment dominated the market in 2019, with increasing activities expected to drive growth.
Market Size & Forecast
Market Size: USD 4,768.33 Million by 2032
CAGR: 20.2%
Dominant Segment in 2019: Research & Development
Highest Growth Segment: Manufacturing & Planning.
Major Players
Siemens (Germany), Dassault Systèmes (France), AVEVA Group plc (UK), Accenture (Ireland), SAP SE (Germany), BAE Systems (UK), HexagonAB (Sweden), Altair Engineering, Inc. (US), Wärtsilä (Finland), IBM Corporation.
The entire concept of digital shipyard aims to address operational efficiency and effectivity, to make the marine industry safer, faster, and smarter. This has a dramatic impact on the cost and schedule and therefore is easy to define tangible benefit to shipyard operations during design, building, and service.
Recent News:
In January 2024, the Wind Peak, a newly constructed vessel by Cadeler, was launched at the Cosco Shipyard in China. This vessel is specifically intended to transport and install up to seven complete sets of offshore wind turbines, each with a capacity of 15 MW, per load. Cadeler stated that the completion of the vessel's hull is a crucial milestone in the launch of Wind Peak. Prior to the launch, there is a two-year period of complex engineering and an 18-month period of constructing the P-class vessel. Cadeler states that following the launch, the jacking legs and cranes will be mounted on the ship, along with additional technological installations. Subsequently, the process of commissioning and testing all systems will commence. The sea testing is scheduled during the middle of 2024. Cadeler will conduct comprehensive testing of all ship systems in close cooperation with the classification society, as stated by the Danish offshore wind installation services firm.
Market Synopsis
The Global Digital Shipyard Market is expected to register significant growth during the forecast period owing to factors such as increasing international seaborne trade. Furthermore, the increasing procurement of advanced vessels by navies across the globe is also expected to drive the growth of the market. Additionally, increasing investment made by the shipyard companies in the digital shipyard market is also expected to drive the growth of the market. For example, in February 2020, Bremen-based Fr. Lürssen shipyard, the Machine Tool Laboratory (WZL) at RWTH Aachen University, and PROSTEP AG launched the ProProS research project. The project aims to research about the use of digital twin technology for manufacturing and assembly processes at shipyards and to use it for status control and optimization of shipbuilding production.
However, issues related to increased vulnerability to cyber threats and the high cost of acquisition of digital shipyard software solutions might hamper the growth of the market.
In November 2023, ABS and Seatrium Limited, a shipyard based in Singapore, successfully obtained a structural health monitoring notation for a self-elevating drilling unit (SEDU). The ADMARINE 686 is the first Structural Evaluation and Diagnostic Unit (SEDU) in the world to be awarded the ABS SMART (SHM) Notation. This notation acknowledges its capability to monitor and analyze the condition of various crucial structural components. It supports physics-based analysis and simulation, enabling a comprehensive assessment of the structural health and prediction of the performance of drilling and maritime assets.
Seatrium Offshore Technology, a subsidiary of Seatrium Group, is partnering with the Technology Centre for Offshore and Marine, Singapore (TCOMS) to construct a structural digital replica utilizing data collected from sensors on the SEDU. The twin has the ability to identify structural deterioration by analyzing the overall strength response. The structural health monitoring smart function is being implemented on an industrial Internet of Things (IoT) digital platform, allowing for connectivity between the rig and a shoreside station in Singapore.
Key Players
- Altair Engineering, Inc. (US)
Other Prominent Players
- Kreyon Systems Pvt. Ltd (India)
- KRANENDONK Smart robotics (Netherlands)
- Damen Shipyards Group (Netherlands)
Market USP
Technology advancements in the marine industry and increasing investment in connected and autonomous ships are expected to drive the growth of the market.
Market Drivers
- The rise in adoption of the digital twin in the shipbuilding industry: The growing demand for real-time information regarding ship maintenance and development is expected to drive the growth of the market.
- The rise in international seaborne trade
- Increasing procurement of advanced vessels by navies across the world
Market Restraints
- Issues related to cyber threats
- The high cost of acquisition
Segmentation
By Process
- Research & Development: The segment dominated the market in 2019. Increasing R&D activities in the digital shipyard market are expected to drive the growth of the segment.
- Design & Engineering: The increasing demand for sophisticated engineering solutions in shipyards is expected to drive the growth of the segment.
- Manufacturing & Planning: The increasing use of advanced manufacturing technologies and PLM solutions in shipbuilding is expected to drive the growth of the segment. Hence, the segment is expected to register the highest CAGR during the forecast period.
- Maintenance & Support: The increasing use of advanced technologies in the maintenance of shipyards and high cost associated with the development of new shipyards are expected to drive the growth of the segment.
- Training & Simulation: The increasing demand for training and simulation programs for the skilled workforce in the shipbuilding industry is expected to drive the growth of the segment.
By Shipyard Type
- Commercial Shipyards: The segment dominated the market in 2019 and is expected to register a higher CAGR during the review period. Increasing maritime trade and tourism across the globe are expected to drive the growth of the segment.
- Military Shipyards: The segment is expected to grow owing to the increasing procurement of advanced vessels by various navies across the world and rising military expenditure of countries such as China and India.
By Capacity
- Small Shipyards: The small shipyards segment is projected to exhibit the highest CAGR during the forecast period owing to the increasing modernization plans of small-sized shipyards.
- Medium Shipyards: Increasing adoption of smart solutions in the marine industry is expected to drive the growth of the segment.
- Large Shipyards: The segment dominated the market in 2019 owing to the increasing demand for upgradation and procurement plans by navies of countries such as the US and the UK.
By Digitalization Level
- Fully Digital Shipyard: The fully digital shipyard segment dominated the market in 2019 and is projected to register the highest CAGR during the forecast period owing to the increasing procurement of advanced vessels by the navies of countries such as China, India, and the US.
- Semi Digital Shipyard: The segment is expected to exhibit a significant growth rate during the forecast period due to increasing modernization plans of shipyards.
- Partially Digital Shipyard: The increasing development of connected ships and autonomous ships that support digital technologies is expected to drive the growth of the segment.
By Technology
- Augmented & Virtual Reality (AR & VR): The segment is expected to register a significant growth rate during the forecast period owing to the increasing use of AR & VR devices for various processes in shipbuilding.
- Digital Twin & Simulation: The segment is expected to grow owing to the increasing use of digital twin technology for the modernization of shipyards.
- Additive Manufacturing: Increasing use of 3D printing technology for manufacturing ship components is expected to drive the growth of the segment.
- Artificial Intelligence & Big Data Analytics: Increasing international maritime trade is driving the demand for high-end technologies to achieve digitalization in shipyards.
- Robotic Process Automation: Increasing demand for sophisticated and time-saving solutions in shipyard processes is expected to drive the growth of the segment. Hence, the segment is expected to register the highest CAGR during the forecast period.
- Industrial Internet of Things (IIoT): The segment is expected to grow due to the technological advancements in shipbuilding.
- Cybersecurity: The segment is expected to grow due to the increasing need to combat rising cybersecurity threats.
- Blockchain: The segment is expected to grow owing to the increasing demand for connectivity and security across the shipping industry.
- Cloud Computing & Master Data Management: The segment is expected to grow due to the increasing adoption of cloud-based maintenance systems across the shipping industry.
By Region
- North America: North America dominated the market in 2019 due to the presence of companies such as Altair Engineering, Inc. and IBM Corporation.
- Europe: The increasing marine tourism in the region and the increasing development of autonomous and connected ships by key marine companies based in the region are expected to drive the market growth in the region.
- Asia-Pacific: The market in this region is projected to register the highest CAGR during the forecast period. The growing seaborne trade in the region is expected to drive the market growth in the region.
- Middle East: Development of new ports in the Middle East are expected to drive the market growth in the region.
- Rest of the World: Extreme threats to cybersecurity in countries such as Mexico, South Africa, and Brazil are expected to drive the market growth in the region.
| Report Attribute/Metric |
Details |
| Market Size |
USD 4,768.33 Million (2030) |
| CAGR |
20.2% (2022-2030) |
| Base Year |
2023 |
| Forecast Period |
2024-2032 |
| Historical Data |
2022 |
| Forecast Units |
Value (USD Million) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Process, Shipyard Type, Capacity, Technology |
| Geographies Covered |
North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors |
Siemens (Germany), Dassault Systèmes (France), AVEVA Group plc (UK), Accenture (Ireland), SAP SE (Germany), BAE Systems (UK), HexagonAB (Sweden), Altair Engineering, Inc. (US), Wärtsilä (Finland), IBM Corporation |
| Key Market Opportunities |
Technology advancements in the marine industry |
| Key Market Drivers |
· The rise in adoption of the digital twin in the shipbuilding industry. · The rise in international seaborne trade. · Increasing procurement of advanced vessels by navies across the world |
Digital Shipyard Market Highlights:
Frequently Asked Questions (FAQ) :
The upsurge in the procurement of progressive vessels is predicted to spur the worldwide market.
Accenture (Ireland), SAP SE (Germany), BAE Systems (UK), Dassault Systèmes (France), AVEVA Group plc (UK), HexagonAB (Sweden), and Altair Engineering, Inc. (US) are the key leaders in the market.
The market of the North American region is estimated to sour the market in the years ahead.
An optimistic CAGR of 20.2% is predicted to motivate the global market in the approaching period.
The revenue of USD 4,768.33 million by 2030 is estimated to guide the market in the near future.
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