Global Digital Shipyard Market is projected to reach USD 4,768.33 Million by 2030 and register a CAGR of 20.2%.
Digital Shipyard Market Scenario
Digital Shipyard Market is projected to reach USD 4,768.33 Million by 2030 and register a CAGR of 20.2%. 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.
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.
Technology advancements in the marine industry and increasing investment in connected and autonomous ships are expected to drive the growth of the market.
By Shipyard Type
By Digitalization Level
Other Prominent Players
|Market Size||USD 4,768.33 Million (2030)|
|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 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.