Market Overview
Global Digital Shipyard Market is projected to be valued at USD 4,768.33 Million by 2030, registering a CAGR of 20.2% from 2020 to 2030. Increasing international seaborne trade has significantly contributed to the expansion of the digital shipyard market. Furthermore, increasing collaborations between digital shipyard companies to develop innovative solutions for the maritime industry are expected to drive the growth of the market. For example, in May 2019, SAP SE and Accenture entered into an agreement to co-develop a new SAP cloud utility solution to help shipbuilding companies effectively manage business processes and customer experiences.
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.
Key Players
Siemens (Germany)
Dassault Systèmes (France)
AVEVA Group plc (UK)
Accenture (Ireland)
SAP SE (Germany)
BAE Systems (UK)
Hexagon AB (Sweden)
Altair Engineering, Inc. (US)
Wärtsilä (Finland)
IBM Corporation
Market Segmental
Commercial shipyard segment to register the higher growth rate: The commercial shipyard segment is expected to register the higher CAGR during the forecast period, 2020 to 2030. 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 commercial digital shipyards.
Robotic process automation segment is expected to be the fastest-growing: The robotic process automation segment is expected to register the highest CAGR during the forecast period. The 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 and cost and increase the efficiency and reliability of products and services.
Manufacturing & planning segment expected to register the highest CAGR: The manufacturing & planning segment is expected to exhibit the highest CAGR during the forecast period. 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.
Fully digital shipyard segment dominated the market in 2019: The fully digital shipyard segment dominated the market in 2019 owing to the rapidly growing global shipyard industry. Furthermore, the growing demand for implementation of full digital technology is also expected to drive the growth of the segment.
Small shipyards segment dominated the market in 2019: The small shipyards segment dominated the market in 2019 owing to the increasing modernization plans of small-sized shipyards.
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Regional Analysis
Technology advancements in the marine industry and increasing investment in connected and autonomous ships are expected to drive the growth of the market.
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