Digital Shipyard Market Size, Share & Trends Analysis Report By Solution, By Shipyard Type (Commercial, Military), By Capacity, By Technology, By Region, And Segment Forecasts, 2023 - 2030

Digital Shipyard Market Size, Share & Trends Analysis Report By Solution, By Shipyard Type (Commercial, Military), By Capacity, By Technology, By Region, And Segment Forecasts, 2023 - 2030

Digital Shipyard Market Growth & Trends

The global digital shipyard market size is expected to reach USD 9.88 billion by 2030, registering a CAGR of 19.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rising adoption and use of IoT technologies in the shipbuilding industry drive the market growth. In addition, the IoT facilitates the connectivity and communication of numerous shipyard devices and systems, resulting in increased efficiency and productivity.

Due to the expansion of global trade and tourism activities via ships, the market is expected to experience significant growth in the coming years. Companies increasingly hire digital shipyards to integrate augmented reality/ virtual reality and IoT into their shipyard operations. This integration aims to enhance operational efficiency. For instance, in April 2022, Wartsila introduced virtual and augmented simulation solutions that leverage the latest AR and VR technology. These solutions create immersive environments that simulate real-life shipboard operations, improving learning retention, job performance, and team collaboration. As a result of the increasing adoption of process automation, the global market is expanding rapidly.

In the shipbuilding industry, a shipyard is a facility for constructing and repairing ships. In recent years, shipbuilding companies have made a concerted effort to automate their processes, resulting in significant time savings during ship construction. Concurrently, there is a growing trend towards digitization within the shipbuilding industry. The concept of a "digital shipyard" aligns with the principles of Industry 4.0, allowing for enhanced predictive and maintenance planning capabilities by utilizing sensors and monitoring systems within cyber-physical systems (CPS). These systems can generate and transmit substantial amounts of data to IoT devices. This gathered data can then be shared with various IoT devices in a business environment referred to as the Industrial Internet of Things (IIoT), ultimately reducing workloads and improving overall operational efficiency.

The importance of a digital twin in the shipyard market lies in its ability to revolutionize shipbuilding and maintenance processes. A digital twin is a virtual replica of a physical ship or shipyard that is continuously updated with real-time data. Digital twins enable shipyards to create advanced 3D models and simulations, allowing for more accurate planning and design. This helps identify potential issues and optimize ship construction processes, reducing costs and time-to-market. Moreover, digital twins comprehensively understand ship and equipment performance in real time. This allows for continuous monitoring and optimization of operations, ensuring optimal efficiency and performance throughout the ship's lifecycle.

Digital Shipyard Market Report Highlights

• Based on solution, the hardware segment dominated the overall market with a revenue share of 46.2% in 2022. Hardware devices such as controllers and IoT gateways play a vital role in connecting the physical components of a shipyard to the digital ecosystem. These devices enable data transmission from sensors and other equipment to digital platforms for analysis and decision-making
• Based on shipyard type, the commercial segment dominated the overall market, accounting for a revenue share of 52.3% in 2022. The segment is anticipated to be driven by the demand for new commercial vessels and ship repairs and maintenance. Digital shipyard solutions enable shipyards to handle increased shipbuilding demand efficiently, manage complex projects, and enhance productivity
• Based on capacity, the large capacity segment is anticipated to grow at a CAGR of over 19.6% from 2023 to 2030 owing to the construction of large commercial vessels, offshore platforms, and specialized naval vessels
• Based on technology, the digital twin segment is anticipated to grow strongly, with a CAGR of nearly 20.4% over the forecast period. Digital twins enable shipyards to create advanced 3D models and simulations, allowing for more accurate planning and design. This helps identify potential issues and optimize ship construction processes, reducing costs and time-to-market
• Europe dominated the industry contributing to over 27.6% of the global revenue in 2022. The region is known for its innovation and technological advancements in various industries, including shipbuilding. Digital shipyard technologies offer cutting-edge tools for ship design, simulation, virtual prototyping, and digital twin technology

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