- Military Shipyards And
- Commercial Shipyards
Digital Shipyard Market size is valued at USD 1.376.8 million in 2021 and is expected to grow at a significant CAGR of 18.2% during the forecast period 2022 to 2028. The global market provides a detailed overview of the Digital Shipyard market and which can be segmented by type, technology, capacity, digitalization level, and region. By type, the digital shipyard market has been segmented into military shipyards and commercial shipyards. based on type, the commercial segment of the digital shipyard market registered the highest growth during the forecast period. The digitalization of commercial shipyards has helped commercial ship owners and operators to have lower lifecycle costs, pursue capital improvements, streamline construction, increase operational availability, and lower overhead expenses to operate ships. By technology, the digital shipyard market has been segmented into artificial intelligence & big data analytics, robotic process automation, AR & VR, and others. By technology, artificial intelligence & big data analytics is expected to grow maximum during the forecast period. Artificial Intelligence (AI) is one of the most empowering digital transformation technologies in the shipbuilding industry. Pairing technologies such as IoT, blockchain, big data, and robotic process automation with AI and ML has enormous benefits in shipyard applications such as resource management, predictive maintenance, design, and production. By capacity, the digital shipyard market has been segmented into large shipyards, small shipyards, and medium shipyards. By capacity, the medium segment is expected to expand at a rapid pace in the coming future. Ships in the medium segment consist of cruises, naval ships, ferries, and passenger ships. By digitalization level, the digital shipyard market has been segmented into semi-digital shipyards and fully-digital shipyards. Key Development: In June 2022, BAE Systems collaborated with Dematec Automation to build a digital platform capability demonstrator that connects robots, welding machines, hardware subsystems, devices, and sensors across typical shipyard workflows. In June 2022, A Memorandum of Understanding (MoU) has been signed between Fameline Holding Group (FHG), its subsidiaries, and Inmarsat. The MoU represents the intent of both organizations to explore joint initiatives across the maritime and energy sectors to benefit both parties.
Fastest Growing Market
Increasing the use of product lifecycle management (PLM) solutions would fuel the growth of the Digital Shipyard market over the forecast period. Product lifecycle management (PLM) solutions offer a complete approach to shipbuilding to improve the overall shipyardâ€™s collaboration, synchronization, and productivity, along with service and support. This can be accomplished by optimizing processes such as design & engineering and supply chain management using PLM solutions.
3D printing, big data, and predictive maintenance are emerging technologies require in ship sectors, which undoubtedly expand the global market of a digital shipyard.
The major factor driving the market growth are rising demand for PLM solutions for the optimization of shipbuilding processes by shipyards across the globe. PLM is a customizable platform that offers tailored services as per customer requirements. PLM solutions also benefit tier II and tier III shipyards due to the new launching of the pay-as-you-use model, which leads to minimizing expenses. Furthermore, PLM solutions for shipbuilding service & product support process solutions offer at shipyards. This is expected to create attractive opportunities for developers of cloud-based shipbuilding software.
Digital twins are among the many emerging technologies in digital shipyards. A digital twin concept is a 3D virtual replica of a physical product. Data is fed into the digital twin, presenting a replica of the real physical product and the environmental conditions to which it is exposed. As a virtual replica of the real product, the twin allows one to view the current status and real-time condition of the product even if it is not present at the same location
Increased vulnerability to cyber threats is expected to hamper the market growth during forecasted time. As processes get digitalized, concerns about their security arise. Shipyards and ship operators have huge amount sensitive information stored in their IT platforms, including ship and part information. Hence, these companies are at a high risk of cyberattacks, which could lead to significant losses. Growing adoption of digitalization resultant in the rise of cyber-threats and cybercrimes to loss of crucial ship operational data, thus causing threats to national security.