In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSAVEVA Group plcto implement more efficient projects and offer the marine industrynew features to connect business-critical processes of engineering, design, planning, construction, and operations. New tools are developed to optimize project execution, shipyard operations, and vessel performance through digitalization across the marine lifecycle.
Accenture was selected to assist Navantia in the development and implementation of ‘Shipyard 4.0’ to enhance the efficiency of ship design and construction.
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~18% |
|
Base Year Market Size (2022) |
~ USD 1 Billion |
|
Forecast Year Market Size (2035) |
~ USD 5 Billion |
|
Regional Scope |
|
The global digital shipyard market is estimated to garner a revenue of USD 5 Billion by the end of 2035 by growing at a CAGR of ~18% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 1 Billion in the year 2022. The growth of the global digital shipyard market trend is primarily attributed to the growing adoption of robots, and digital and automation technology in the shipbuilding process during the forecast period. The sales of industrial robots reported an increase of almost 27% in America with a new record of 4.86 million units shipped globally.
Get more information on this report:Download Sample PDF
Robotic process automation (RPA) is currently developing business process automation technology based on the idea of software robots and artificial intelligence (AI). It helps to mimic the back-office tasks of humans. Also, robotic process automation reduces the risk of death and accidents in workplaces such as warehouses. According to International Labor Organization (ILO), over 340 million workplace accidents occur annually leading to 2.3 million deaths across the world.
Increased Use of Industrial Internet of Things (IoT) – The number of IoT devices is estimated to grow to 20 billion by 2020, up from 8.4 billion in 2017.
Enhanced Implementation of Robotic Technology – Robotic process automation drives rapid, significant improvement across industries such as shipyards around the world during the forecast period. Besides, robotic process automation easily matches workload and responds to big demand spikes. In 2021 the sea service requested a budget of USD 550 million in funding for research and development of large and medium unmanned vehicles and USD 61 million for core technologies of extra-large unmanned vehicles.
Decrease in Production Cost– With sophisticated seismic data processing and sensor utilization, increased use of digital technology applications potentially results in production cost reductions of 10% to 20%.
Rise in Seaborne Trade– The number of merchant ships trading internationally to transport every kind of cargo was over 50,000.
Digital Twin Technology Adoption –In 2018, the U.S launched a20-year Shipyard Infrastructure Optimization Program (SIOP) worth USD 21 billion, as an initiative to upgrade all 100-year-old public shipyards.
Displaces Workers and Lowers Morale – To reduce costs, shipyard staff are not being transferred or terminated from their existing positions. Instead, a position is carefully examined to determine whether it is withdrawn and handed to the waterfront to boost the number of employees working directly to assist a project when one employee goes on, whether via promotion, retirement, finding a job outside the shipyard, or other ways. As per OECD (Organization for Economic Co-operation and Development) data, 14% of jobs are at risk of automation technology in 2021.
Need for High Capital Investment
High Maintenance Cost and Expensive Software
The global digital shipyard market is segmented and analyzed by technology into artificial intelligence & big data analysis, robotics process automation, and augmented & virtual reality (AR & VR). Out of these, the robotic process automation segment is anticipated to hold the largest market size by the end of 2035. Robotic process automation makes an organization more flexible, profitable, and responsive by increasing employee satisfaction, engagement, and productivity by removing repetitive tasks from workers. With the use of robots in industries productivity increased by 5% and working hours decreased by 3%.
The North America digital shipyard market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035, on the back of the high penetration rate of automation technology and process management among governments and enterprises in this region. The U. S, Canadian, and Mexican companies ordered up to 28% more i.e., 11,595 industrial robots compared to the first quarter of 2021. Further, increased implementation of robotic process automation in various business functions such as data entry, accounting, finance, procurement detail, and record management influence the market growth. The North American robotics market trend experience a rose in revenue by 43% and reached a value of USD 664 million in 2021.
Our in-depth analysis of the global digital shipyard market includes the following segments:
|
By Type |
|
|
By Capacity |
|
|
By Technology |
|
|
By Digitalization Level |
|
FREQUENTLY ASKED QUESTIONS
Increased use of industrial internet of things (IoT), enhancedimplementation of robotic technology, and awareness of efficiency and safety are the major factors driving the growth of the digital shipyard market.
The market is anticipated to attain a CAGR of ~18% over the forecast period, i.e., 2023 – 2035.
High capital investment, expensive software,and high maintenance cost are estimated to hamper the market growth.
The market in North America region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market areIFS,IBM, Accenture, AVEVA Group Plc, Pemamek, Dassault Systemes, Siemens, Wartsila, Inmarsat, PROSTEP AG, and Damen Shipyards Group.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented bytype,capacity, technology, digitalization level, and by region.
The robotics process automation segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
Related Reports
Disclaimer | Privacy Policy | Terms & Conditions | LOB
Copyright © 2022 Research Nester. All Rights Reserved
