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Digital Shipyard Market Analysis by Type (Commercial,and Military Shipyards); by Capacity (Small, Medium, and Large Shipyards); by Technology {Artificial Intelligence and Big Data Analysis, Robotics Process Automation, Augmented and Virtual Reality (AR and VR)}; and by Digitalization Level (Full, Partial, and Semi Digitalization)– Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

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.

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Purchasing 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

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IN THE NEWS

  • · Feb 08, 2021- AVEVA 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.
  • ·Dec 05, 2019 – Accenture was selected to assist Navantia in the development and implementation of ‘Shipyard 4.0’ to enhance the efficiency of ship design and construction.

Global Digital ShipyardMarket Size, Forecast, and Trend Highlights Over 2022 - 2031

Digital-Shipyard-Market-CAGR

The global digital shipyard market is estimated to garner a revenue of USD 5Billion by the end of 2031 by growing at a CAGR of ~18% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 1Billion in the year 2021. The growth of the global digital shipyard market trend can be 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.

Digital-Shipyard-Market-Size-Share

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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 will reduce the risk of death and accidents in workplaces like warehouses. According to International Labor Organization (ILO), over 340 million workplace accidents occur annually leading to 2.3 million deaths across the world.

Global Digital ShipyardMarket: Growth Drivers and Challenges

Growth Drivers

  • 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 can easily match workload and respond to big demand spikes. In 2021 the sea service requested a budget of USD 550 million funding forresearch and development of large and medium unmanned vehicles and USD 61 million for core technologies of extra-large unmanned vehicles.
  • Decrease in Production Cost– The increase in the use of digital technology applications could reduce production costs from 10 to 20% with advanced processing of seismic data, and the use of sensors.
  • Rise in Seaborne TradeThe 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 aninitiative to upgrade all 100-year-old public shipyards.

Challenges

  • Need for High Capital Investment
  • Displaces workers and lowers morale– As per OECD data, 14% of jobs are at risk of automation technology in 2021.
  • 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 and virtual reality, out of which, the robotic process automation segment is anticipated to hold the largestmarket sizeby the end of 2031 in the global digital shipyard market on account of time-saving and sophisticated solutions.Besides, 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%.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Research-and-Development-Expenditure

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market. 

Global Digital ShipyardMarket Regional Synopsis

Regionally, the global digital shipyard market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market size by the end of 2031 on the back of the high penetration rate of automation technology and process management among governments and enterprises in this region. The U.S, Canada, and Mexico 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 like 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.

Digital-Shipyard-Market-Analysis

The global digital shipyard market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global digital shipyard market includes the following segments:

By Type

  • Commercial Shipyards
  • Military Shipyards

 

By Capacity

  • Small Shipyards
  • Medium Shipyards
  • Large Shipyards

By Technology

  • Artificial Intelligence and Big Data Analysis
  •  Robotics Process Automation
  • Augmented and Virtual Reality

By Digitalization Level

  • Full Digitalization
  • Partial Digitalization
  • Semi Digitalization

Top Featured Companies Dominating the Global Digital ShipyardMarket

  • IFS World Operations AB (IFS)

    • Company Overview

    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • IBM
  • Accenture PLC
  • AVEVA Group Plc
  • PemamekOy
  • Dassault Systemes SAS
  • Siemens AG
  • WartsilaCorporation
  • Inmarsat Global Limited
  • PROSTEP INC
  • Damen Shipyards Group

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