Global Digital Shipyard Market Definition
The concept digital shipyard refers to the use of Industry 4.0 capacities in the design, construction, and maintenance of our ships and submarines as well as the use of this technology to monitor and manage the related infrastructure. It makes utilization sensors and monitoring systems installed by Cyber-Physical Systems (CPS), and that provides massive amounts of data to an IoT device, improving the ability to foresee and schedule future repairs. To decrease operational downtime, this acquired data is exchanged with other IoT devices in an industrial setting, often known as the Industrial IoT.
Global Digital Shipyard Market: Key Insight
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~18% |
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Base Year Market Size (2022) |
~ USD 1 Billion |
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Forecast Year Market Size (2035) |
~ USD 5 Billion |
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Regional Scope |
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Global Digital Shipyard Market Size, Forecast, and Trend Highlights Over 2023 - 2035
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.
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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 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.
Global Digital Shipyard Market: Growth Drivers and Challenges
Growth Drivers
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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.
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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.
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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%.
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Rise in Seaborne Trade– The number of merchant ships trading internationally to transport every kind of cargo was over 50,000.
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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.
Challenges
- 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%.
Global Digital Shipyard Market Regional Synopsis
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.
Market Segmentation
Our in-depth analysis of the global digital shipyard market includes the following segments:
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By Type |
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By Capacity |
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By Technology |
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By Digitalization Level |
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Top Featured Companies Dominating the Global Digital Shipyard Market
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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 Corporation
- Accenture PLC
- AVEVA Group Plc
- Pemamek Oy
- Dassault Systemes SAS
- Siemens AG
- Wartsila Corporation
- Inmarsat Global Limited
- PROSTEP INC
- Damen Shipyards Group
