Business News
Digital Shipyard Market to Hit $7.7 billion by 2032, Growing at a 19.8% CAGR
digital shipyard market
The global digital shipyard market is expanding rapidly due to an increase in demand for cargo ships due to increased maritime trade
WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, September 2, 2024 /EINPresswire.com/ — A ðð¢ð ð¢ððð¥ ðð¡ð¢ð©ð²ðð«ð has been engaged to incorporate an array of digital technologies within a shipyard, including augmented reality, virtual reality, and the Internet of Things (IoT), in order to enhance operational efficiency. This solution fosters real-time immersive settings for simulating shipyard operations, leading to improved learning retention, job performance, and teamwork. As a result of the significant surge in process automation, the global digital shipyard market is experiencing substantial growth.
ðððªð®ðð¬ð ððð¦ð©ð¥ð ððð ðð¬ ðð¨ð°: https://www.alliedmarketresearch.com/request-sample/A09171
Increase in demand for cargo ships due to increased maritime trade, rise in environmental concerns globally to lower the carbon footprint generated in the shipping industry, and rise in adoption of digital twin technology supplement the growth of the digital shipyard market. However, high cost of digitalization and training cost products and complexity associated with the systems are expected to hamper the growth of the market. In addition, rising implementation of robot technology in the shipbuilding industry and increasing use of industrial internet of things (IIoT) are expected to create ample opportunities for the key players operating in the market.
ðð¡ð ð¤ðð² ð©ð¥ðð²ðð«ð¬ ð©ð«ð¨ðð¢ð¥ðð ð¢ð§ ðð¡ð¢ð¬ ð«ðð©ð¨ð«ð ð¢ð§ðð¥ð®ðð
PROSTEP AG, KRANENDONK Production Systems BV, SSI, Aveva Group plc, Dassault Systemes, Wartsila, SAP, Accenture, Hexagon AB, Pemamek, Altair Engineering Inc., Inmarsat Global Limited, Damen Shipyards Group, Kreyon Systems Pvt Ltd., Siemens, BAE Systems, iBase-t, Aras
Prime determinants of growth
An increase in demand for cargo ships due to increased maritime trade, rise in environmental concerns worldwide to lower the carbon footprint generated in the shipping industry, and rise in adoption of digital twin technology drive the growth of the global digital shipyard market. However, the high cost of digitalization and training cost products, and complexity associated with the systems restricts the market growth. Moreover, rising implementation of robot technology in shipbuilding industry, and increasing use of industrial internet of things (IIoT) presents new opportunities in the coming years.
ðð®ð² ðð¨ð° ðð¡ð ðð±ðð¥ð®ð¬ð¢ð¯ð ððð©ð¨ð«ð: https://www.alliedmarketresearch.com/checkout-final/c1485fb68f536e0d97b2ae570554ab7a
The concept of digital shipyard is typically attributed to the upgradation of shipyards with the adoption of Industry 4.0 capabilities, such as âCyber-Physical Systems" (CPS) and Internet of Things (IoT) to evolve shipyards for the modern era. By combining the Internet of Things (IoT) with cyber-physical systems (CPS), shipbuilders can produce virtual models in a fraction of the time. These are used to test, modify, and improve designs before physical production commences. Thus, many major shipbuilders in the commercial and defense sectors are adopting a combination of Industry 4.0 technologies to create a digital shipyard for the future.
Based on capacity, the medium shipyard segment accounted for the largest share in 2022, contributing to nearly half of the global digital shipyard market revenue and is estimated to rule the roost throughout the forecast timeframe. The primary factors that drive the medium shipyards segment growth are rise in the demand for sea trade & tourism due to low-cost mode of transportation and rise in investments in modernization of facilities. However, the large shipyard segment is expected to portray the largest CAGR of 22.4% from 2023 to 2032. The increase in popularity of ultra-large container ships through integration of digitization along with rise in sea trade is expected to foster market growth.
ððð ð¢ð¨ð§ðð¥ ðð§ðð¥ð²ð¬ð¢ð¬:
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global digital shipyard market revenue, however LAMEA is expected to dominate the market during the forecast period. The Asia-Pacific region is dominating due to the presence of emerging economies such as China and India that are modernizing and procuring marine vessels for the upgradation of their shipyards to establish a strong foothold in the marine sector. However, the LAMEA region is expected to witness the fastest CAGR of 27.6% from 2023 to 2032. LAMEA regions are witnessing foreign investment in their countries, due to which there is rise in the development and implementation of automation, thereby boosting the market growth in the region.
ððð ðð®ð¬ðð¨ð¦ð¢ð³ðð ððð©ð¨ð«ðð¬ ð°ð¢ðð¡ ð²ð¨ð®âð«ð ðððªð®ð¢ð«ðð¦ðð§ðð¬: https://www.alliedmarketresearch.com/request-for-customization/A09171
Based on type, the commercial shipyard segment held the highest market share in 2022, accounting for more than two-thirds of the global digital shipyard market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is also projected to manifest the highest CAGR of 20.6% from 2023 to 2032, owing to the increase in sea tourism, industrialization and globalization.
ðð§ððð«ðð¬ððð ðð¨ ðð«ð¨ðð®ð«ð ðð¡ð ððð¬ððð«ðð¡ ððð©ð¨ð«ð? ðð§ðªð®ð¢ð«ð ðððð¨ð«ð ðð®ð²ð¢ð§ð : https://www.alliedmarketresearch.com/purchase-enquiry/A09171
The report provides a detailed analysis of these key players in the global digital shipyard market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
ðð¡ððð¤ ð¨ð®ð ð¦ð¨ð«ð ð«ðð¥ðððð ð¬ðð®ðð¢ðð¬ ð©ð®ðð¥ð¢ð¬ð¡ðð ðð² ððð ððð¬ððð«ðð¡:
Delivery Robot Market – https://www.globenewswire.com/en/news-release/2021/10/07/2310123/0/en/Delivery-Robot-Market-to-Garner-30-05-Billion-by-2030-Allied-Market-Research.html
Self-Driving Bus Market – https://www.alliedmarketresearch.com/self-driving-bus-market
Autonomous Mobile Robot Market – https://www.prnewswire.com/news-releases/autonomous-mobile-robot-market-to-reach-12-4-billion-globally-by-2030-at-17-0-cagr-allied-market-research-301570963.html
Freight Trucking Market – https://www.globenewswire.com/en/news-release/2022/11/16/2557532/0/en/Freight-Trucking-Market-Size-to-Reach-4-457-4-Billion-by-2031-Allied-Market-Research.html
Used Bike Market – https://www.prnewswire.com/news-releases/used-bikes-market-to-reach-66-2-billion-globally-by-2031-at-5-6-cagr-allied-market-research-301756457.html
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X
Legal Disclaimer:
EIN Presswire provides this news content “as is” without warranty of any kind. We do not accept any responsibility or liability
for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this
article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
digital shipyard market
The global digital shipyard market is expanding rapidly due to an increase in demand for cargo ships due to increased maritime trade
WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, September 2, 2024 /EINPresswire.com/ — A ðð¢ð ð¢ððð¥ ðð¡ð¢ð©ð²ðð«ð has been engaged to incorporate an array of digital technologies within a shipyard, including augmented reality, virtual reality, and the Internet of Things (IoT), in order to enhance operational efficiency. This solution fosters real-time immersive settings for simulating shipyard operations, leading to improved learning retention, job performance, and teamwork. As a result of the significant surge in process automation, the global digital shipyard market is experiencing substantial growth.
ðððªð®ðð¬ð ððð¦ð©ð¥ð ððð ðð¬ ðð¨ð°: https://www.alliedmarketresearch.com/request-sample/A09171
Increase in demand for cargo ships due to increased maritime trade, rise in environmental concerns globally to lower the carbon footprint generated in the shipping industry, and rise in adoption of digital twin technology supplement the growth of the digital shipyard market. However, high cost of digitalization and training cost products and complexity associated with the systems are expected to hamper the growth of the market. In addition, rising implementation of robot technology in the shipbuilding industry and increasing use of industrial internet of things (IIoT) are expected to create ample opportunities for the key players operating in the market.
ðð¡ð ð¤ðð² ð©ð¥ðð²ðð«ð¬ ð©ð«ð¨ðð¢ð¥ðð ð¢ð§ ðð¡ð¢ð¬ ð«ðð©ð¨ð«ð ð¢ð§ðð¥ð®ðð
PROSTEP AG, KRANENDONK Production Systems BV, SSI, Aveva Group plc, Dassault Systemes, Wartsila, SAP, Accenture, Hexagon AB, Pemamek, Altair Engineering Inc., Inmarsat Global Limited, Damen Shipyards Group, Kreyon Systems Pvt Ltd., Siemens, BAE Systems, iBase-t, Aras
Prime determinants of growth
An increase in demand for cargo ships due to increased maritime trade, rise in environmental concerns worldwide to lower the carbon footprint generated in the shipping industry, and rise in adoption of digital twin technology drive the growth of the global digital shipyard market. However, the high cost of digitalization and training cost products, and complexity associated with the systems restricts the market growth. Moreover, rising implementation of robot technology in shipbuilding industry, and increasing use of industrial internet of things (IIoT) presents new opportunities in the coming years.
ðð®ð² ðð¨ð° ðð¡ð ðð±ðð¥ð®ð¬ð¢ð¯ð ððð©ð¨ð«ð: https://www.alliedmarketresearch.com/checkout-final/c1485fb68f536e0d97b2ae570554ab7a
The concept of digital shipyard is typically attributed to the upgradation of shipyards with the adoption of Industry 4.0 capabilities, such as âCyber-Physical Systems" (CPS) and Internet of Things (IoT) to evolve shipyards for the modern era. By combining the Internet of Things (IoT) with cyber-physical systems (CPS), shipbuilders can produce virtual models in a fraction of the time. These are used to test, modify, and improve designs before physical production commences. Thus, many major shipbuilders in the commercial and defense sectors are adopting a combination of Industry 4.0 technologies to create a digital shipyard for the future.
Based on capacity, the medium shipyard segment accounted for the largest share in 2022, contributing to nearly half of the global digital shipyard market revenue and is estimated to rule the roost throughout the forecast timeframe. The primary factors that drive the medium shipyards segment growth are rise in the demand for sea trade & tourism due to low-cost mode of transportation and rise in investments in modernization of facilities. However, the large shipyard segment is expected to portray the largest CAGR of 22.4% from 2023 to 2032. The increase in popularity of ultra-large container ships through integration of digitization along with rise in sea trade is expected to foster market growth.
ððð ð¢ð¨ð§ðð¥ ðð§ðð¥ð²ð¬ð¢ð¬:
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global digital shipyard market revenue, however LAMEA is expected to dominate the market during the forecast period. The Asia-Pacific region is dominating due to the presence of emerging economies such as China and India that are modernizing and procuring marine vessels for the upgradation of their shipyards to establish a strong foothold in the marine sector. However, the LAMEA region is expected to witness the fastest CAGR of 27.6% from 2023 to 2032. LAMEA regions are witnessing foreign investment in their countries, due to which there is rise in the development and implementation of automation, thereby boosting the market growth in the region.
ððð ðð®ð¬ðð¨ð¦ð¢ð³ðð ððð©ð¨ð«ðð¬ ð°ð¢ðð¡ ð²ð¨ð®âð«ð ðððªð®ð¢ð«ðð¦ðð§ðð¬: https://www.alliedmarketresearch.com/request-for-customization/A09171
Based on type, the commercial shipyard segment held the highest market share in 2022, accounting for more than two-thirds of the global digital shipyard market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is also projected to manifest the highest CAGR of 20.6% from 2023 to 2032, owing to the increase in sea tourism, industrialization and globalization.
ðð§ððð«ðð¬ððð ðð¨ ðð«ð¨ðð®ð«ð ðð¡ð ððð¬ððð«ðð¡ ððð©ð¨ð«ð? ðð§ðªð®ð¢ð«ð ðððð¨ð«ð ðð®ð²ð¢ð§ð : https://www.alliedmarketresearch.com/purchase-enquiry/A09171
The report provides a detailed analysis of these key players in the global digital shipyard market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
ðð¡ððð¤ ð¨ð®ð ð¦ð¨ð«ð ð«ðð¥ðððð ð¬ðð®ðð¢ðð¬ ð©ð®ðð¥ð¢ð¬ð¡ðð ðð² ððð ððð¬ððð«ðð¡:
Delivery Robot Market – https://www.globenewswire.com/en/news-release/2021/10/07/2310123/0/en/Delivery-Robot-Market-to-Garner-30-05-Billion-by-2030-Allied-Market-Research.html
Self-Driving Bus Market – https://www.alliedmarketresearch.com/self-driving-bus-market
Autonomous Mobile Robot Market – https://www.prnewswire.com/news-releases/autonomous-mobile-robot-market-to-reach-12-4-billion-globally-by-2030-at-17-0-cagr-allied-market-research-301570963.html
Freight Trucking Market – https://www.globenewswire.com/en/news-release/2022/11/16/2557532/0/en/Freight-Trucking-Market-Size-to-Reach-4-457-4-Billion-by-2031-Allied-Market-Research.html
Used Bike Market – https://www.prnewswire.com/news-releases/used-bikes-market-to-reach-66-2-billion-globally-by-2031-at-5-6-cagr-allied-market-research-301756457.html
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X
Legal Disclaimer:
EIN Presswire provides this news content “as is” without warranty of any kind. We do not accept any responsibility or liability
for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this
article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
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Diana Jenkins
September 5, 2024 at 8:03 am
In conclusion, the digital shipyard market is poised for remarkable growth, projected to reach $7.7 billion by 2032, fueled by a robust 19.8% CAGR. This expansion is largely driven by the escalating demand for cargo ships due to increased maritime trade, heightened environmental awareness, and the adoption of cutting-edge technologies like digital twins, IoT, and automation. Despite challenges such as the high costs of digitalization and training, opportunities abound in the form of robotic technology and the industrial internet of things. As shipbuilders embrace Industry 4.0 capabilities, the future of the digital shipyard promises to enhance operational efficiencies and shape a more sustainable maritime industry.
Bob Butler
September 5, 2024 at 3:29 pm
In conclusion, the digital shipyard market is poised for significant growth, projected to reach $7.7 billion by 2032, fueled by a robust CAGR of 19.8%. The driving forces behind this expansion include the increasing demand for cargo ships, heightened environmental awareness, and the adoption of advanced technologies like digital twin and IoT. While challenges such as high digitalization costs and complexity exist, the rise of automation and IIoT presents ample opportunities for key players. As shipyards integrate Industry 4.0 capabilities, the landscape of maritime trade and shipbuilding is evolving, setting the stage for a more efficient and sustainable future in the industry.
Gina Simmons
September 5, 2024 at 7:50 pm
The digital shipyard market is poised for significant growth, projected to reach $7.7 billion by 2032, with a remarkable CAGR of 19.8%. This expansion is primarily driven by the increasing demand for cargo ships, heightened environmental awareness, and the adoption of advanced technologies such as digital twins and automation. While challenges related to the costs and complexities of digitalization exist, opportunities abound in the integration of robotics and the Industrial Internet of Things (IIoT). As the maritime industry increasingly embraces digital transformation, the future of shipbuilding looks set to be more efficient and streamlined, making digital shipyards the cornerstone of modern maritime operations.
Diana Jenkins
September 5, 2024 at 7:51 pm
The digital shipyard market is poised for remarkable growth, projected to reach $7.7 billion by 2032, with a robust CAGR of 19.8%. This expansion is driven by the increasing demand for cargo ships spurred by global maritime trade, the rising emphasis on sustainability to reduce carbon emissions in shipping, and the growing adoption of advanced technologies like digital twins and robotics. Despite challenges such as high digitalization costs and system complexities, opportunities abound for market players to innovate and enhance operational efficiencies. As the industry embraces Industry 4.0, the future of shipbuilding looks promising, paving the way for smarter, more efficient shipyards that meet the evolving demands of the maritime sector.
Carla Hughes
September 5, 2024 at 7:57 pm
The digital shipyard market is poised for remarkable growth, projected to reach $7.7 billion by 2032 with a robust CAGR of 19.8%. This surge is driven by increasing demands for cargo ships fueled by heightened maritime trade and growing environmental concerns regarding the shipping industry’s carbon footprint. The integration of advanced technologies such as augmented reality, virtual reality, and IoT within shipyards enhances operational efficiencies and fosters innovation in shipbuilding processes. While challenges such as high digitalization costs and system complexities persist, the ongoing adoption of automation and digital twin technology presents significant opportunities for growth. As the shipping industry evolves, the digital shipyard is set to play a pivotal role in shaping the future of maritime operations.
Greg Parker
September 5, 2024 at 9:49 pm
The digital shipyard market is poised for remarkable growth, with projections indicating an expansion to $7.7 billion by 2032 and an impressive compound annual growth rate (CAGR) of 19.8%. Driven by increasing demands for cargo ships, heightened environmental awareness, and the adoption of innovative technologies such as digital twins and IoT, the market is evolving rapidly. While challenges such as high digitalization costs and system complexities may impede growth, the integration of robotics and automation presents significant opportunities for market players. As industries modernize and seek efficiency, the digital shipyard concept is set to redefine maritime operations, ensuring a competitive edge in the global shipping landscape.