Digital Shipyard Global Market Report 2024

The digital shipyard market size has grown exponentially in recent years. It will grow from $1.21 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth observed in the historic period of digital shipyards can be attributed to factors such as the pursuit of efficiency and cost optimization in shipbuilding, the globalization of the shipbuilding industry, the need for regulatory compliance and effective documentation management, increasing complexity in ship design and construction processes, and the growing demand for real-time data and information in the maritime sector.

The digital shipyard market size is expected to see rapid growth in the next few years. It will grow to $2.96 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The anticipated growth in the forecast period for digital shipyards can be attributed to factors such as the integration with IoT and connectivity solutions, a heightened focus on environmental sustainability in maritime practices, increased collaboration and supply chain integration, a rise in demand for ship repair and maintenance services, and the adoption of digital twin technology and simulation for enhanced ship design and operational efficiency. Major trends in the forecast period include the application of artificial intelligence (AI) for predictive analytics, the utilization of cloud-based collaboration platforms, cybersecurity measures for safeguarding digital assets, the implementation of robotic process automation (RPA) for streamlining repetitive tasks, and the promotion of sustainable and eco-friendly design practices within the shipbuilding industry.

The digital shipyard market is anticipated to experience substantial growth due to the expansion of global trade and tourism activities via ships. As international trade and human migration increase, there's a growing demand for cost-effective shipbuilding and maintenance solutions. The industry offers benefits such as reduced production times, improved quality assurance, and enhanced efficiency. According to a January 2023 report by the United Nations Conference on Trade and Development (UNCTD), global shipments rose by an estimated 3.2% in 2021, reaching 11 billion tones, with growth observed across developing areas. Notably, Asia remained the leading maritime cargo handling hub, handling 42% of loaded products and 64% of unloaded ones in 2021, while other regions such as Africa, Latin America, and the Caribbean also experienced growth, contributing to the expansion of the digital shipyard market.

The growth of the digital shipyard market is projected to be further fueled by the increasing trend in tourism. With a rising demand for efficient shipbuilding and maintenance solutions, technological advancements are vital in catering to the needs of global travel and maritime activities. Technologies such as digital twins, augmented reality, and advanced analytics are significantly enhancing ship design, construction, and maintenance processes. For example, based on a May 2022 report by the Press Information Bureau, India aimed to escalate cruise passenger traffic from 0.4 million to 4 million. Additionally, ForwardKeys forecasted that Valencia would witness a significant increase in cruise ship passengers in 2022, doubling the number from 2019, with a substantial rise in port stops. These trends in tourism continue to propel the growth of the digital shipyard market.

A notable trend within the digital shipyard market is the adoption of technological advancements by major industry players to maintain their market positions. Companies are embracing new technologies to stay competitive. As seen in March 2022, Seaspan ULC introduced its innovative HoloShip facility. This immersive visualization system revolutionizes the shipbuilding process by offering access to a virtual reality environment. Seaspan's HoloShip allows for the development, integration, testing, and demonstration of new digital twin capabilities, effectively changing the landscape of ship construction and maintenance. This 3D digital model enables designers, engineers, production teams, and clients to experience a highly accurate representation of the ship through various devices and virtual reality headsets, fostering an interactive and comprehensive understanding of ship components and systems.

Leading companies in the digital shipyard sector are strategically concentrating on introducing digital platforms to establish a competitive advantage. These platforms integrate advanced technologies to facilitate seamless communication, collaboration, and efficient data management across the entire shipbuilding process. For example, in September 2023, Danelec Marine, a Denmark-based marine product manufacturer, unveiled Danelec Connect. This digital platform is specifically engineered to enhance operational efficiencies within the maritime industry by aggregating real-time, high-quality data from onboard sensors and systems. Danelec Connect enables stakeholders in the maritime sector to access actionable insights derived from diverse data sources through a robust cloud-based dataspace. Moreover, it offers automated reporting features that deliver clear visualizations concerning fuel usage and the Carbon Intensity Index (CII), aiding informed decision-making.

In July 2021, Siemens, a prominent US-based software company, made an undisclosed acquisition of the FORAN software business from Sener, a Spain-based engineering firm operating in the digital shipyard domain. This strategic move strengthens Siemens' position in ship design and engineering digital thread solutions, reinforcing its foothold in the competitive landscape of the digital shipyard market.

Major companies operating in the digital shipyard market report are Altair Engineering Inc., BAE Systems plc, Dassault Systèmes SE, IFS WORLD OPERATIONS AB, Accenture plc, Aras Corporation, Bureau Veritas SA, Cadmatic Oy, Damen Shipyards Group, Hexagon AB, iBASEt LLC, Inmarsat Global Limited, Kranendonk Production Systems BV, KUKA Aktiengesellschaft, Navantia S.A., Pemamek Oy, Siemens Energy AG, AVEVA Group plc, Kreyon Systems Pvt. Ltd., PROSTEP AG, Wärtsilä Oyj Abp, ABB Ltd., Honeywell International Inc., Emerson Electric Co., Schneider Electric SE, Rockwell Automation Inc., General Electric Company, IBM Corporation, Oracle Corporation, Microsoft Corporation, Google LLC, Amazon Web Services Inc., Cisco Systems Inc..

Asia-Pacific was the largest region in the digital shipyard market in 2023. Asia-Pacific is expected to be the fastest-growing region in the digital shipyard market report during the forecast period. The regions covered in the digital shipyard market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the digital shipyard market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Digital shipyards are categorized into commercial and military types. Commercial shipyards are specifically designed facilities for the construction, repair, and maintenance of commercial ships. The technologies employed in digital shipyards encompass augmented reality/virtual reality (AR/VR), digital twin and simulation, additive manufacturing, artificial intelligence, big data analytics, robotic process automation, industrial internet of things (IIoT), cybersecurity, blockchain, and cloud and master data management. These technologies find applications in various processes, including research and development, design and engineering, manufacturing and planning, and maintenance and support. Digital shipyards are available in various capacities, including large shipyards, medium shipyards, and small shipyards, catering to end-users' needs, including implementation and upgrades, along with services.

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The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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