PUBLISHER: The Business Research Company | PRODUCT CODE: 1662991
PUBLISHER: The Business Research Company | PRODUCT CODE: 1662991
A digital shipyard involves the utilization of advanced digital technologies such as artificial intelligence, automation, and big data analytics in the processes of designing, constructing, and maintaining ships. This approach proves advantageous, particularly in the design phase of projects related to ocean-going ships and submarines, where traditional physical design models and mock-ups can be both costly and time-consuming.
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 digital shipyard market size has grown rapidly in recent years. It will grow from $1.42 billion in 2024 to $1.69 billion in 2025 at a compound annual growth rate (CAGR) of 18.9%. The growth in the historic period can be attributed to efficiency and cost optimization in shipbuilding, globalization of shipbuilding industry, regulatory compliance and documentation management, rising complexity in ship design and construction, demand for real-time data and information.
The digital shipyard market size is expected to see exponential growth in the next few years. It will grow to $3.59 billion in 2029 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to integration with IoT and connectivity solutions, focus on environmental sustainability, collaboration, and supply chain integration, rise in demand for ship repair and maintenance, digital twin technology and simulation. Major trends in the forecast period include artificial intelligence (ai) for predictive analytics, cloud-based collaboration platforms, cybersecurity measures for digital assets, robotic process automation (RPA) for repetitive tasks, sustainable and eco-friendly design practices.
The increasing maritime trade is anticipated to drive the growth of the digital shipyard market in the future. Maritime trade refers to the transportation of goods conducted through accessible water routes and ports. Digital shipyards enhance maritime trade by streamlining shipbuilding processes, boosting efficiency, and facilitating the production of smarter, more sustainable vessels. For example, in June 2023, a report from the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, projected that maritime trade would grow by 2.4% in 2023. From 2024 to 2028, it is expected to continue expanding at a rate of over 2% annually. Therefore, the increase in maritime trade is driving the growth of the digital shipyard market.
The rising tourism industry is expected to propel the growth of the digital shipyard market going forward. Tourism involves traveling for leisure, recreation, and the exploration of new places and cultures. As global travel and maritime activities continue to rise, there is a growing demand for efficient and technologically advanced solutions in shipbuilding and maintenance. Digital shipyard technologies, such as digital twins, augmented reality, and advanced analytics, play a crucial role in enhancing the design, construction, and maintenance processes of ships. For instance, in December 2023, the Australian Bureau of Statistics, an Australian government administration, reported that in the 2022-23 fiscal year, domestic tourism spending increased by $34.9 billion compared to the previous year, reaching a total of $124.9 billion, while international tourism spending rose by $17.7 billion, totaling $23.6 billion. Therefore, the rise in tourism is driving the growth of the digital shipyard market.
Technological advancements are a significant trend gaining traction in the digital shipyard market. Major companies in this sector are adopting new technologies to maintain their competitive edge. For example, in March 2022, Seaspan ULC, a US-based provider of marine-related services, unveiled its HoloShip facility, an immersive visualization system that grants Seaspan and the Canadian marine industry access to a virtual reality environment. This system enables the development, integration, testing, and demonstration of new digital twin capabilities, transforming the shipbuilding, construction, and maintenance processes. With HoloShip, designers, engineers, production teams, and customers can interact with a highly accurate, fully detailed three-dimensional digital model of a ship displayed on a 5.6-meter-wide screen. Participants can experience the ship using 3D and virtual reality headsets, allowing them to navigate and engage with the environment, equipment, components, systems, and subsystems. Additionally, HoloShip can be accessed remotely by participants using networked devices.
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 June 2024, Hanwha Systems, a South Korea-based company specializing in defense and security systems, acquired Philly Shipyard. This acquisition aims to strategically bolster Hanwha Systems and Hanwha Ocean's global defense and shipbuilding operations by integrating Philly Shipyard's expertise and capabilities. Philly Shipyard is a US-based company that focuses on constructing large commercial vessels.
Major companies operating in the digital shipyard market include Altair Engineering Inc., BAE Systems plc, Dassault Systemes 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 AG, Navantia S.A., Pemamek Oy, Siemens Energy AG, AVEVA Group plc, PROSTEP AG, Wartsila 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 2024. 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.
The digital shipyard market includes revenues earned by entities by providing 3D printing shipyards, smart shipyards, and cloud-based shipyards. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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.
Digital Shipyard Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on digital shipyard market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for digital shipyard ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The digital shipyard market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.