Digital Shipyard Market Emerging Analysis, Future Growth and Business Opportunities 2030 – EIN News

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PORTLAND, ORAGON, UNITED STATES, August 30, 2022 /EINPresswire.com/ — The global digital shipyard market was valued at $0.84 billion in 2021, and is projected to reach $5.09 billion by 2031, growing at a CAGR of 19.6% from 2022 to 2031.
Currently, due to an expansion in worldwide trade and tourism activities via ships, the size of the digital shipyard market is expected to grow significantly in the future years. A digital shipyard is hired to integrate various digital technologies into a shipyard, such as augmented reality/virtual reality and IoT, to boost operational efficiency. For instance, in April 2022, Wartsila revealed its virtual and augmented simulation solutions for scalable and realistic training experience using the latest augmented reality (AR) and virtual reality (VR) technology. The solution creates real-life immersive environments to make a simulation of the operations performed on board any ship, and the lifelike scenarios improve learning retention, job performance and team collaboration. Hence, owing to a boom in process automation, the worldwide digital shipyard market is witnessing tremendous expansion.
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 The leading players operating in the digital shipyard market are Accenture, Altair Engineering Inc., Aras., AVEVA Group Plc, BAE Systems Plc, Damen Shipyards Group, Dassault Systems, Hexagon AB, iBASEt, Inmarsat Global Limited, Kranendonk Production Systems BV, Kreyon Systems Pvt. Ltd., Pemamek OY, PROSTEP AG, SAP SE, Siemens, and Wartsila.
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 The digital shipyard market is segmented into type, technology, capacity, and digitalization level. By type, the market is divided into military shipyards and commercial shipyards. By technology, it is fragmented into artificial intelligence & big data analytics, robotic process automation, augmented reality (AR) & virtual reality (VR), and other (digital twin, blockchain, industrial Internet of Things (IIOT)). By capacity, it is categorized into small shipyards, medium shipyards, and large shipyards. By digitalization level, it is fragmented into semi-digital shipyard and fully-digital shipyard. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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 The software and hardware used in the shipbuilding industry is highly sophisticated with advance technologies. Moreover, the early stage of automating a manufacturing requires procuring, accessories, programming, integration, and others. Hence, the huge capital expenditure at initial stage can be challenging for small players. Many small & medium scale shipbuilders find it tough to initiate huge funds owing to low production volume. In addition, the installation of new components such as hardware & software makes the network complex as the components are installed as per the demand of the service providers and need to be upgraded frequently to meet the compatibility that further increases the data complexity. Thus, companies are reluctant to implement it, which hamper the digital shipyard industry growth.
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 Key Benefits For Stakeholders
This study presents analytical depiction of the global digital shipyard market analysis along with current trends and future estimations to depict imminent investment pockets.
The overall digital shipyard market opportunity is determined by understanding profitable trends to gain a stronger foothold.
The report presents information related to the key drivers, restraints, and opportunities of the global digital shipyard market with a detailed impact analysis.
The current digital shipyard market is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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