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Rise in adoption of digital twin technology drives Digital Shipyard market to grow at 19.6% CAGR
WILMINGTON, DELAWARE, UNITED STATES, September 13, 2023/EINPresswire/ -- The digital shipyard market size was valued at $846.20 million in 2021, and is estimated to reach $5.09 billion by 2031, growing at a CAGR of 19.6% from 2022 to 2031.
The concept of digital shipyard is typically attributed to the upgradation of shipyards with the adoption of industry 4.0 capabilities, such as“Cyber-Physical Systems" (CPS) and Inteof Things (IoT) to evolve shipyards for the modern era. By combining the Inteof 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.
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For instance, in December 2020, Pemamek OY received a contract from Babcock International Group, which is a developer of aerospace and defense solutions, to supply PEMA welding and production lines for its shipbuilding site at Rosyth, Scotland. This allowed Babcock to raise the level of automation at its plant and also increased its welding and handling capabilities, which improved the manufacturing quality of ship structures.
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 industry . 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 inteof things (IIoT) are expected to create ample opportunities for the key players operating in the market.
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The global digital shipyard market has witnessed significant growth in recent years, owing to increase in investments by shipyard enterprises and noteworthy increase in industrialization and globalization. Governments and international regulatory authorities across the globe are implementing regulations to lower the emission of carbon, SOx, and NOx in the shipping industry. Furthermore, companies operating in the market have adopted partnerships, product launches, and agreements to increase their market share and expand their geographical presence. For instance, in September 2021, Kranendonk Production Systems BV signed an agreement with Shanghai Waigaoqiao Shipbuilding Co. Ltd. to deliver thin plate flat assembly line section that automated the welding process for large cruise ships. This led to automatic seamless welding operations along with high welding quality and efficient welding process.
The leading players operating in the digital shipyard market are Accenture, Altair Engineering Inc., Aras, AVEVA Group Plc, 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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David Correa
Allied Analytics LLP
+1 800-792-5285
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