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The digital shipyard market is set to grow from its current market value of more than $1.6 Billion to over $6.8 Billion by 2032; as reported in the latest study by Global Market Insights, Inc.

The increasing number of shipyard agreements aimed at enhancing performance will drive the industry growth. With more shipyards recognizing the need for efficiency and productivity, they are turning to digital solutions to streamline operations. These agreements signify a shift towards technology-driven processes to optimize workflows, reduce costs, and improve overall performance. For instance, in February 2024, Baku Shipyard (BSY Engineering) located in Azerbaijan forged a partnership with SSI to integrate its ShipConstructor design and modelling solution. Furthermore, the higher adoption of digital technologies in shipbuilding will provide shipyards with a competitive edge, further adding to the market growth.

The digital shipyard market from the digital twin technology segment may exhibit a decent growth rate over 2023-2032. Digital twins are virtual replicas of physical assets enabling shipyards to simulate and analyze various scenarios throughout a vessel’s lifecycle. By providing real-time insights into performance, maintenance needs, and operational efficiency, digital twins empower shipyards to make data-driven decisions, optimize processes, and enhance vessel performance. This increasing reliance on digital twin technology is also underscoring its pivotal role in driving innovations within the shipbuilding industry.

The military shipyards type segment in the digital shipyard industry will register a noteworthy CAGR from 2023 to 2032. With defence agencies emphasizing modernization and efficiency, digital solutions are becoming indispensable. Military shipyards are increasingly turning to digital technologies to enhance their capabilities, improve operational efficiency, and ensure readiness. From advanced design and modelling tools to integrated data management systems, digital solutions enable military shipyards to streamline processes, reduce costs, and accelerate project timelines. This growing demand will further drive the critical role of digitalization in strengthening national defence capabilities.

North America digital shipyard market will register over 13.5% CAGR from 2023 to 2032. As one of the leading regions in shipbuilding innovation, North American shipyards are increasingly adopting digital technologies to stay competitive. With a strong focus on enhancing efficiency, reducing costs, and meeting stringent regulatory standards, there is a growing need for digital solutions like advanced design software, data analytics platforms, and integrated workflow systems. The rising commitment to driving innovations and excellence in the maritime sector will also influence the regional market growth.

Some of the leading digital shipyard companies are Hexagon AB, BAE Systems, Altair Engineering Inc., Siemens, SAP, Aras, Wartsila, Dassault Systèmes, iBase-t, SSI, Aveva Group plc. These market players are relentlessly investing in R&D activities as well as forging partnerships to innovate new technologies, expand their product portfolios, and enhance existing solutions. For instance, in June 2022, South Korea’s Hyundai Shipbuilding group, in collaboration with Siemens, aimed to create tailored CAD software for ship design, utilizing NX CAD to expedite digital transformation in shipyards.

Source: https://www.gminsights.com/industry-analysis/digital-shipyard-mark

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