Digital Shipyard Market: Introduction

  • Shipbuilding companies are focusing on the automation process over the last few years. The automation process helps save upon time taken for ship building. Various companies are taking initiatives to implement digitization in shipbuilding. This has led to rise in investments in modernization of facilities to increase productivity and reduce budgets, man power, as well as timelines.

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Key Drivers and Restraints of Digital Shipyard Market

  • Significant increase in industrialization and globalization has boosted the demand for sea trade. Sea is a highly effective and low cost mode of transportation. There are more than 53,000 merchant ships, around 11,000 bulk carriers, and 7,400 units of crude oil tankers in the world. The number of container ships in the world stood at about 5,000 units in 2019. These numbers are likely to rise in the near future due to increase in sea trade and tourism. Growth in demand for ships is anticipated to propel the digital shipyard market during the forecast period.
  • Rise in environmental concerns across the globe to lower the carbon footprint generated in the shipping industry is expected to be one of the key factors driving the digital shipyard market. Governments and international regulatory authorities across the globe are implementing regulations to lower the emission of carbon, Sox, and NOx in the shipping industry. Release of emission can be controlled through integration of digitization in shipping yards, as this allows shipbuilders to operate at maximum efficiency through connected technologies.
  • High initial cost is a major factor hampering the digital shipyard market. Software and hardware used in the shipbuilding industry is highly sophisticated with advance technologies. Thus, its cost is higher. Therefore, companies are reluctant to implement it.

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Global Digital Shipyard Market Segmentation

  • The global digital shipyard market can be segmented based on shipyard type, capacity, and technology
  • In terms of shipyard type, the digital shipyard market can be bifurcated into commercial and military. The commercial segment is anticipated to expand significantly during the forecast period, led by an increase in sea tourism since the last few years. This, in turn, is anticipated to boost the demand for commercials vessels. Thus, companies are estimated to invest significantly in commercial shipyards in the near future.
  • In terms of capacity, the digital shipyard market can be divided into large, medium, and small. In terms of volume, the medium segment is expected to expand at a faster pace in the near future. Ships in the medium segment include cruises, naval ships, ferries, and passenger ships.
  • Based on technology, the market can be classified into Internet of Things, block chain, robotics & automation, augmented reality/virtual reality, additive manufacturing, digital twin technology, and others. Currently, shipyard companies are focusing on the robotics & automation and Internet of Things segments. These segments are anticipated to expand at a higher CAGR during the forecast period.  

Global Digital Shipyard Market: Regional Segmentation

  • Based on region, the global digital shipyard market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Asia Pacific dominated the global digital shipyard market in 2018. The market in the region is expected to expand at a significant pace during the forecast period, as modernization and advancement in shipping industry is more in countries such as China, India and Japan. Governments of these countries are also upgrading and promoting the development of shipyards. Thus, the digital shipyard market in Asia Pacific is expected to expand at a high CARG during the forecast period. 
  • North America is projected to account for vital share of the global digital shipyard market in the near future. The U.S. is a major country in terms of automation and digitization. It has the necessary infrastructure and economical support. This is likely to boost the market in North America in the near future.
  • The market in Europe is projected to expand at a significant CAGR during the forecast period. On the other hand, the market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period.

COVID-19 Impact

  • Rapid transmission of coronavirus is significantly impacting the global shipping market, due to the sudden decline in demand for goods. Pre-planned trips and cruises are getting cancelled. Shipping orders are also being cancelled. This has adversely affected large crude tankers and large bulk carriers. Furthermore, containerized shipping has declined, thus slowing down economic activities all over the world. Surge in COVID-19 cases in Europe, North America, and other regions has significantly hampered investment and project timelines in development of digital shipyard. Thus, the COVID-19 outbreak is estimated to restrain the digital shipyard market over the next two years.

Key Players Operating in Market:

  • Dassault Systèmes
  • Siemens
  • AVEVA Group plc
  • thyssenkrupp Marine Systems GmbH
  • Pemamek Oy
  • IFS AB
  • Inmarsat Global Limited
  • Wärtsilä
  • Altair Engineering, Inc
  • Hexagon AB
  • BAE Systems

Global Digital Shipyard Market: Research Scope

Global Digital Shipyard Market, by Shipyard Type

  • Commercial
  • Military

Global Digital Shipyard Market, by Capacity

  • Large
  • Medium
  • Small

Global Digital Shipyard Market, by Technology

  • Internet of Things
  • Block chain
  • Robotics & Automation
  • Augmented Reality/Virtual Reality
  • Additive Manufacturing
  • Digital Twin Technology
  • Others

Global Digital Shipyard Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • South Korea
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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