Digital Shipyard Market Size, Share, Growth Analysis, By Shipyard Type(Commercial Shipyard, Military Shipyard), By Technology(Cloud Computing, Block Chain, Artificial Intelligence, Big Data Analytics), By Digitalization Level(Partially Digital, Semi Digital, Fully Digital), By Capacity(Small Shipyard, Medium Shipyard, Large Shipyard), By Region - Industry Forecast 2024-2031

Drivers

• Increased use of industrial internet of things (IIoT) in shipbuilding: The digital shipyard uses the IIoT to enhance its decision-making capabilities and manufacturing processes by fusing the IoT's communication capabilities with machine learning and big data. Due to the growing adoption of IIoT in the shipbuilding sector to increase output, reduce downtime, and enhance operational efficiency, the market is predicted to grow significantly over the forecast period.
• Increased use of robot technology in the shipbuilding industry: In order to speed up production and save costs, shipbuilding businesses throughout the world are working on automating industrial processes like cutting, welding, painting, assembly, and others. Welding robots have been used by a number of important companies, including Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries, and Hyundai Heavy Industries, to lower ship production costs.

For instance, the Geoje Shipyard of Samsung Heavy Industries Co. Ltd. created a number of robot systems, including inspection robots, wall-climbing robots, spider automatic welding robots, and robots that clean pipes. Since these robots were installed, the Geoje Shipyard has experienced a 68 percent production automation rate.

Restraints

• High working capital requirements for hardware and software: Procurement, accessories, programming, integration, and other tasks are a part of the initial stages of automating a manufacturing facility. For certain businesses, the first, massive capital outlay can be difficult. For small and medium-sized shipbuilders, automation is an expensive investment due to the cost of the industrial system, as well as integration and maintenance expenses. Due to the low production volume and slow return on investment, many small and medium-sized shipbuilders find it difficult to raise significant amounts of money. Additionally, the price of the software is extremely costly, which is expected to limit the growth of the global digital shipyard market.