Digital Shipyard Market was estimated at $ 693 million in 2020 and is expected to reach $ 2,567 million by 2025. The market is also predicted to grow with a CAGR of 19.1% from 2021 to 2026.

The size of the digital shipyard market is expected to increase significantly in the coming years due to increased global trade and tourism activities via ships. Digital Shipyard is committed to integrating various digital technologies, such as AR/VR and IoT, in a shipyard, resulting in greater operational efficiency.

COVID-19 impact on Digital Shipyard Market:
The unprecedented outbreak of coronavirus had a positive impact on the digital shipyard market compared to other industries. A limited number of operational personnel to minimize the possibility of contamination, coupled with limited operational resources, pose a demand for digitization and process automation. For example, in April 2020, the Port of Gothenburg experienced growth in the adoption of digitization due to the COVID-19 outbreak. Various operations, such as portal operations, which require human presence, are now digitized.

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Market Drivers and Restraints:

The growing use of cloud-based maintenance systems due to increase in maritime commerce and increased purchase of advanced vessels by navies are some of the major factors responsible for the growth of digital shipyard market. In addition, the implementation of highly sophisticated and complex technologies like digital twin, augmented reality and virtual reality to enhance the overall performance of shipyards is supposed to offer many growth opportunities for players operating in the global digital shipyard market.

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Digital Shipyard Market Segmentation:
The global digital shipyard market is segmented on the basis of

Shipping type
Technology
Capacity
Process
Level of digitization
Regional Analysis:

Based on geography, the global digital shipyard market is divided into

North America
Europe
Asia-Pacific (APAC)
Latin America
Middle East and Africa
Among these, North America and Europe accounted for a significant portion due to the presence of leading companies and early adoption of novel technologies in end-user verticals.

Key market players:

The main players in the global digital shipyard market are Siemens (Germany), Dassault Systemes (France), AVEVA Group Plc (UK), Accenture (Ireland), SAP (Germany), BAE Systems (UK), Hexagon (Sweden), Altair Engineering, Inc. (US), Wartsila (Finland), Inmarsat Plc (UK), IFS AB (Sweden), Pemamek Ltd. (Finland), Aras (United States), Kreyon Systems Pvt. Ltd. (India), SSI (Canada), Kuka AG (Germany), Ibaset (USA), Prostep AG (Germany), Kranendonk Smart Robotics (Netherlands) and Damen Shipyards Group (Netherlands), among others.