DUBLIN--(BUSINESS WIRE)--The "Autonomous Ships Market by Autonomy (Fully Autonomous, Remote Operations, Partial Automation), Ship Type (Commercial, Defense), End-Use (Linefit, Retrofit), Solution (Systems, Software, Structures), Propulsion and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The autonomous ships market is estimated to be USD 5,866 million in 2020 and is projected to reach USD 14,256 million by 2030, at a CAGR of 9.3% from 2020 to 2030.
The demand for new ships and the retrofitting of existing ships with advanced technologies is expected to grow with the increase in trade activities. New defense and commercial vessels are equipped with advanced systems for improved safety and efficiency. The implementation of advanced systems acts as an important driver for the autonomous ships market. Autonomous ships are one of the variants of automated vessels. These ships involve integrating various systems and subsystems, enabling effective decision-making based on sensor fusion technology and Artificial Intelligence (AI) for processing the data, hence reducing or eliminating human intervention.
Based on autonomy, fully autonomous segment projected to lead autonomous ships market during the forecast period
Based on autonomy, the autonomous ships market is segmented into fully autonomous, remotely-operated and partial automation. The growth of the fully autonomous segment of the autonomous ships market can be attributed to the increased investments in developing autonomous ships in European region.
Based on ship type, commercial segment projected to lead autonomous ships market during the forecast period
Based on ship type, the autonomous ships market is segmented into commercial and defense. The commercial segment is expected to grow at the higher CAGR, owing to the rising seaborne trade and tourism across the globe.
Based on end use, the linefit segment accounts for the largest market size during the forecast period
Based on end use, the autonomous ships market is segmented into linefit and retrofit. The linefit segment is estimated to account for a larger share in 2020 as compared to the retrofit segment. The growth of the line fit segment can be attributed to the increased investments in naval defense by various countries and rise in seaborne trade activities across the globe.
The Asia Pacific is expected to account for the largest share in 2020
The autonomous ships market has been studied for North America, Europe, Asia Pacific and Rest of the World. The Asia Pacific is estimated to account for the largest share of the global market in 2020. Shipbuilding companies from Japan, South Korea, and China, are also among the largest players in each of the four major segments, namely, tankers, bulk carriers, container ships, and offshore vessels. The Asia Pacific has witnessed rapid economic development over the years, increasing maritime trade. This rise in sea trade has subsequently led to an increasing demand for ships to transport manufactured goods worldwide. Thus, the rising number of ships has increased the demand for autonomous ships in the Asia Pacific region.
Market Dynamics
Drivers
- Increasing Investments in Autonomous Ships Projects
- Development of Next-Generation Autonomous Vessels
- Increasing Development of Software
- Increasing Use of Automated Systems to Reduce Human Errors and Risks
- Increased Budgets of Shipping Companies for the Incorporation of Ict in Vessels
- Increasing Demand for Situational Awareness in Vessels
Restraints
- Vulnerability Associated with Cyber Threats
Opportunities
- Initiatives for the Development of Autonomous Ships
- Revision and Formulation of Marine Safety Regulations in Several Countries
- Advancement in Sensor Technologies for Improved Navigation Systems in Autonomous Ships
- Development of Propulsion Systems for Autonomous Ships
Challenges
- Cost-Intensive Customization of Marine Automation Systems
- Lack of Skilled Personnel to Handle and Operate Marine Automation Systems
- Lack of Common Standards for Data Generated from Different Subsystems in a Ship
- Regulatory Barriers to Autonomous Ships
Companies Mentioned
- ABB
- Aselsan A.S.
- BAE System
- Buffalo Automation
- DNV Gl
- Fugro
- General Electric
- Honeywell International Inc
- Hyundai Heavy Industries
- Kongsberg
- L3Harris Asv
- Ladar Ltd
- Marine Technologies LLC
- Marlink
- Mitsui E&S Holdings Co., Ltd
- Northrop Grumman Corporation
- Orca Ai
- Praxis Automation & Technology B.V.
- RH Marine
- Rolls-Royce plc
- Samsung Heavy Industries Co., Ltd
- Sea Machines Robotics, Inc
- Shone, Automation Inc
- Siemens
- Ulstein
- Valmet
- Vigor Industrial LLC
- Wartsila
For more information about this report visit https://www.researchandmarkets.com/r/zg6a7m
