Autonomous Ships Market is Estimated to Register a CAGR of nearly 7% Near Future

August, 2023 - Market Research Report has published a Research Report on the Global Autonomous Ships Market.

Autonomous Ships  Market Highlights

Autonomous Ships Market Size Valued at USD 15 Billion, market Grow at a CAGR Of 7% from 2020 to 2030.

The growth of the global autonomous ships market can be attributed to the increasing adoption of connected smart ships as they offer numerous benefits such as vessel traffic management data and fleet health monitoring data. Furthermore, autonomous ships support various systems such as alarm management systems, navigation systems, and power management systems that assist sailors in experiencing enhanced safety and offer compliance to the maritime safety norms.

Factors such as increasing global seaborne trade and initiatives undertaken by the navies of various countries such as the US for developing autonomous ships are driving the market growth. However, the absence of skilled personnel to operate and handle marine automation systems and unclear regulatory framework for autonomous ships are expected to hamper the growth of the market.

The global autonomous ships market has been segmented based on ship type, autonomy, fit, solution, and region.

On the basis of ship type, the global autonomous ships market has been divided into commercial and defense. The commercial segment is expected to account for a larger market share during the forecast period and register a higher CAGR from 2020 to 2030. Increasing developments in the field of autonomous commercial shipping are driving the segment growth. For example, in 2018, ABB completed the trial of the remotely operated ferry, Suomenlinna II near Finland’s Helsinki harbor.

Based on autonomy, the global autonomous ships market has been classified as partial automation, remote operations, and full automation+. The partial automation segment dominated the market in 2019. However, the full automation segment is expected to register the highest CAGR during the forecast period. Growing development of fully autonomous ships is driving the growth of the segment. For example, in 2019, Rolls-Royce and FinFerries demonstrated a fully autonomous ferry in the city of Turku, Finland.

On the basis of fit, the global autonomous ships market has been categorized as line fit and retrofit. The line fit segment dominated the market and is expected to register higher CAGR during the forecast period. Factors such as increasing modernization of naval fleets by countries such as South Korea, China, and India to enhnace their naval power and increasing deliveries of new ships are driving the segment growth.

By solution, the global autonomous ships market has been divided into systems, software, and solutions. The systems segment dominated the market in 2019 and is expected to register the highest CAGR during the forecast period. The rising need for situational awareness in vessels is driving the growth of the segment as automated systems support various features such as GPS, LiDAR, and HD cameras. These features offer precise location information to the operators.

Based on region, the global autonomous ships market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. The Asia-Pacific market accounted for the largest market share in 2019. However, the market in Europe is expected to register the highest CAGR during the forecast period. Increasing investments made by prominent companies in the development of fully autonomous ships is driving the market growth in the region.

Key Players

The key players in the global autonomous ships market are Honeywell International, Inc. (US), General Electric (US), ABB (Switzerland), Hyundai Heavy Industries Co., Ltd (South Korea), Kongsberg Group (Norway), Ulstein Group ASA (Norway), Marlink (France), Rolls-Royce (UK), RH Marine (Netherlands), Valmet (Finland), Siemens AG (Germany), Marine Technologies, LLC (Norway), Wärtsilä (Finland), and Praxis Automation Technology BV (Netherlands).