PUBLISHER: The Business Research Company | PRODUCT CODE: 1435284
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435284
An autonomous ship involves the navigation of a vessel without human input from passengers, utilizing sensing equipment such as LIDAR, environmentally sensitive control equipment, and navigation instruments.
The autonomy within the market for autonomous ships encompasses full autonomy, remote operations, and partial autonomy. Partially autonomous ships denote vessels that prioritize safety and operate through artificial intelligence, mitigating the risk of ship accidents. Propulsion options include fully electric or hybrid systems. The range of fuel options encompasses carbon-neutral fuels, LNG, electricity, and heavy fuel oil/marine engine fuel. The end-users in this market consist of both commercial and defense sectors.
The autonomous ships market research report is one of a series of new reports from The Business Research Company that provides autonomous ship market statistics, including global market size, regional shares, competitors with an autonomous ship market share, detailed autonomous ship market segments, market trends and opportunities, and any further data you may need to thrive in the autonomous ship industry. This autonomous ship market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The autonomous ships market size has grown strongly in recent years. It will grow from $7.34 billion in 2023 to $7.82 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth observed during the historic period can be ascribed to industry initiatives and pilot projects, early technological advancements, concerns related to maritime safety, military and research initiatives, as well as shifts in trade and transportation.
The autonomous ships market size is expected to see strong growth in the next few years. It will grow to $10.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period can be linked to factors such as public perception and acceptance, infrastructure readiness, safety enhancements, global trends in the shipping industry, and demands for environmental sustainability. Key trends expected in the forecast period involve the digitalization of the maritime industry, improvements in safety and efficiency, the development of regulatory frameworks, and increased focus on environmental concerns and regulations in addition to remote fleet management.
The escalating number of marine accidents caused by human errors is resulting in substantial financial losses, serving as a significant catalyst for the burgeoning autonomous ship market. The implementation of unmanned ships or autonomous technology is anticipated to mitigate accidents stemming from human errors, thereby reducing financial losses. In 2020, 49 large ships were reported as completely lost, as per a 2021 report by the Insurance Information Institute. Consequently, the adoption of autonomous ships to curtail accidents and financial losses is projected to fuel the demand for the autonomous ships market in the coming years.
The surge in maritime emissions is poised to drive the growth of the autonomous ships market. Maritime emissions, which release air pollutants impacting human health and the environment, can be substantially diminished by autonomous ships due to their enhanced fuel efficiency and safer operational capabilities. The United Nations Conference on Trade and Development reported a 4.7% increase in greenhouse gas emissions from the global maritime fleet between 2020 and 2021, reaching 842 million tons of CO2 emissions in December 2021. Hence, the rise in maritime emissions is expected to be a driving force for the autonomous ships market.
The escalating threat of cybersecurity and privacy concerns is anticipated to impede the growth of the autonomous ship market during the forecast period. The integration of advanced technologies such as artificial intelligence, mobility systems, and the internet of things increases the vulnerability to cybersecurity and data threats, posing a significant challenge for the autonomous ship industry. The Association for Computing Machinery (ACM) emphasizes the severity of cybersecurity issues in autonomous ships, irrespective of their autonomy level, due to heightened dependence on information and communication technology (ICT). This, coupled with increased connectivity to onshore monitoring systems, is predicted to restrain the autonomous ship market in the years to come.
Major players in the industry are adopting various strategic initiatives, such as the development of fully autonomous ships, contributing to a prominent trend driving the growth of the autonomous ship sector. A noteworthy collaboration between UK engineering company Rolls-Royce and Sea Machines Robotics, a US-based startup specializing in autonomous ship solutions, aims to deliver comprehensive remote command, autonomous control, and intelligent crew support systems to the marine market, as reported in September 2021 by Offshore Energy news.
Leading companies in the autonomous ships market are actively involved in developing innovative technologies such as centralized remote operation to offer reliable services to their customers. For instance, Vard Electro AS, a Norway-based provider of marine electrical systems, launched SeaQ Remote in June 2022. This technology integrates all automation systems into a single user interface accessible from shore, enabling remote monitoring and control of propulsion, navigation, and automation systems during unmanned operations. Beyond automation and navigation, SeaQ Remote facilitates smart, data-driven capability for operational technology on the ship, allowing remote control of existing mechanical systems such as thrusters, engines, and propellers, streamlining preventive maintenance for increased safety and reduced downtime.
In November 2021, Ocean Power Technologies (OPT), a US-based company offering critical ocean intelligence services, acquired Marine Advanced Robotics, Inc. (MAR) for an undisclosed amount. This strategic acquisition positions OPT to leverage MAR's proven offshore product line with roaming capabilities, enhancing OPT's business plan. MAR, a US-based developer and manufacturer of autonomous surface vehicles, adds valuable capabilities to OPT's portfolio.
Major companies operating in the autonomous ships market report are Mitsui E&S Holdings Co. Ltd., Siemens AG, General Electric Company, Hyundai Heavy Industries Co. Ltd., Northrop Grumman Corporation, Honeywell International Inc., ABB Ltd., BAE Systems PLC, Nippon Yusen Kabushiki Kaisha, L3Harris Technologies Inc., Rolls-Royce Holding PLC, L3 ASV Global Ltd., Wartsila Corporation, Wartsila Corporation Inc., Valmet Corporation, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Kongsberg Gruppen AS, DNV GL AS, Fugro N.V., Vigor Industrial LLC, Rh Marine Ltd., Ocean GNS, ASV Global Limited, Praxis Automation Technology B.V., Automated Ships Ltd., SELSAN A.S., Ocean Biofuels Ltd., Autonomous Knight BV, Mapsea Corp. Ltd., Eco Drone Laser P.S.A.
Asia-Pacific was the largest region in the autonomous ships market in 2023. Western Europe was the second largest region in the autonomous ships market share. The regions covered in the autonomous ships market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the autonomous ships market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The autonomous ship market consists of sales of autonomous container ships, maritime autonomous surface ships (MASS), and crewless vessels. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Autonomous Ships Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on autonomous ships market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for autonomous ships ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The autonomous ships market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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