PUBLISHER: The Business Research Company | PRODUCT CODE: 1477082
PUBLISHER: The Business Research Company | PRODUCT CODE: 1477082
Autonomous boats, also known as unmanned surface vessels (USVs), are a type of watercraft that operate without direct human intervention. These vessels are equipped with various sensors, navigation systems and control mechanisms that enable them to navigate waterways, collect data, perform tasks and communicate with other vehicles or control centers autonomously.
The autonomous boats market consists of sales of autonomous boats or USVs by entities (organizations, sole traders, or partnerships) that manufacture these boats primarily for applications such as environmental monitoring, oceanographic research, maritime surveillance, search and rescue operations, transportation of goods and offshore exploration.
The global autonomous boats market was valued at $1,057.08 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 1.0%.
Increasing Maritime Security Concerns
During the historic period, the increasing need for maritime security and surveillance drove the growth of the autonomous boats market. Maritime security and surveillance involve measures and technologies implemented to safeguard and monitor activities within maritime zones, including coastal areas, ports and international waters, with the aim of preventing and responding to security threats such as piracy, terrorism, illegal trafficking and unauthorized access. Autonomous boats equipped with advanced sensors and surveillance capabilities are valuable for maritime security applications, including border patrol, monitoring illegal fishing activities and protecting critical infrastructure. In August 2022, according to data released by the Information Fusion Center, an India-based facility focused on gathering, analyzing and disseminating maritime-related information to enhance maritime domain awareness and security, there were 59 incidents of theft, piracy and robbery within the area of interest (AOI), reflecting a 40% increase compared to the corresponding period in 2021, which had 42 incidents. Additionally, there was a notable surge in illegal human migration, rising from 49 incidents in 2022 to 137, marking a significant 179% increase. Therefore, the increasing need for maritime security and surveillance propelled the market growth in the historic period.
Artificial Intelligence (AI) Launch In-Shore Autonomous Boat Pilot For Supply Chain Innovation
The use of artificial intelligence (AI) in autonomous boats is a key trend gaining popularity in the market. Artificial intelligence is intelligence demonstrated by machines, which makes them think independently and take decisions themselves. AI is used in both manned and unmanned marine vehicles to enhance the safety and control of vessels. Inshore autonomous boat pilots are used to revolutionize maritime shipping by piloting self-driving vessels in ports, harbors and inland waterways. For example, in November 2023, Newlab, a US-based technology center and Mythos AI, a US-based company that develops autonomous vessel technologies, launched an in-shore autonomous boat pilot to revolutionize maritime shipping. The pilot project involves piloting a self-driving vessel at the Port of Monroe and digitizing Great Lakes waterways to create autonomous supply chain routes. The ultimate goal is to create automated marine highways, increase port efficiency, lower maritime carbon emissions and create supply chain resilience. This initiative is part of Newlab's Multimodal Logistics Challenge, which aims to improve efficiency and resilience in supply chains through innovative technologies. The project is expected to lead to the use of smaller boats, rivers and in-land waterways for more efficient movement of goods and the resolution of bottlenecks.
The global autonomous boats market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 80.25% of the total market in 2022.
Autonomous Boats Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global autonomous boats market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for autonomous boats? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The autonomous boats 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 history and forecasts market growth by geography. It places the market within the context of the wider autonomous boats market; and compares it with other markets.