Autonomous Ships Market

Posted January 18, 2021 by sandycool

The autonomous Ships Market was worth US$ xx million in 2020 and is estimated to reach US$ xx million by the end of 2025, growing at an annual compound rate of xx% between 2020 and 2025.
Market overview:

Global Autonomous Ships Market was worth $ 89 billion in 2019 and is expected to reach a value of $ 149 billion by 2025 at a CAGR of 4.4% over the outlook period.

Autonomous ships, also known as unmanned ships, are equipped with software and hardware without human intervention. Other boat components, such as sensors, automatic navigation, propulsion and assist systems, and GPS trackers, will help you make decisions based on your environment. In addition, partially automated vessels are controlled and monitored through outboard control centers under human intervention. Also, autonomous ships have full control over their operations through advanced operating systems that can make decisions and act on their own.

Market Drivers and Restrains:

The demand for freight transport through the marina is increasing and the operational safety of ships is driving market growth. The increasing use of automation to reduce risk and human errors, increasing budgets of shipping companies for the integration of ICT in ships and growing demand for knowledge of the situation of ships are some of the key factors driving the market during the outlook period. The demand for autonomous and remotely controlled vessels is growing at an accelerated rate due to advances in sensor technology, maritime connectivity, software and analysis and decision support algorithms (artificial intelligence) for various onboard applications such as navigation, awareness situational, etc. Additionally, autonomous ships support a variety of systems such as alarm management systems, navigation systems, and power management systems to help the crew experience enhanced safety and comply with maritime safety regulations. The growth of the global autonomous ship market may be due to the increased adoption of connected smart ships as they provide various benefits such as ship traffic management data and fleet health monitoring data. The autonomous vessels that will be launched on the market will not have a crew to control their operations. These autonomous ships are equipped with a variety of advanced sensors, infrared cameras, developed LIDAR and radar modules, automatic identification systems, etc. To provide safe navigation of the boat, helping to reduce the number of accidents caused by human error. However, the risk of exploitation due to system hacking and the increased complexity of the network hinder the growth of the market. The lack of qualified personnel to operate and manage automation systems offshore and an unclear regulatory framework for autonomous ships are expected to hamper market growth.

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Report is segmented as:

On the basis of the type of ship, the global market for autonomous ships is segmented into commercial and defense.

On the basis of adjustment, the autonomous ships market has been segmented into line adjustment and modernization.

By solution, the worldwide market for autonomous ships is divided into systems, software and solutions. The systems segment dominated the market in 2018 and is supposed to record the highest CAGR during the foreseen period.

Geographical Segmentation:

Asia Pacific has experienced rapid economic development over the years, which has led to an increase in maritime trade. This surge in maritime trade has resulted in an increased demand for ships to transport manufactured goods around the world. Therefore, as the number of ships increased, the demand for autonomous ships in the Asia Pacific region increased.

Key market players:

Major players operating in the global autonomous ships market include L3 ASV, ABB Ltd., Kongsberg Gruppen, Honeywell International, Mitsui O.S.K. Lines, Ulstein Group ASA, Marine Technologies LLC, Rolls-Royce, Northrop Grumman and Wartsila.

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Scope of the report:

The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.

The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.

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Last Updated January 18, 2021