Autonomous Ships Market to Worth USD 9.87 Billion by 2030 | Fortune Business Insights™
The global Autonomous Ships Market covered major segments By Autonomy (Partial Automation, Fully Autonomous and Remotely Operated), By Solution (Hardware and Software), By Ship Type (Commercial (Bulk Carriers, Tankers, Dry Cargo, Containers, and Others) and Defense), By End User (Line Fit and Retrofit), and Region.
Autonomous Ships Market
Pune, India, Aug. 29, 2023 (GLOBE NEWSWIRE) — The global autonomous ships market size was valued at USD 5.21 billion in 2022. The market is projected to grow from USD 5.61 billion in 2023 to USD 9.87 billion by 2030, exhibiting a CAGR of 8.4% during the forecast period.
Autonomous ships refer to ships that are operated remotely or possess high levels of automation. These vessels incorporate cutting-edge Internet of Things (IoT) technology, data analysis technology, and connect to land-based monitoring centers through broadband networks. The increasing adoption of these advanced technologies is expected to fuel the growth of the market.
Fortune Business Insights™ presents this information in their report titled “Global Autonomous Ships Market, 2023–2030.”
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Major Players Profiled in the Autonomous Ships Market Report:
- ABB (Switzerland)
- ASELSAN A.Ş. (Turkey)
- BAE Systems (U.K.)
- Fugro (Netherlands)
- GE (U.S.)
- Honeywell International Inc. (U.S.)
- Kongsberg Gruppen Maritime (Norway)
- L3 ASV (U.S.)
- Northrop Grumman (U.S.)
- Rolls Royce plc (U.K.)
- Siemens Energy (Germany)
- Wärtsilä (Finland)
- Marine Technologies LLC (U.S.)
- Ulstein Group ASA (Norway)
- Mitsui (Japan)
- Sea Machines Robotics Inc. (U.S.)
- Neptec Technologies Corp. (Canada)
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 8.4% |
| 2030Value Projection | USD 9.87 billion |
| Market Size in 2023 | USD 9.87 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
|
| Autonomous Ships Market Growth Drivers | Rising Investments in Advanced Ship Technology Developments to Boost Market Growth |
| Development of Technological Advanced Next-Generation Autonomous Ships Increases the Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/autonomous-ship-market-101797
COVID-19 Impact
Stringent Regulations During Pandemic On Sea Trade Activities Affected Market Growth
The market growth during pandemic was impeded by production shutdowns, disruptions in the supply chain, and mandatory quarantine periods for crew and staff. Local authorities-imposed restrictions on cargo and passenger ships, preventing them from entering ports. Consequently, merchant seamen had to remain on board, leading to extended stays in territorial waters and additional costs for ship owners.
Russia-Ukraine War Impact
Naval Forces Embrace Unmanned Ships due to their Autonomous Capabilities
Naval forces are increasingly drawn to the advantages offered by autonomous ships compared to traditional manned vessels. The U.S., in particular, has made substantial investments and formulated a strategic plan to procure medium, large, and extra-large “unmanned vehicles” for surface and undersea operations.
Segments:
Several Advantages of Fully Autonomous Ships Propel Segmental Growth
Based on autonomy, the market is classified into partial automation, remotely operated, and fully autonomous. The fully autonomous segment is projected to experience the most significant growth owing to the advantages it offers, including reduced delivery times, shorter port stays, decreased operating expenses, elimination of accidents caused by human error, and lower freight rates.
Hardware Components Spearhead Growth Due to Increased Adoption
Based on the solution, the market is segmented into hardware and software. The hardware segment dominated the market and is expected to continue its dominance. The growth is primarily driven by the increasing uptake of various hardware components, including sensors, GPS trackers, automated navigation systems, propulsion, auxiliary systems, and other essential elements.
Commercial Sector Takes the Lead due to Rising Tourism and Global Trade
By ship type, the market is classified into commercial and defense. The commercial segment is divided into bulk carriers, tankers, dry cargo, and containers. In 2022, the commercial segment claimed the largest market share, driven by the surge in tourism activities and the expansion of international seaborne trade. The International Chamber of Shipping reported that the global shipping industry’s annual trade value reached a staggering USD 14 trillion in 2019.
Line Segment Dominates Owing to Increasing Investments
By end-user, the market is segmented into line fit and retrofit. In 2022, the line fit segment emerged as the frontrunner, capturing the largest autonomous ships market share. The remarkable growth of this segment can be attributed to two key factors: the increasing investments made by naval defense forces and the thriving international maritime trade.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
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Report Coverage
The comprehensive market analysis report offers a meticulous examination of key factors, including prominent fleet companies, diverse vessel types, innovative solutions, and major application areas. It provides valuable insights into prevailing market trends and highlights noteworthy industry advancements. Furthermore, the report delves into various direct and indirect factors that have exerted a significant influence on the market’s growth trajectory in recent times.
Drivers and Restraints
Technological Advancements Drive Market Expansion: Increasing Investments Fuel Growth
The market is experiencing accelerated growth due to the rising investments made by several countries in high technology. For example, in October 2019, South Korea invested a substantial USD 130 million in an autonomous ship project. This initiative focuses on developing an intelligent navigation system, collision and accident prevention capabilities, and an integrated platform for system management, decision-making, and situational awareness.
However, digitization and automation has increased chances of cyberattacks and may pose challenges to the autonomous ships market growth.
Regional Insights
Asia Pacific Drives Growth Due to Rapid Economic Development and Maritime Trade
In 2022, Asia Pacific emerged as the dominant force in the market, capturing the largest market share. This remarkable growth can be attributed to the region’s rapid economic development and the thriving maritime trade activities. The expanding economies and increasing trade volumes in countries across Asia Pacific contribute to the region’s market dominance.
North America is experiencing significant growth in the market, fueled by the escalating investments made towards the development of advanced commercial and defense vessels.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Impact of COVID-19 on Global Autonomous Ships Market
- Impact of Russia-Ukraine War on Global Autonomous Ships Market
- Global Autonomous Ships Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Autonomy
- Partial Automation
- Remotely Operated
- Fully Autonomous
- Market Analysis, Insights and Forecast – By Solution
- Hardware
- Software
- Market Analysis, Insights and Forecast – By Ship Type
- Commercial
- Bulk Carriers
- Tankers
- Dry Cargo
- Containers
- Others
- Defense
- Commercial
- Market Analysis, Insights and Forecast – By End User
- Line Fit
- Retrofit
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the world
- North America Autonomous Ships Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Autonomy
- Partial Automation
- Remotely Operated
- Fully Autonomous
- Market Analysis, Insights and Forecast – By Solution
- Hardware
- Software
- Market Analysis, Insights and Forecast – By Ship Type
- Commercial
- Bulk Carriers
- Tankers
- Dry Cargo
- Containers
- Others
- Defense
- Commercial
- Market Analysis, Insights and Forecast – By End User
- Line Fit
- Retrofit
- Market Analysis – By Country
- U.S.
- Market Analysis, Insights and Forecast – By End User
- Line Fit
- Retrofit
- Market Analysis, Insights and Forecast – By End User
- Canada
- Market Analysis, Insights and Forecast – By End User
- Line Fit
- Retrofit
- Market Analysis, Insights and Forecast – By End User
- U.S.
- Market Analysis, Insights and Forecast – By Autonomy
TOC Continued…!
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Competitive Landscape
Industry Players Drive Business Expansion with Next-Generation Ships and Systems
The key players operating in the market prioritize business expansion through the development of next-generation ships and advanced systems. In October 2022, Kongsberg Maritime, a prominent player in the market, made a significant announcement regarding a supply contract. The company was awarded the contract for the HUGIN Endurance Autonomous Underwater Vehicle (AUV) system, collaborating with an undisclosed partner.
Key Industry Development
- February 2022: Kongsberg Maritime was awarded a contract by Holland Shipyards Group to electrify and automate new ferries. Under the contract, Kongsberg Maritime will supply electrification and control systems with automated functions for up to four new all-electric ferries.
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