The global autonomous ships market reached a value of US$ 89.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 132.96 Billion by 2027, exhibiting at a CAGR of 6.7% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Autonomous ships are technologically advanced watercrafts embedded with radio detection and ranging (RADAR), light detection and ranging (LIDAR), high-definition cameras, thermal imaging, and sonar. They assist the operating system in making decisions and reduce crew sizes to minimize the need for accommodation, simplify the design, increase cargo carrying capacity and lower building costs. As they make shipping safer by decreasing accidents, the demand for autonomous ships is escalating around the world.
Autonomous Ships Market Trends:
- Presently, there is a rise in cargo shipping as it finds extensive application in transporting different goods to distant geographical locations. This, in confluence with the increasing marine accidents on account of human errors, resulting in financial losses and harm to the marine ecosystem, represents one of the key factors catalyzing the demand for autonomous ships across the globe. Apart from this, a high degree of isolation and the unattractive nature of the job is restricting millennials worldwide from becoming seafarers. This, along with the growing requirement of seagoing professionals for maritime trading, acts as another factor influencing the demand for unmanned ships positively. Furthermore, the integration of artificial intelligence (AI) and robotics with autonomous ships and advancements in sensor technologies for improved navigation systems is creating a favorable market outlook. Moreover, leading market players are focusing on incorporating the Internet of Things (IoT) and other innovative technologies to reduce the environmental footprint of maritime traffic and improve the efficiency of autonomous marine ventures. Other major factors, including a significant rise in seaborne trade, increase in maritime tourism, and extensive investments in research and development (R&D) activities to develop reliable and cost-effective functioning of unmanned vessels, are anticipated to impel the market growth.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global autonomous ships market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, level of autonomy, fuel type, installation and ship type.
Breakup by Component:
Breakup by Level of Autonomy:
Breakup by Fuel Type:
- Carbon Neutral Fuel
- Liquefied Natural Gas
- Electric Batteries
- Heavy Fuel Oil (HFO)
Breakup by Installation:
Breakup by Ship Type:
- Commercial Ships
- Defense Ships
- Passenger Ships
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd, BAE Systems plc, DNV AS, General Electric Company, Honeywell International Inc., Kongsberg Gruppen, L3Harris Technologies Inc., Mitsui & Co. Ltd., Rolls-Royce plc, Samsung Heavy Industries Co. Ltd., Siemens AG, Ulstein Group ASA, Valmet Oyj and Wartsila. Key Questions Answered in This Report:
- How has the global autonomous ships market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global autonomous ships market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the level of autonomy?
- What is the breakup of the market based on the fuel type?
- What is the breakup of the market based on the installation?
- What is the breakup of the market based on the ship type?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global autonomous ships market and who are the key players?
- What is the degree of competition in the industry?