Key Market Dynamics in Autonomous Ships Market

December 16 21:58 2019
Autonomous Ships Market by Autonomy (Fully Autonomous, Remote Operations, Partial Automation), Ship Type (Commercial, Defense), End-Use (Linefit, Retrofit), Solution (Systems, Software, Structures), and Region – Global Forecast to 2030

According to the report, Autonomous Ships Market by Autonomy (Fully Autonomous, Remote Operations, Partial Automation), Ship Type (Commercial, Defense), End-Use (Linefit, Retrofit), Solution (Systems, Software, Structures), and Region – Global Forecast to 2030”, the global autonomous ships market size is projected to see rapid growth and reach USD 13.8 billion by the year 2030. The market that has been divided into – autonomy, end-use, solution, ship type, and region – was estimated at USD 6.1 billion in the year 2018.

 

The growth of the industry has been calculated at a CAGR of 7.00% within the forecast period from 2018 to 2030. The autonomous ship industry is driven primarily by certain factors like an increase in world trade by sea, growth in the demand for automation systems for safety, rise in maritime navigation, and increased maritime tourism.

 

Autonomy segment is going to see a high CAGR among all levels

 

The autonomous segment is estimated to lead during the forecast period. The market is driven mainly by an increase in the demand for autonomous ships. This happens due to rising accidents due to human error. Another vital driving force of the market is increased operational expenditures. These are going to be the principal drivers of the autonomous ships market during the forecast period.

 

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Demand for commercial vessels is expected to drive the end-user segment

 

Based on the end-user segment, the linefit of the autonomous ship market is estimated to have the highest Compound Annual Growth Rate. The primary driving force of this segment is an increase in demand for automation systems from ship operators. Simultaneously, the need for commercial ships is expected to grow in the forecast period. Thus, according to experts, the line-fit segment is projected to see impressive growth.

 

Asia Pacific region has the highest potential among all regions

 

The Asia Pacific witnessed rapid economic development in the past few years. As a result, the region leads the autonomous ships market in the year 2018. There is also an increase in the maritime trade in the Asia Pacific. Quintessentially,  the rise in sea trade led to the surge in demand for commercial ships for the transportation of manufactured goods to different markets across the world. This increase in the number of vessels in the Asia Pacific increased the demand for autonomous ships in this region. Thus, there is growth in the autonomous ships market of this region.

 

Prominent players in the autonomous ships market are – Wartsila (Finland), Northrop Grumman (US), Kongsberg Gruppen (Norway), Rolls-Royce (UK), ABB (Switzerland), General Electric (US), Honeywell International (US), and a few others. Kongsberg Gruppen and Rolls Royce, among others, are actively engaged in acquisitions and contracts to increase the sale of automation systems as well as autonomous ships of different applications.

 

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