Autonomous Ships Market (By Type: Partially Autonomous, Remotely Controlled Ship, Fully Autonomous; By Application: Commercial, Military) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

The autonomous ships market is expected to grow at a CAGR of around 6.2% from 2020 to 2027 and expected to reach the market value of around US$ 10,147.6 Mn by 2027.

Autonomous ships are unmanned ships piloted by artificial intelligence (AI). These are the fleet of sensors that help the ship’s AI precise combined image of the circumscribed environment. The incorporated sensors include radar, lidar, high definition cameras, thermal imaging, and sonar. These are manufactured with different levels of autonomous operation including fully manned ships to partially operated, remotely operated, partially autonomous, and fully autonomous unmanned ships. The use of autonomous ships can reduce human error along with decreased crew costs. The developments in the autonomous ships market include the Defense Advanced Research Projects Agency’s (DARPA) and Anti-Submarine Warfare Continuous Trail Unmanned Vessel (ACTUV) among others.

Market Dynamics

The technological advancement along with the increasing use of automation in the shipping industry to reduce human errors and risks is primarily driving the market growth. The increased budget of shipping companies for the incorporation of information and communications technology in vessels is supporting the market value. The increasing demand for situational awareness in vessels and the growing maritime tourism industry is further boosting the market value. Furthermore, development initiatives for the autonomous ships along with the formulation and revision of marine safety regulations in several countries across the globe are anticipated to create potential demand over the estimated timeframe from 2020 to 2027.

On the other hand, the risk and vulnerability due to cyber threats associated with the automation of ships are projected to hinder the growth to an extent over the estimated period.

Commercial segment is leading the Autonomous Ships Market with major share

Based on the application, the commercial segment is accounted for the maximum share in the autonomous ships market. The segment is also projected to exhibit the fastest growth over the estimated period. The expanding global trade activities coupled with the increasing focus of shipping companies towards navigational safety, risk management at sea, and protection of human resources are driving segmental growth.

The market research study on “Autonomous Ships Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global autonomous ships market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global autonomous ships market, its type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global autonomous ships market size and volume, and segment markets by type, application, and geography along with the information on companies operating in the market. The autonomous ships market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.

Asia Pacific accounted for the dominating share in the global market

In 2019, Asia Pacific accounted for the major share (%) in terms of value, and the region is also estimated to continue at the same pace over the forecast period from 2020 to 2027. The rapid industrialization and globalization in particularly in major economies of the region is driving the regional market value. The major countries including Japan, China, and India are majorly contributing to the regional market value. Moreover, Europe is projected to exhibit major CAGR (%) during the forecast timeframe from 2020 to 2027.

The players profiled in the report include ABB (Zürich, Switzerland), DNV GL (Oslo, Norway), Honeywell International (North Carolina, United States), Hyundai Heavy Industries (Ulsan, South Korea), Kongsberg Gruppen (Kongsberg, Norway), L3 ASV (Broussard, Louisiana), Marlink (Bucharest, Romania), Rolls-Royce (London, United Kingdom), Siemens (Munich, Germany), and Wartsila (Helsinki, Finland).

Market Segmentation

Market By Type

• Partially Autonomous
• Remotely Controlled Ship
• Fully Autonomous

Market By Application

• Commercial
• Military

Market By Geography

North America

• U.S.
• Canada

Europe

• UK.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa