Autonomous Ships industry insights, challenge & SWOT analysis

Posted by Akshata Sharma on August 16th, 2019

Florida, USA, August-16, 2019 /Aerospace -- 

Global Market NEWS:

Autonomous Ships Market Worth .8 Billion by 2030

According to the new market research 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", published by MarketsandMarkets™, the Autonomous Ships Market is estimated to be USD 6.1 billion in 2018 and is projected to reach USD 13.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.00% from 2018 to 2030. This market is driven by factors such as the increasing world trade by sea, increasing maritime navigation, increasing demand for automation systems for safety, and growing maritime tourism.

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The fully autonomous segment to grow at a higher CAGR in the autonomous ships market, among all autonomy level during the forecast period 

Based on autonomy, the fully autonomous segment is estimated to lead the autonomous ships market during the forecast period. The increasing demand for autonomous ships owing to rising human error-related accidents and increased operational expenditure is expected to drive the market for the full autonomy segment.

Increase in the demand for commercial vessels is expected to drive the line fit segment in the autonomous ships market 

Based on end use, the line fit segment of the autonomous ships market is projected to have the highest CAGR in 2018, as a result of the increase in demand for automation systems from ship operators. As the demand for commercial ships is expected to increase in the future, the line fit segment is expected to grow.

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Asia Pacific shows the highest potential for implementation of autonomous ships 

Asia Pacific is estimated to lead the autonomous ships market in 2018. Asia Pacific has witnessed rapid economic development over the years, resulting in an increase in maritime trade. This rise in sea trade has subsequently led to an increasing demand for ships for the transportation of manufactured goods worldwide. Thus, the rising number of ships has increased the demand for autonomous ships in the Asia Pacific region.

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The major players in the autonomous ships market include Wartsila (Finland), Kongsberg Gruppen (Norway), Northrop Grumman (US), Rolls-Royce (UK), General Electric (US), ABB (Switzerland), and Honeywell International (US), among others. Rolls-Royce and Kongsberg Gruppen are key market players engaged in contracts and acquisitions to increase the sale of automation systems and autonomous ships for different applications.