Autonomous Ships Car Carrier Industry the Opportunities and Areas to Work On

Posted by Akshata Sharma on September 9th, 2019

NY, USA, September-09, 2019 /Aerospace -- 

Market NEWS: Autonomous Ships Market is projected to reach .8 billion by 2030

The autonomous ships market is estimated to be USD 6.1 billion in 2018 and is projected to reach USD 13.8 billion by 2030, at a CAGR of 7.00% from 2018 to 2030. The factors that are expected to fuel the growth of the autonomous ships market are increasing seaborne trade, increasing compliance with maritime safety norms, and the growth in maritime tourism.

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By ship type, the commercial ships segment is expected to grow at the highest CAGR during the forecast period

Based on ship type, the commercial segment of the autonomous ships market is projected to grow at a significant CAGR during the forecast period, as different sets of autonomous ships are used in seaborne trade. This, along with increasing demand for reduced operational costs by equipping them with automation system is expected to drive the growth for autonomous ships.

Increasing demand for commercial vessels especially from Europe and Asia Pacific is expected to drive the market for linefit in autonomous ships market during the forecast period

Based on by end use, the linefit segment of the autonomous ships market is expected to grow at the highest CAGR during the forecast period. The number of new shipbuilding orders is expected to increase due to the increasing seaborne trade across the world, thus, leading to an increase in the requirement of line fit for autonomous ships.

Europe is expected to lead the autonomous ships market from 2018 to 2030

Europe is expected to exhibit the highest growth rate in the autonomous ships market during the forecast period. Although the shipbuilding industry is currently going through a slump, the growth in demand for autonomous ships and cruise ships in Europe is expected to drive the market in this region. Apart from this, countries in Scandinavia such as Norway and Denmark are investing and are at the forefront in developing autonomous vessels.

Key Market Players

The major players in the autonomous ships market include Wartsila (Finland), Kongsberg Gruppen (Norway), Northrop Grumman (US), Rolls-Royce (UK), and General Electric (US). Rolls-Royce and Kongsberg Gruppen are key market players engaged in contracts to increase the adoption of autonomous ships.