Autonomous Ships Market - Growth Opportunities in Global Industry

Posted by Akshata Sharma on March 5th, 2020

Autonomous Ships Market worth .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 7.0% from 2018 to 2030.

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Fully autonomous ships are those ships which can make their own decisions based on artificial intelligence and sensor fusion technology. All the systems in autonomous ships are automated and operators just program the ships to take specific routes. Companies such as Rolls Royce and Kongsberg are developing fully autonomous ships. For instance, in 2018, a contract was signed between Kongsberg, and VARD to develop the fully autonomous ship. The vessel, YARA Birkeland, will be remotely operated by 2020, after which by 2022, it will be developed to be fully autonomous.  In another development in the autonomous ships market, Rolls Royce has partnered with VTT Technical Research Centre (Finland), to design, test, and validate remotely operated ships.

As most of the global commercial cargo is transported through the sea, issues related to navigational safety, risk management at sea, and protection of human resources have high importance for shipping companies. Advanced digital solutions, such as autonomous ships can help address these issues efficiently. The commercial fleet is classified into bulk carrier, container, tanker, passenger, specialized vehicle, and offshore vehicle. Unlike naval vessels, commercial shipping has been relatively slow to tap the potential of full automation. Increasing the level of shipboard automation and systems integration can lead to significant operational savings for commercial ships. Thus, this segment offers significant potential for the autonomous ships market.

The systems segment of the autonomous ships market has been classified into communications & connectivity; intelligent awareness systems; and reliability, health & safety management. The communications & connectivity segment has been further divided under communication management systems into satellite system, very small aperture terminal, and terrestrial communication system. These systems enable autonomy in different ship components. Naval ships play a vital role in tactical data link operations, a part of the ship communication management systems. Tactical communication systems are used by naval forces to improve decision-making and for high reaction speed. These systems also provide access to widely dispersed naval troops and weapons. The tactical data link systems enable naval forces to operate in a synchronized manner, which is not possible through the traditional means. They allow naval forces to exchange sensor data on battlefields. These systems utilize sensor grids, engagement grids, high-quality information grids, and Command and Control (C2) processes to create a common operating picture of the battlefield, thereby allowing troops to respond quickly to enemy threats.

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. According to UNCTAD, South Korea, Japan, and China are the major players in the shipbuilding industry and are expected to account for 80% of the tanker orders during the forecast period. According to IHS Marine, since 2009, 133 LNG tankers have been built in Asia – 100 in South Korea, 20 in China, and 13 in Japan. Shipbuilding companies from Japan, South Korea, and China are also among the largest players in each of the 4 major segments, namely, tankers, bulk carriers, container ships, and offshore vessels.

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Akshata Sharma

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Akshata Sharma
Joined: July 22nd, 2019
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