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Autonomous Ships Market |rolls Royce autonomous ferry| kongsberg autonomous ship

01-24-2019 02:27 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: mnm market research

/ PR Agency: mnm
Autonomous Ships Market

This report provides an analysis of the autonomous ships market from 2018 to 2030. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities in the market.

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The autonomous ships market is projected to grow from USD 6.1 billion in 2018 to USD 13.8 billion by 2030, at a CAGR of 7% from 2018 to 2030. The autonomous ships market in Europe is expected to witness substantial growth during the forecast period due to the high demand for cruise and passenger vessels in the region. Manufacturers in this region are also focused on developing new generation autonomous ships. For instance, Yara partnered with Kongsberg, for a contract worth 25.9 million with VARD, to develop the electrically propelled fully autonomous container ship ’Yara Birkeland.’ The ship is expected to be completed by 2022.

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The marine industry has witnessed remarkable growth in the last two decades. Access to the latest autonomous ship technology as well as the low cost of development for manufacturers have fueled the growth of the autonomous ships market.

The commercial ship type segment is expected to grow at the highest CAGR during the forecast period. Increase in global maritime trade and the number of commercial vessels is driving the market for autonomous ships.

The partial automation segment is estimated to account for the largest share of the autonomous ships market in 2018. Systems such as propulsion systems, power management systems, alarm & management system, and others are being demanded by ship operators, which is expected to drive the market for partial automation market.

In terms of geographic coverage, the autonomous ships market has been segmented into 4 regions, namely, North America, Europe, Asia Pacific (APAC), Rest of The World (which includes the Middle East & Africa and Latin America). Europe is estimated to have a highest growth rate of the autonomous ships market in 2018. Despite slow progress in the shipbuilding industry, growth in demand for autonomous ships and cruise ships in Europe is expected to drive the autonomous ships market in this region. This market is expected to witness significant growth, especially in the Scandinavian region as companies such as Rolls-Royce and Kongsberg Gruppen are investing heavily in developing fully autonomous vessels in countries such as Norway.

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MarketsandMarkets™ INC.
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth emerging opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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