Global Autonomous Ships Market Worth to $14.7 Billion growing at a CAGR of 4.4% (2016- 2026)

Market Overview:
According to BlueWeave Consulting, the Global Autonomous Ships is expected to grow at a significant rate during the forecast period. The Global Autonomous Ships Market is projected to reach the valuation of $14.7 Billion by the year 2026 by growing at a CAGR of 4.4% during the forecast period 2016- 2026. The market is growing owing to various factors.

The surge in the ability of autonomous technology to tackle several issues associated with marine transportation, fatality, adverse climate situations, and criminal activities, propel the market of autonomous ships. Besides, autonomous ships have the ability to use space in designing ship efficiently, has better fuel effectiveness, and takes less transportation time. Global autonomous ships market has a special tool, which performs essential tasks such as energy supervision, equipment health monitoring, and analytical and remote maintenance for autonomous ships. Also, it provides a higher level of safety, as there is no possibility of human errors except technical issues.

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Autonomous Ships Market: Competitive Landscape

The major market players in the Autonomous ships are Rolls-Royce, ABB Ltd., Honeywell International, L3 ASV, Marine Technologies LLC, Kongsberg Gruppen, Northrop Grumman, Mitsui O.S.K. Lines, Ulstein Group ASA, Wartsila, Airbnb, Automated Ships Ltd., K-MATE, ASV Global, Vigor Industrial and other prominent players are expanding their presence in the market by implementing various innovations and technology.

Heavy Fuel Oil segment in Fuel Type is expected to maintain its dominance throughout Forecast horizon

On the premise of Fuel Type, the heavy fuel oil/marine engine fuel segment is projected to maintain its dominance during the forecast horizon. It is due to its properties such as high density and high viscosity and application of high alkaline cylinder lubrication for neutralizing the acid generated by high Sulphur content in HFOs.

Increase in Demand for Cargo Transportation through Marines

Several cargos are proficiently transported to the other ports owing to the safe and secure environment of marine transportation. It is surging the demand for the transportation of cargo through waterways, thereby boosting the market growth of Autonomous ships during the forecast horizon 2016-2026. Moreover, autonomous cargo ships are less expensive as compared to land and airfreights. Autonomous ships can transport more carriages from one place to another within a short period.

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Increase in Operational Safety of Ships

Autonomous ships are equipped with technologies such as artificial intelligence, IoT, cloud computing, and other advanced technologies or their operations, which can be controlled by the shore master from the control room remotely. Autonomous ships are equipped with several advanced sensors, radar, automatic identification systems, infrared cameras, and others, which decrease the incidence of an accident. Besides, grounding of vessels, shipyard accidents, sailboat accidents, freight transport accidents, and others are minimized to a certain degree by installing automated features on boats. Developments in automation also help to increase the operational safety of ships.

Anticipated Trend in Ships Transportation

The steps toward automation in the field of marine along with the demonstrations and analysis of autonomous ships of large firms have created various countries to develop autonomous ships.

Europe accounts for the lion's share of the global Autonomous Ships market during the anticipated period.

By geography, the Autonomous Ships market segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is anticipated to grow at the highest CAGR, owing to the adoption of autonomous technology in marine transport along with the implementation of new technologies in the region. Asia-Pacific is expected to maintain the highest revenue contribution during the forecast period due to the increase in the sale & production of ships and the constant adoption of trending technologies along with the speedy adoption of automation.

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This release was published on openPR.