Autonomous Ships Market to Reach USD 14.2 billion by 2030

“Increasing investments in autonomous ships projects are one of the major drivers of the Autonomous Ships Market.”

The autonomous ships market is estimated to be USD 5.8 billion in 2020 and is projected to reach USD 14.2 billion by 2030, at a CAGR of 9.3% from 2020 to 2030. The demand for new ships and the retrofitting of existing ships with advanced technologies is expected to grow with the increase in trade activities. New defense and commercial vessels are equipped with advanced systems for improved safety and efficiency. The implementation of advanced systems acts as an important driver for the autonomous ships market. Autonomous ships are one of the variants of automated vessels. These ships involve integrating various systems and subsystems, enabling effective decision-making based on sensor fusion technology and Artificial Intelligence (AI) for processing the data, hence reducing or eliminating human intervention.

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Based on autonomy, fully autonomous segment projected to lead autonomous ships market during the forecast period

Based on autonomy, the autonomous ships market is segmented into fully autonomous, remotely-operated and partial automation. The growth of the fully autonomous segment of the autonomous ships market can be attributed to the increased investments in developing autonomous ships in European region.

Based on ship type, commercial segment projected to lead autonomous ships market during the forecast period

Based on ship type, the autonomous ships market is segmented into commercial and defense. The commercial segment is expected to grow at the higher CAGR, owing to the rising seaborne trade and tourism across the globe.

The operation of remote and autonomous ships will got to be a minimum of as
safe as existing vessels if they're to secure regulatory approval, the support
of ship owners, operators, seafarers and wider public acceptance.
Remote and autonomous ships have potential to scale back human-based
errors, but at an equivalent time may modify some existing risks also as create
new sorts of risk. These circumstances and possible remedies will need
to be explored.

The marine industry has some experience on systematic and
comprehensive risk assessments. However, when new, emerging technology
is involved, new knowledge, wider and deeper understanding of latest and
changed risk (with a spread of known and unknown hazards) is needed;
guided by research to steer us to new approaches the project is exploring.
Cybersecurity are going to be critical to the safe and successful operation of remote
and autonomous vessels. The project will identify and adapt current best
practice from a variety of industries for application within the marine environment.
The results are going to be wont to make recommendations to regulators and
to classification society and other AAWA Partners to support development
work for creating the primary set of standards for remote and unmanned
vessel operation.

Based on end use, the linefit segment accounts for the largest market size during the forecast period

Based on end use, the autonomous ships market is segmented into linefit and retrofit. The linefit segment is estimated to account for a larger share in 2020 as compared to the retrofit segment. The growth of the line fit segment can be attributed to the increased investments in naval defense by various countries and rise in seaborne trade activities across the globe.

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