Autonomous Ships Market to Witness the Highest Growth in Europe Region

The autonomous ship market is estimated to be USD 3.9 billion in 2022 and is projected to reach USD 8.2 billion by 2030, at a CAGR of 9.6% from 2022 to 2030. The growth of the market can be attributed to increase in automation, an increase in tourism activities, and an increase in per capita income Furthermore, the global increase in seaborne trade and recreational activities is expected to drive demand for autonomous ships.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=267183224

Increasing investments in autonomous ships projects

The autonomous ships market is anticipated to witness moderate growth in the near future, primarily driven by an increase in demand for modern technologies such as propulsion systems, safety systems, and ship health monitoring systems from the commercial sector and the rise in passenger and freight movement. Technological advancements have resulted in the development of smart automation systems and autonomous ships with high performance, thereby enhancing growth prospects for manufacturers of marine automation systems. The growth of the market is, however, restrained by an increase in cybersecurity threats. The lack of skilled personnel to handle and operate marine automation systems is a key challenge to the growth of the autonomous ships market.

Autonomous ships are considered to hold a significant market potential by several companies across geographies. These ships are expected to promote safe, efficient, and sustainable operations in the marine industry. In 2019, South Korea launched a project to develop MASS by 2025. The aim is to build vessels with the third level of autonomy as defined by the IMO. The Korean Ministry of Commerce, Industry and Energy and the Ministry of Oceans and Fisheries have set up a specific working group and have allocated USD 132 million to the project. The project aims to develop key technologies related to autonomous navigation and system autonomy while laying the foundation for early commercialization. It is anticipated that the project will capture 50% of the market share of the global autonomous vessel market by 2023.

In January 2020, a consortium led by Kongsberg and SINTEF has won a grant worth USD 24.0 million from the European Commission for a long-term test of autonomous vessel technology. Over the course of the project, two vessels will be fitted with autonomous navigation systems and trialed for use in short sea coastal and inland shipping applications. Hence, the autonomous ships market is expected to witness growth due to increasing investments in autonomous ship projects.

By autonomy, the fully automation is estimated to rise at highest CAGR.

Based on autonomy, the autonomous ships market is segmented into partial automation, remote operations, and fully autonomous. The growth of the fully autonomous segment of the autonomous ships market can be attributed to the increased investments in developing autonomous ships in the European region, especially in Scandinavian countries.

By ship type, the market is estimated to be dominated by the commercial segment.

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

By solution, the system segment is projected to dominate the market during the forecast period.
Based on solution, the autonomous ship market is segmented into systems, software, and structures. The growth of the systems segment can be attributed to the growing development of automation systems and software, which led to the increased onboard installation of various components in autonomous ships.

By region, Europe is anticipated to grow at highest CAGR in forecast period.

The autonomous ships market in Europe is expected to grow at the highest CAGR during the forecast period. The maritime industry in Europe is growing, and countries such as Russia, Italy, Germany, and Turkey, are focusing on their technological competence to increase their share in maritime trade. Increasing investments and initiatives undertaken by countries such as Norway and Denmark are expected to boost the market for autonomous ships during the forecast period

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=267183224

Major players are SELSAN A.ª. (Turkey), BAE Systems (U.K.), GE (U.S.), Honeywell International Inc. (U.S.), Kongsberg Maritime (Norway), L3Harris Technologies, Inc. (U.S.), Northrop Grumman (U.S.), Rolls-Royce plc (U.K), Siemens Energy (Germany), Wärtsilä (Finland) Fugro (Netherlands), and Hyundai Heavy Industries (South Korea), among others. The report covers various industry trends and new technological innovations in the autonomous ship market for the period, 2022-2030.

News also Covered: https://www.prnewswire.com/news-releases/autonomous-ships-market-worth-8-2-billion-by-2030--exclusive-report-by-marketsandmarkets-301644500.html

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.