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Autonomous Boats Market Report 2024 - Autonomous Boats Market Size, Share And Trends
Autonomous Boats Market
According to The Business Research Company's, The autonomous boats market size has grown strongly in recent years. It will grow from $1.17 billion in 2023 to $1.26 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to market acceptance, cost reduction, investment trends, regulatory frameworks, historical use cases.
The autonomous boats market size is expected to see strong growth in the next few years. It will grow to $1.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to regulatory changes, market demand diversification, infrastructure development, global economic conditions, consumer acceptance.. Major trends in the forecast period include energy efficiency, ai integration, data connectivity, modular design, environmental sensing.
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Market Drivers and Trends:
An increase in demand for cargo transportation through marines is expected to propel the growth of the autonomous boats market going forward. Cargo transportation refers to the transportation of bulk commodities by water, air, or land. Due to the safe and secure nature of water transportation, cargoes are efficiently transferred to other ports, leading to increased demand for cargo transit via waterways involving and creating demand for autonomous boats. For Instance, according to UNCTAD - United Nations Conference on Trade and Development based in Switzerland, a United Nations Secretariat that promotes the interests of developing countries in world trade, in 2021, Asia continued to be the world's top marine freight region in 2021, with Asian ports, including those in developed and developing nations, loading around 4.6 billion tons of cargo-or nearly 42% of all the cargo loaded in ports globally. In 2021, Asian ports received almost 7.1 billion tons of cargo, or 64% of all products released globally. Hence increase in demand for cargo transportation through marines is expected to propel the growth of the autonomous boat market
Technology advancement is a key trend gaining popularity in the autonomous boats market. Major companies operating in the autonomous boats market are focused on developing new technological solutions to strengthen their position in the market. For instance, in November 2021, Yara Birkeland, a Norway-based manufacturer of electric and autonomous container vessels, innovated the first completely autonomous, electric cargo ship in the world. It will replace 40,000 trips made by diesel-powered trucks annually and reduce CO2 emissions by 1,000 tons.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
ABB Ltd.; BAE System; General Electric Company; Honeywell International Inc.; Kongsberg Maritime; L3Harris Technology Inc.; Northrop Grumman; Rolls-Royce Plc.; Wärtsilä Oyj Abp; Aselsan A.S.; Fugro N.V; Siemens Energy; Ulstein Group ASA; Flying Ship Technologies Corp.; Marine Technologies LLC; Mitsui Engineering & Shipbuilding Co. Ltd.; DNV GL; Sea Machines Robotics Inc.; Neptec Technologies Corp.; Intel Corporation; Google LLC; Shone Automation Inc.; Buffalo Automation Inc.; CargoKite; Rekise Marine Pvt. Ltd.; Ladon Robotics; Unleash Future Boats; Mapsea Corp.; EcoDrone; iXblue Photonics SAS
Autonomous Boats Market 2024 Key Insights:
• The autonomous boats market will grow to $1.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Rising Demand For Marine Cargo Transportation Boosts Autonomous Boats Market
• Autonomous Boats Market Embraces Technological Advancements For Efficient And Sustainable Operations
• Asia-Pacific was the largest region in the autonomous boats market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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