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Autonomous Ships Global Market: Industry Trends and Future Outlook | 2024 To 2033 Key Players Mitsui E&S Holdings Co. Ltd., Siemens AG, General Electric Company, Hyundai Heavy Industries Co.
Autonomous Ships Global Market Share
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According to The Business Research Company's, The autonomous ships market size has grown strongly in recent years. It will grow from $7.34 billion in 2023 to $7.82 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to industry initiatives & pilot projects, early technological development, maritime safety concerns, military & research initiatives, shifts in trade and transportation.
The autonomous ships market size is expected to see strong growth in the next few years. It will grow to $10.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to public perception & acceptance, infrastructure readiness, safety improvements, global shipping industry trends, environmental sustainability demands. Major trends in the forecast period include digitalization of maritime industry, safety and efficiency improvements, regulatory framework development, environmental concerns and regulations, remote fleet management.
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Market Drivers and Trends:
Increasing marine accidents caused by human errors lead to high financial losses, which are predicted to act as a major driver for the growth of the autonomous ship market. Unmanned ships or autonomous technology apprehend accidents attributed to human errors and contribute to the higher potential of reducing onboard accidents. According to a 2021 report published by the Insurance Information Institute, a US industry association which exists to improve public understanding of insurance, in 2020, 49 large ships were completely lost. Therefore, the use of autonomous ships to reduce the increasing number of accidents due to human error and financial losses is expected to drive the demand for the growth of the autonomous ships market over the next few years.
Major companies are undertaking various strategic initiatives like the development of fully autonomous ships, which is likely to be a major trend driving the growth of the autonomous ship industry. For instance, according to Offshore Energy news published in September 2021, UK engineering company Rolls-Royce and Sea Machines Robotics, the USA-based startup developing autonomous ship solutions, have started a new collaboration that will deliver comprehensive remote command, autonomous control, and intelligent crew support systems to the marine market.
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Major Key Players of the Market:
Mitsui E&S Holdings Co. Ltd., Siemens AG, General Electric Company, Hyundai Heavy Industries Co. Ltd., Northrop Grumman Corporation, Honeywell International Inc., ABB Ltd., BAE Systems plc, Nippon Yusen Kabushiki Kaisha, L3Harris Technologies Inc., Rolls-Royce Holding plc, L3 ASV Global Ltd., Wärtsilä Corporation, Wärtsilä Corporation Inc., Valmet Corporation, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Kongsberg Gruppen AS, DNV GL AS, Fugro N.V., Vigor Industrial LLC, Rh Marine Ltd., Ocean GNS, ASV Global Limited, Praxis Automation Technology B.V., Automated Ships Ltd., SELSAN A.S., Ocean Biofuels Ltd., Autonomous Knight BV, Mapsea Corp. Ltd., Eco Drone Laser P.S.A.
Autonomous Ships Market 2024 Key Insights:
• The autonomous ships market size is expected to see strong growth in the next few years. It will grow to $10.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• The Role Of Autonomous Technology In Mitigating Marine Accidents And Financial Losses
• Development Of Fully Autonomous Ships
• Asia-Pacific was the largest region in the autonomous ships market in 2023
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