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Future of Autonomous Ships Market: Size, Share & Forecasts to 2029
Autonomous Ships Market
What Is the Projected Market Size Valuation of the Autonomous Ships Market by 2025?
The market for autonomous ships has experienced robust growth lately. Its expansion is predicted to progress from $7.82 billion in 2024 to $8.24 billion by 2025, indicating a compound annual growth rate (CAGR) of 5.4%. This growth during the historic period is a result of industry efforts and pilot projects, early advancements in technology, maritime safety issues, military and research initiatives, and changes in trade and transportation.
What Is the Estimated Market Growth Value for the Autonomous Ships Industry in 2029?
The market for autonomous ships is anticipated to witness significant expansion in the coming years, with projections indicating a rise to $10.5 billion in 2029, and a compound annual growth rate (CAGR) of 6.2%. Factors contributing to growth during the forecast period include societal understanding and acceptance, preparedness of infrastructure, advancements in safety, trends in the global shipping industry, and demands for environmental sustainability. Key trends anticipated during this period encompass the digitalization of the maritime industry, enhancements in safety and efficiency, the development of regulatory frameworks, environmental regulations and concerns, and the management of remote fleets.
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What Are the Growth Drivers and Opportunities in the Autonomous Ships Market?
Rising maritime mishaps due to human errors, which bring about considerable financial damages, are expected to be a significant catalyst in escalating the autonomous ship market growth. Autonomous technology or unmanned vessels capture accidents relating to human mistakes and boost the potential to decrease onboard mishaps. For instance, a UK government agency, the Marine Accident Investigation Branch (MAIB), reported in July 2023 that roughly 700 marine pilots carried out more than 96,000 transfers utilizing pilot ladders, resulting in over 400 instances. From these, 25% were generated by shackles substituting rolling hitches for the security of the side ropes, 23% resulted from the ladders' poor material condition, and 13% were due to inadequate handhold stanchions. Thus, employing autonomous ships to mitigate the escalating accidents due to human error and financial damages will likely stimulate the demand for the expansion of the autonomous ships market in the coming years.
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What Are the Primary Segments Covered in the Global Autonomous Ships Market Report?
The autonomous ships market covered in this report is segmented -
1) By Autonomy: Fully Autonomous, Remote Operations, Partial Autonomous
2) By Propulsion Type: Fully Electric, Hybrid
3) By End-User: Commercial, Defense
Sub-Segments:
1) By Fully Autonomous: Fully Automated Container Ships, Autonomous Bulk Carriers, Unmanned Surface Vessels (USVs)
2) By Remote Operations: Remotely Operated Cargo Ships, Remote-Controlled Ferries, Teleoperated Fishing Vessels
3) By Partial Autonomous: Assisted Navigation Ships, Autonomous Barges With Human Oversight, Semi-Autonomous Yachts
What Are the Top Growth Trends in the Autonomous Ships Market?
Key corporations are proceeding with various strategic activities such as creating completely self-sufficient vessels, a significant trend anticipated to propel the growth of the autonomous ship sector. For example, UK-based Rolls-Royce and US-based Sea Machines Robotics initiated the launch of a new series of mtu NautIQ products in April 2022. These products are designed to provide advanced smart support systems for the marine industry. This selection includes the mtu NautIQ CoPilot, a cutting-edge pilot assist setup that independently administers prescribed trips; the mtu NautIQ CoOperate, allowing remote onboard payload commands from off the boat; and the mtu NautIQ CoDirect, a remote-helm system that lets operators control vessel features from a distance of up to 1,000 meters. These groundbreaking advancements aim to enhance operational productivity, safety, and eco-friendliness in maritime activities, emphasizing Rolls-Royce's dedication to spearheading technological progress in the marine sector.
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Which Companies Are Shaping the Future of the Autonomous Ships Market?
Major companies operating in the autonomous ships market include 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.Ş., Autonomous Knight BV, Mapsea Corp. Ltd.
Which Region Holds the Largest Market Share in the Autonomous Ships Industry?
Asia-Pacific was the largest region in the autonomous ships market in 2024. Western Europe was the second largest region in the autonomous ships market share. The regions covered in the autonomous ships market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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