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Autonomous Ships Market worth $14.2 billion by 2030 - Exclusive Report by MarketsandMarkets(TM)
Friday, January 22, 2021

CHICAGO, Jan. 14, 2021 /PRNewswire/ -- According to the new market research report "Autonomous Ships Market by Autonomy (Fully Autonomous, Remote Operations, Partial Automation), Ship Type (Commercial, Defense), End-Use (Linefit, Retrofit), Solution (Systems, Software, Structures), Propulsion and Region - Global Forecast to 2030", published by MarketsandMarkets(TM), 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. The ongoing digitalization and autonomous technologies such as sensor fusion technology, control algorithms, and communication and connectivity will create new services for autonomous ships.

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The COVID-19 pandemic has impacted the autonomous ships market significantly. The spread of COVID-19 has also forced autonomous ships companies to implement a remote working and digital technologies for business continuation and fleet optimization. For example, shipping companies and original equipment manufacturers are using artificial intelligence for predictive maintenance, intelligent scheduling, real-time analytics, and improving performance. This break in business operations is directly influencing the revenue of the autonomous ships market. Even though some industries continued operations, delays in systems supply and the limited supply of produced goods capped production and reduced capacity utilization rates.

Based on autonomy, the fully autonomous segment projected to lead the 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 the European region.

Based on ship type, the commercial segment projected to lead the 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 a higher CAGR, owing to the rising seaborne trade and tourism across the globe.

Based on end-use, the line fit segment accounts for the largest market size during the forecast period

Based on end-use, the autonomous ships market is segmented into line fit and retrofit. The line-fit 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 the rise in seaborne trade activities across the globe.

Browse in-depth TOC on "Autonomous Ships Market"
209 - Tables
56 - Figures
262 - Pages

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"Europe is expected to be the fastest-growing region for autonomous ships market during the forecast period."

Europe is among the fastest-growing regions for the autonomous ships market. Europe has a developed market for offshore vessels, which is expected to grow significantly over the next few years. Northwestern Europe is also an emerging market for offshore support vessels due to ample offshore activities in the North Sea region. These factors positively impact the offshore vessels industry, subsequently increasing the demand for autonomous ships.

Some of the players operating in the autonomous ships market are ABB (Switzerland), Honeywell International, Inc. (US), Rolls-Royce PLC (UK), Wartsila (Finland), and Kongsberg (Norway) are industry majors and have largely benefitted from their well-recognized brands, a wide range of products, and strong distribution capabilities in the autonomous ships market.

Related Reports:

Integrated Bridge Systems Market by End User (OEM, Aftermarket), Ship Type (Commercial: Bulk Carriers, Dredgers, Defense: Frigates, Corvettes, OPVs), Subsystem (INS, VDR, AWOS, AIS), Component (Hardware, Software), and Region - Global Forecast to 2025

Electric Ships Market by Power Source (Fully Electric, Hybrid, Plug-In Hybrid), Autonomy (Manned electric ships, Remotely-operated, Fully Autonomous), Ship Type (Bulk Carrier, Gas Tanker, Tankers, Barge, Passenger Cruise, Aircraft Carrier, Amphibious, Destroyer, Frigate) and Region - Global Forecast to 2030

About MarketsandMarkets(TM)

MarketsandMarkets(TM) provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets(TM) for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets(TM) are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets(TM) now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets(TM) is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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