Rapid Deployment, Robust Connectivity: Autonomous Ships Market Set to Soar to USD 8.2 Billion by 2030

The global Autonomous Ships Market, valued at USD 3.9 billion in 2022, is projected to reach USD 8.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.6% from 2022 to 2030. This growth is driven by several factors, including significant investments in autonomous ship ventures by various nations, the adoption of fully autonomous commercial and military vessels, and the increasing use of automated systems to reduce human error.

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

Market Dynamics

Drivers:

1. Development of Next-Generation Autonomous Vessels: Autonomous ships, which operate without crew members, are monitored and controlled remotely. Technological advancements in sensors, high-resolution cameras, and satellite communication are pivotal in this evolution. Collaborative efforts among industry leaders, like the joint development agreement between Fugro and L3 ASV in 2018, are enhancing the capabilities of autonomous vessels, contributing to market growth.

Opportunities:

1. Increased R&D Activities: Companies such as Rolls-Royce and Kongsberg are leading the development of fully autonomous ships by integrating existing maritime technologies with new digital technologies like AI and sensors. Such initiatives are expected to propel market growth, with significant advancements anticipated by 2040, as highlighted in the Nippon Foundation’s report.

Challenges:

1. Cyber Threats: The automation of ships increases their vulnerability to cyber-attacks. The integration of crucial sub-systems through local networks and the use of Big Data analytics for operational efficiency and safety present potential targets for hackers. To counter this, the International Maritime Organization (IMO) has introduced guidelines to mitigate cyber risks.

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

Market Segmentation

By End Use:

• Line Fit Segment: Expected to grow at the highest CAGR, driven by increased naval defense investments and rising seaborne trade activities. Companies like ABB, Kongsberg, and Siemens are key players in this segment.

By Propulsion:

• Fully Electric Segment: Predicted to witness the highest growth rate due to its fuel efficiency and the ongoing development of high-density battery solutions aimed at reducing emissions and operational costs. Notable projects include the Mayflower Autonomous Ship (MAS) project.

Regional Insights

• Asia-Pacific: Holding the largest market share, the Asia-Pacific region’s dominance is attributed to its thriving shipbuilding industry, particularly in China and South Korea. Enhanced infrastructure and significant customer base growth are key factors. According to the United Nations Conference on Trade and Development (UNCTAD), Asia accounted for 64% of global container throughput in 2019, highlighting the region’s pivotal role in the market.

Key Market Players

1. ABB: A leader in the market, ABB focuses on collaborations and contracts to expand its autonomous shipping systems. In 2018, ABB successfully conducted a remote control trial of a passenger ferry, showcasing its advancements in digital and connected maritime solutions.
2. Rolls-Royce PLC: Known for its hybrid propulsion systems and extensive product portfolio, Rolls-Royce plays a significant role in advancing autonomous shipping technologies.
3. Kongsberg: With a strong presence in Europe, the Middle East, Africa, Asia-Pacific, North America, and South America, Kongsberg is a key player in providing marine systems and enhancing its customer base through strategic partnerships and innovations.
4. Wärtsilä: Partnering with organizations like ProMare, Wärtsilä focuses on developing autonomous vessels, such as the Mayflower Autonomous Ship, and maintains a significant market presence in the Asia-Pacific region through joint ventures and subsidiaries.
5. Honeywell International, Inc.: Through contracts and product innovations, Honeywell aims to improve operational efficiency and service quality in the autonomous ships market.

Emerging Trends

The autonomous ships market is expected to witness new revenue pockets due to advancements in battery solutions and the push for reduced emissions. Investments in AI, automation, and autonomy are driving technological progress, further boosting market growth.

Conclusion

The autonomous ships market is set for substantial growth, driven by technological advancements, strategic collaborations, and increasing investments in autonomous vessel development. As the industry evolves, addressing challenges like cyber threats will be crucial in ensuring the safe and efficient operation of autonomous ships.Top of Form

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=267183224

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

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.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines — TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies — helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. 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.

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