The global autonomous ships market size was USD 6.40 billion in 2020.The market is expected to grow from USD 6.55 billion in 2021 to USD 12.07 billion in 2028 at a CAGR of 9.13% in the 2021-2028 period.This information is published by Fortune Business Insights, in its report, titled, “Autonomous Ships Market, 2021-2028.”As per our analysts, the inclusion of the latest and ground-breaking technologies in ships is a factor that bolsters the market growth as well as product demand.
Asia Pacific held the largest autonomous ships market share and led the market in 2020. The growth is accredited to the prompt economic expansion and rising maritime trade throughout the region.
Europe is estimated to display notable growth during 2021-2028. The growth is owing to the surging investments on autonomous ships ventures from numerous European nations.
North America is anticipated to demonstrate substantial growth on account of the growing capitalization in expansion of advance autonomous vessels for commercial as well as defense uses.
Autonomy, Size, Ship Type, Ship Type, and Region are studied for the Market
On the basis of autonomy, the market is segregated into partial automation, remotely operated, and fully autonomous. Among these, the remotely operated segment held maximum share in 2020.
In terms of size, the market is sub-categorized into hardware and software.
Based on ship type, the market is branched into commercial and defense.
By end user, the market is divided into line fit and retrofit.
The market is studied across North America, Europe, Asia Pacific, and the rest of the world in terms of geography.
The report presents treasured under standings gained through detailed review conducted by our expert analysts. A methodical research was carried out to offer the assessed size of this market. The data utilized to display the shares for multiple segments at national, domestic, as well as international stages is gained from exhaustive interviews with various experts. Additionally, we have obtained admission to numerous global as well as domestic-funded records to offer accurate information to make capitalization choices effortless for our clients.
Drivers and Restraints:
Surging Capitalization in Autonomous Ship Technology Ventures to Foster Market Growth
The growing investment from several nations for the independent ship technology directs the autonomous ships market growth. Autonomy assists in declining maritime accidents, function for longer hours without interruption, augment fuel proficiency, and implement serious missions.
Additionally, in October 2019, South Korea capitalized USD 130 million for autonomous ship missions. The project involves formation of an intelligent system, which is competent of autonomous triangulation, accident and mishap avoidance, incorporated platform to administer systems, judgment making as well as situational consciousness.
COVID-19 Pandemic Unfavorably Affected Naval Industry
The marine sector has confrontedunparalleleddifficultiesduringCOVID-19 pandemic across the globe. Production termination, supply chain commotion, and quarantine guidelines for workers resulted in declining growth of the market. The global COVID-19 pandemic influenced the market all across the world. During the ill-fated sequence of lockdowns, governments of all countries executed strict guidelines and standards to aid diminish the spread of the virus.
The effect of the pandemic was registered on the naval industry. For instance, according to the report presented by the United Nations Conference on Trade and Development (UNCTAD) 2020, global marine trade was deteriorated by 4.1% in 2020.
LIST OF KEY COMPANIES PROFILED:
- ABB (Switzerland)
- ASELSAN A.Ş. (Turkey)
- BAE Systems (U.K.)
- Fugro (Netherlands)
- GE (U.S.)
- Honeywell International Inc. (U.S.)
- Kongsberg Maritime (Norway)
- L3Harris Technologies, Inc. (U.S.)
- Northrop Grumman (U.S.)
- Rolls-Royce plc (U.K.)
- Siemens Energy (Germany)
- Wärtsilä (Finland)
Major Players Concentrate on Extension Policies to Strengthen their Market Positions
Manufacturers are emphasizing on employing numerous marketing tactics such as mergers, and collaborations and acquisitions of other businesses to gain a substantial position and competitive edge in the global market.
For example, in February 2021,Svitzer, which is a Towage operator, got engaged in a contract with ABS and Kongsberg Maritime to co-jointly create a prime and novel totally-distantly administered tug boat.