Autonomous Ships Global Market Report 2023

NEW YORK, Feb. 21, 2023 /PRNewswire/ -- Major players in the autonomous ships market are General Electric, DNV GL, Rolls-Royce Holding PLC, Kongsberg Gruppen AS, NYK Line, Mitsui E&S Holdings Co Ltd, Wärtsilä Corporation, DSME Co. Ltd, Vigor Industrial LL, and Praxis Automation Technology B.V.

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The global autonomous ships market will grow from $6.88 billion in 2022 to $7.34 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The autonomous ships market is expected to grow to $9.47 billion in 2027 at a CAGR of 6.6%.

The autonomous ship market consists of sales of autonomous container ships, maritime autonomous surface ships (MASS), and crewless vessels.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

An autonomous ship means navigating a ship without human input from passengers using sensing equipment (LIDAR), environmental sensitive control equipment, and navigation equipment.

Asia Pacific was the largest region in the autonomous ships market in 2022.Western Europe was the second largest region in the autonomous ships market.

The regions covered in the autonomous ships market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The autonomy in the autonomous ship market is fully autonomous, remote operations, and partial autonomous.Partial autonomous ships refer to the ships that are safer than the others and are operated by artificial intelligence, which helps to avoid droning of the ship.

The propulsion types involved are fully electric or hybrid.The various fuel types involved are carbon-neutral fuels, LNG, electricity, and heavy fuel oil/marine engine fuel.

The end-users involved are commercial and defense.

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, which is essentially unchanged from 48 in 2019. 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 autonomous ships over the next few years.

The increasing threat of cybersecurity and privacy is expected to limit the growth of the autonomous ship market during the forecast period.The advancements in technology and adoption of artificial intelligence (AI), mobility systems, and the internet of things (IoT) are creating higher chances of cybersecurity and data threats, which is a major challenge for the autonomous ship industry.

According to the Association for Computing Machinery (ACM)'s journal on cybersecurity of the autonomous ship, cybersecurity is a serious issue for autonomous ships, regardless of the form and level of autonomy of the ship, owing to their increased dependence on ICT for controlling the ship, accessibility of systems to the internet, and increased connectivity of the ship's control system to onshore monitoring systems. Thus, the rising threat of cybersecurity and privacy is predicted to act as a major factor restraining the autonomous ship market over the forthcoming years.

In November 2021, Ocean Power Technologies (OPT), a US-based company that provides critical ocean intelligence services, acquired Marine Advanced Robotics, Inc. (MAR) for an undisclosed amount. This acquisition gives OPT access to a proven, cutting-edge offshore product line that has roaming capabilities and greatly enhances the OPT business plan. Marine Advanced Robotics, Inc. (MAR) is a US-based developer and manufacturer of autonomous surface vehicles (ASVs).

The countries covered in the autonomous ships market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The autonomous ships market research report is one of a series of new reports that provides autonomous ship market statistics, including global market size, regional shares, competitors with an autonomous ship market share, detailed autonomous ship market segments, market trends and opportunities, and any further data you may need to thrive in the autonomous ship industry. This autonomous ship market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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