Autonomous Ships Market worth $8.2 billion by 2030 - Exclusive Report by MarketsandMarkets™

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Oct 10, 2022, 07:30 ET

CHICAGO, Oct. 10, 2022 /PRNewswire/ -- Autonomous Ships Market is estimated to be USD 3.9 billion in 2022 and is projected to reach USD 8.2 billion by 2030, at a CAGR of 9.6% from 2022 to 2030, according to a new report by MarketsandMarkets™. Growth of this market can be attributed to the increasing number of autonomous ship development projects, rise in seaborne trade, developments in the military sector, and increasing need of autonomous systems to assist crew. Major players in the Autonomous ships market include Kongsberg Maritime (Norway), Fugro (Netherlands), Hyundai Heavy Industries (South Korea), BAE Systems (UK), and Rolls-Royce PLC (UK). The report covers various industry trends and new technological innovations in the Autonomous ships market for the period, 2018-2030.

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Advancements in sensor technology for improved navigation in autonomous ships

Advancements in sensor technology for environmental monitoring, improved navigation, object detection, collision avoidance, image processing algorithms, and machine vision have created opportunities for marine shipping companies to integrate a wide range of solutions for autonomous vessels. Sensors are expected to be pivotal in the development of connected and autonomous ships. In June 2020, Wartsila provided its RS24 situational awareness sensing system for a Mayflower Autonomous Ships project. The RS24 system provides high levels of situational awareness – especially in densely populated marine environments.

By Solution, systems market is projected to grow at the highest CAGR during the forecast period

The systems segment of the autonomous ships market is projected to grow from USD 3,522 million in 2022 to USD 7,478 million by 2030, at the highest CAGR of 9.8% from 2022 to 2030. The systems segment has been classified into communication & connectivity and intelligent awareness system. The communication & connectivity segment has been further divided into satellite systems, very small aperture terminals, terrestrial communication systems, and 5G mobile communication networks. These systems enable autonomy in different ship components. The intelligent awareness system is designed for operational safety and efficiency. This intelligent awareness system segment has been further segmented into alarm management systems, surveillance & safety systems, navigation systems, machinery management systems, power management systems, propulsion control systems, and other systems. Other systems are further classified into reliability, health, & safety management systems; ship information management systems; ballast management systems; and thruster control systems.

By communication & connectivity in autonomous ships market, segment for 5G mobile communication networks is estimated to grow at the highest CAGR during the forecast period.

5G mobile communication is the latest technology that has been introduced in the market very recently. 5G mobile communication system includes ship-to-ship communication, ship-to-shore communication, and onboard communication. In 2021, Raytheon Anschütz (Germany) developed and delivered 5G real-time communication modules for inland passenger ferries in Keil, Germany. The systems enable the echange of information from ship-toship and ship-to-shore, allowing remote operation of passenger ships.

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Autonomous ships market in Asia Pacific region to grow at the highest CAGR during the forecast period

China, India, South Korea, Japan, Singapore, Malaysia, and the Rest of Asia Pacific, which includes Australia, New Zealand, and Indonesia, have been considered under Asia Pacific for this study. According to the United Nations Conference on Trade and Development (UNCTAD), in 2019, Asia accounted for 64% of the global container throughput handled by the world's top 30 container ports and nine of the world's 10 busiest container ports. The shipping industry has been growing, with traditional large shipbuilders such as Hyundai Heavy Industries of South Korea, Mitsubishi Heavy Industries of Japan, among others enhancing their offshore, as well as seafaring capabilities and providing a single autonomous marine solution for both, shipbuilding and offshore.

According to UNCTAD, South Korea, Japan, and China are the major players in the shipbuilding industry and are expected to account for 80% of tanker orders during the forecast period. Shipbuilding companies from these countries are also among the largest players in each of the four major segments, namely, tankers, bulk carriers, container ships, and offshore vessels. Asian countries that are active in shipbuilding, seafaring, and ship recycling had been affected by the pandemic, especially in the years 2020 and 2021, due to reductions and delays in new ship delivery and the freeze in ship recycling activities, in addition to lockdown measures and travel restrictions.

According to UNCTAD, in 2018, China, Japan, and South Korea maintained their leadership in global ship production, representing around 90% of shipbuilding activities. Hence, Asia Pacific is considered a lucrative region for shipbuilding.

Asia Pacific has witnessed rapid economic development over the years owing to the increasing initiatives for the development of autonomous ships by countries like China, South Korea, Japan. The rise in sea trade in Asia Pacific region also has subsequently led to an increasing demand for ships to transport manufactured goods worldwide. Thus, the rising number of ships has increased the demand for autonomous ships in the Asia Pacific region. Asia Pacific is estimated to account for the second largest share (40.1%) of the autonomous ships market in 2022. The market in this region is estimated to be USD 1,565 million in 2022 and is projected to reach USD 3,362 million by 2030.

Major players in the Autonomous ships market include Kongsberg Maritime (Norway), Fugro (Netherlands), Hyundai Heavy Industries (South Korea), BAE Systems (UK), and Rolls-Royce PLC (UK).

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