Autonomous Ships Market worth $14.2 billion by 2030 - Exclusive Report by MarketsandMarkets
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, 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.