Autonomous Ships Market is Expected to Show Noteworthy Growth by 2025

16/feb/2021 10:36:18 Grand View Research Contatta l'autore

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According to the report published by Grand View Research, Inc., factors such as growing popularity of maritime tourism, along with increasing trade across continents through seaways and lacking number of sailors are anticipated to fuel the market growth in the forecast period.

According to a report, “Autonomous Ships Market Size, Share & Trends Analysis Report By Autonomy Level (Semi-Autonomous, Fully Autonomous), By Solutions (Systems & Software, Structures), By End Use, And Segment Forecasts, 2019 - 2025”, published by Grand View Research, Inc. The global autonomous ships market size is expected to reach USD 13.4 billion by 2025, registering a CAGR of 13.5% over the forecast period, according to a new study conducted by Grand View Research, Inc. Autonomous ships use several systems and components including sensors, propulsion systems, and intelligent navigation systems involving the use to Artificial Intelligence (AI) and Internet of Things (IoT). Use of such systems reduces the operational cost of ships, which is one of the key factors driving the market growth.

Optimization and automation of processes are the new normal in several industries and shipping is not shying away from it. There are several direct and indirect benefits offered by autonomous ships, such as increased efficiency in the usage of fuel, crew and their skills, along with the use of ship space. This inclination towards automation has helped shipping companies in witnessing a positive growth in the terms of revenue as cost of labor has reduced and size of cargo space has increased. Real-time data is used for optimizing the operations thereby providing economies of scale at the company’s level. Additionally, service quality and safety during the fleet would be highly improved through the use of autonomous shipping.

With growing awareness about the multiple benefits of autonomous ships, market has seen a huge rise in investments in R&D initiatives by major market players. Although huge amount of time would be invested in simulation and testing of unmanned vessels across critical applications, maritime system and service providers are developing advanced and intelligent maritime systems to be deployed in these unmanned ships. Several practical factors like these are going to see through the high rise of autonomous shipping market in the coming years. However, stringent regulatory environment pertaining to the use of autonomous vessels makes maritime industry a tough business environment to enter.

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Further key findings from the study suggest:

·         Collaborations between major players holds key in new technology advancement and market growth. For instance, Rolls-Royce and ferry operator, Finferries together demonstrated the world’s first autonomous ferry in Finland. The ferry named Falco used ship intelligence technologies of Roll-Royce to navigate autonomously. The trip was designed between Parainen and Nauvo and the return journey was completed under remote control.

·         Advanced technologies are being adopted by several ports all over. For instance, recently, ABB signed a landmark contract with Singaporean shipyard Keppel Offshore & Marine to enable autonomous tug operation.

·         On the basis of autonomy level, fully autonomous ships segment is expected to register a CAGR of more than 17% over the forecast period, owing to the reduced manpower in autonomous shipping environment

·         On the basis of solutions, systems and solutions segment held the largest market share in 2018, primarily due to the increased deployment of these systems in multi-purpose vessels

·         On the basis of end-use, commercial segment dominated the autonomous ships market in 2018 and is expected to hold the largest revenue share by 2025, owing to the safety and ease in deployment of autonomous systems in commercial vessels

·         On the basis of region, Asia Pacific is expected to account for the highest market share, followed by Europe, by 2025 owing to the high investments in R&D of autonomous maritime environment across countries, especially China

·         ABB, Rolls-Royce, Wartsila, Kongsberg Gruppen, Rh Marine, L3 ASV, and Siemens are some of the key players operating in the marketCosmetic Chemicals Market Segmentation

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