The latest report on “Autonomous Ships Market (Type – Partially Autonomous, and Fully Autonomous; Application – Commercial, Security, and Military; End-use – Linefit, and Retrofit): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025.” The global autonomous ships market is projected to grow at a CAGR of 6.1% over the forecast period of 2019-2025.
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Autonomous ships are equipped with hardware and software without human interference. Autonomous ships will bring a technological revolution in the marine industry. Several concerns arising from human-operated ships encourage the growth of the autonomous ships market. Companies are focusing on mergers, acquisitions, and new product launches that propel their market share in the global autonomous ships market. Recently, in 2018, Rolls-Royce and Intel had a collaboration on designs for sophisticated intelligent shipping systems. This will make safer commercial shipping.
Increasing Compliance with Maritime Safety Norms Drives the Growth of the Autonomous Ships Market
The increasing compliance with maritime safety norms drives the growth of the autonomous ships market. The surge in seaborne trade worldwide contributes to the growth of the autonomous ships market. Factors such as operational safety of ships and a rise in demand for cargo transportation through marine promote the growth of the autonomous ships market. Advantages of autonomous ships such as efficient space utilization in ship design, better fuel efficiency, and lesser transportation time propel the growth of the autonomous ships market.
The rising development and improvement in the marine industry boost the growth of the autonomous ships market. Furthermore, autonomous ships address issues related to marine transportation such as adverse weather conditions, criminal activities, and human errors. On the other side, exploitation risk by hacking the system hampers the growth of the autonomous ships market. Moreover, the rising trend of complete automation in transportation creates numerous opportunities for the growth of the autonomous ships market.
Asia-Pacific Region is Expected to Hold a Premium Share in the Global Autonomous Ships Market
Based on geography, the global autonomous ships market is classified into North America, Asia-Pacific, Europe, and the Rest of the World. Asia-Pacific region is expected to hold a premium share in the global autonomous ships market. The growing sea trade and surge in the number of ships in Asia-Pacific stimulates the growth of the autonomous ships market in the Asia-Pacific region.
Europe is anticipated to grow in the global autonomous ships market with a significant CAGR over the forecast period. The growing adoption of automation technology in marine transport in Europe contributes to the growth of the autonomous ships market in Europe. North America is showing growth in the global autonomous ships market due to increasing investments in autonomous ships for military and commercial applications.
The report on the global autonomous ships market covers segments such as type, application, and end-use. On the basis of type, the sub-markets include partially autonomous, and fully autonomous. On the basis of application, the sub-markets include commercial, security, and military. On the basis of end-use, the sub-markets include linefit, and retrofit.
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The report provides profiles of the companies in the market such as Uber Technologies, Inc., Spotify Technologies S.A., Airbnb, Inc., Rolls-Royce Holdings plc, Mitsui O.S.K. Lines Ltd., Automated Ships Ltd., Vigor Industrial LLC, Kongsberg Gruppen ASA, Wärtsilä Oyj Abp, General Electric Co., and Other companies.
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