Autonomous Ships Market To Witness Significant Growth 13.5% CAGR Due To Growing Popularity Of Maritime Tourism: Grand View Research, Inc.

(Senmer News Wire)

“”Grand View Research, Inc. – Market Research And Consulting.””

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.

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.

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 market

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Grand View Research has segmented the global autonomous ships market on the basis of autonomy level, solutions, end use, and region:

Autonomous Ships Autonomy Level Outlook (Revenue, USD Million, 2015 – 2025)

Semi-autonomous

Fully Autonomous

Autonomous Ships Solutions Outlook (Revenue, USD Million, 2015 – 2025)

Systems & Software

Structure

Autonomous Ships End-use Outlook (Revenue, USD Million, 2015 – 2025)

Commercial

Passenger Cruise

Bulk Carrier & Container Ships

Tankers

Others

Defense

Submarines

Aircraft Carriers

Destroyers

Frigates

Autonomous Ships Regional Outlook (Revenue, USD Million, 2015 – 2025)

North America

U.S.

Canada

Europe

U.K.

Germany

France

Asia Pacific

China

India

Japan

Latin America

Brazil

Mexico

Middle East & Africa

List of Key Players of Autonomous Ships Market
• ABB,
• Rolls-Royce,
• Wartsila,
• Kongsberg Gruppen,
• Rh Marine,
• L3 ASV,
• Siemens.

Have Any Query? Ask Our Experts for More Details on Report:https://www.grandviewresearch.com/inquiry/6999/ibb

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About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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Source: Autonomous Ships Market To Witness Significant Growth 13.5% CAGR Due To Growing Popularity Of Maritime Tourism: Grand View Research, Inc.