Product ID: SQMIG20G2014
Global Autonomous Ships Market Size, Share, Growth Analysis, By Autonomy Level(Semi-Autonomous and Fully Autonomous), By End Use(Commercial and Military) - Industry Forecast 2024-2031
Report ID:
SQMIG20G2014 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
59 |
Figures:
77
Global Autonomous Ships Market Insights
Global Autonomous Ships Market size was valued at USD 8.84 billion in 2022 and is poised to grow from USD 10.04 billion in 2023 to USD 27.85 billion by 2031, growing at a CAGR of 13.60% during the forecast period (2024-2031).
The shipping sector's autonomy is anticipated to lower maritime emissions, enabling significant fuel savings, and save the operating cost of ship operators by roughly 20%. Furthermore, according to the European Maritime Safety Agency (EMSA), human error in shipboard operations was to blame for between 58% and 70% of accidental accidents. This technology is expected to prevent such incidents caused by human mistake on the ship's bridges, hence lowering the number of accidents on board. Sensors, integrated radar systems, and live tracking navigation assemblies are some of the components that autonomous ships benefit from the Internet of Things (IoT), artificial intelligence (AI), and other technologies. These services support following mission strategies, modifying mission completion, and perceiving the surrounding environment with the proper decision logic. Moreover, the advancement in the shipping technology is expected to improve various features such as navigation system including obstacle, collision warning, and route tracking without any human intervention. Additionally, the companies are focusing on advancement of navigation and automation systems that expected to aid in growth of the autonomous ships market in the near future. Growing focus on autonomous ship development among key companies is further expected to propel the market growth. For instance, in July 2023, Mitsubishi Shipbuilding Co., Ltd. has announced participation in the Fully Autonomous Ships joint development program that is administrated by the Nippon Foundation. This program aims to commercialize the fully autonomous ship by 2025.
The Autonomous Ships Market on a global scale is witnessing substantial growth as a result of the technological advancements and the rising consciousness of the stakeholders about the need for efficient and low-cost maritime transportation solutions. Unmanned ships, known also as autonomous vessels or autonomous surface vehicles (ASVs) – are ships that can operate independently from humans. The aim of this market is to transform the maritime industry through onshore improvements of ship performance, reduction of operational expenses, and increasing the overall efficiency of operations. Reducing human errors, which is the major reason behind the maritime accidents is primarily the main cause of the autonomous ships market development. Moreover, self-governing vessels can be utilized for route optimization, consumption and discharge of fuel and the emission of carbon-dioxide which corresponds to the sustainable plans. However, the prevalence of restraining factors and challenges, such as legal and certification issues, is stopping the extensive adoption of autonomous ships. Regulatory frameworks, cyber-attack risks, and the demand for large investments in research and development pose the hurdles for the market growth. Additionally, autonomous technology should be integrated, both within the maritime industry and the regulating bodies, and this will take time and collaborated initiatives. Furthermore, even though the issues of reliability and safety of autonomous systems in the complex maritime environments are predominant, there still lacks a solid solution for these problems.
Despite these challenges, the autonomous ships market opens huge potential for key players in the industry. The convergence of sophisticated sensors, artificial intelligence and machine learning platforms enable autonomous ships to sail safely and effectively in different situations. Moreover, autonomous fleets controlled from onshore control centers give new opportunities for cutting costs and enhancing operational flexibility. In addition, when the whole industry of shipping is on its way to creation of digital and modernized processes, autonomous vessels become a crucial means to raise the competition and generate technology progress.
Global Autonomous Ships Market Report Snapshots
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