Autonomous Ships Market Share, Trends, Revenue, Growth Drivers, Key Players, Challenges and Future Investment Strategies Till 2033


Autonomous Ships Market Share, Trends, Revenue, Growth Drivers, Key Players, Challenges and Future Investment Strategies Till 2033: SPER Market Research

 Published: Dec-2023
 Author: SPER Analyst

Global Autonomous Ships Market is projected to be worth USD 189.96 billion by 2033 and is anticipated to surge at a CAGR of 7.1%.

Remotely piloted or highly automated ships are examples of autonomous ships. These vessels are outfitted with cutting-edge Internet of Things (IoT) and data analysis technologies, as well as land-based monitoring centres linked to broadband networks. All ship operations activities are handled automatically by advanced hardware and software. Equipment status monitoring, environmental monitoring, engine control, cargo control/loading, vessel control, docking, and undocking are all provided by automated systems.

Global Autonomous Ships Market Driving Factors and Challenges
Various countries' increased investments in cutting-edge technology are propelling market expansion. Autonomy aids in reducing at-sea crashes, working long hours without interruptions, increasing fuel efficiency, and performing mission-critical duties.

Adoption of innovative software and hardware solutions for next-generation ship development will accelerate market growth. MAS makes advantage of solar energy as well as IBM technologies such as automation, artificial intelligence, cloud computing, and edge computing. Yara International has also created the world's first fully electric cargo ship. As a result, the increased development of next-generation ships will hasten market growth.

The likelihood of cyberattacks rises worldwide when these ships sail along satellite routes. In the coming years, marine vessel operators are likely to connect their ships to onshore networks. Installation of automation systems is the first step towards total vessel automation since it allows important subsystems of marine vessels to communicate with one another via local networks.

Because of ship digitization and automation, the shipping industry has undergone ongoing development. The infrastructure of autonomous ships consists of a combination of electromechanical technologies and highly integrated software and hardware that create computer networks. Censorship and network connectivity between contemporary ships and computers in ports, terminals, maritime businesses, and shipyards impede information security, making it more vulnerable to cyberattacks and piracy. Increased digitization and modernization result in cyberattacks, which have an impact on overall industry growth.

Impact of COVID-19 on Global Autonomous Ships Market
The COVID-19 pandemic presented previously unheard-of challenges for the world's maritime sector. Manufacturing halts, supply chain disruptions, and crew and staff quarantine periods all impacted market growth.  Due to the novel coronavirus disease (COVID-19), several cargo and passenger ships were denied access to the port. As a result, some merchant sailors remained on board, and ship owners were charged additional costs as a result of the ship's extended stay in territorial waters. Drops in fishing tourist, cruise tourism, and leisure activities impacted the boating industry during the epidemic. In addition, the outbreak had an effect on ships, forcing many sailors to retire and renew their contracts. Importing and exporting objects and goods was also prohibited to minimise the spread of new coronavirus infections.

Autonomous Ships Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; ABB Ltd., Honeywell International, Kongsberg Gruppen, L 3 ASV, Marine Technologies LLC, Mitsui O.S.K. Lines, Northrop Grumman, Rolls Royce, Ulstein Group ASA, Wartsila.

Global Autonomous Ships Market Segmentation:

By Autonomy: Based on the Autonomy, Global Autonomous Ships Market is segmented as; Fully autonomous, Semi-autonomous.

By Ship Type: Based on the Ship Type, Global Autonomous Ships Market is segmented as; Commercial ships, Défense ships, Passenger ship.

By Component: Based on the Component, Global Autonomous Ships Market is segmented as; Hardware, Software.

By Fuel Type: Based on the Fuel Type, Global Autonomous Ships Market is segmented as; Carbon neutral fuels, Electric batteries, Heavy fuel oils (HFO), Liquefied natural gas.

By End User: Based on the End User, Global Autonomous Ships Market is segmented as; Line Fit, Retrofit.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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