Dublin, June 08, 2021 (GLOBE NEWSWIRE) — The “Autonomous Ships Global Market Report 2021: COVID-19 Growth and Change to 2030” report has been added to ResearchAndMarkets.com’s offering.
Major players in the autonomous ships market are General Electric, DNV GL, Rolls-Royce Holding PLC, Kongsberg Gruppen AS, NYK Line, Mitsui E&S Holdings Co Ltd, Wartsila Corporation, DSME Co., Ltd., Vigor Industrial LLC. and Praxis Automation Technology B.V.
The global autonomous ships market is expected to grow from $5.68 billion in 2020 to $6.46 billion in 2021 at a compound annual growth rate (CAGR) of 13.7%.
The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $9.24 billion in 2025 at a CAGR of 9%.
Increasing marine accidents caused by human errors lead to high financial losses which are predicted to act as a major driver for the growth of the autonomous ships market. Unmanned ships or autonomous technology apprehend accidents attributing to human errors and contributes to the higher potential of reducing onboard accidents.
The increasing threat of cybersecurity and privacy is expected to limit the growth of the autonomous ships market during the forecast period. The advancements in technology and adoption of artificial intelligence (AI), mobility systems, and the internet of things (IoT) are creating higher chances of cybersecurity and data threats which is a major challenge for the autonomous ship industry.
According to Association for Computing Machinery (ACM)’s journal on cybersecurity of the autonomous ship, cybersecurity is a serious issue for autonomous ships, regardless of the form and level of autonomy of the ship, owing to their increased dependence on ICT for controlling the ship, accessibility of systems to the internet, and increased connectivity of ship’s control system to onshore monitoring systems. Thus, the rising threat for cybersecurity and privacy is predicted to act as a major factor restraining the autonomous ship’s market over the forthcoming years.
The autonomous ships market covered in this report is segmented by autonomy into fully autonomous; remote operations; partial autonomous and by end-user into commercial; defense.
Major companies undertaking various strategic initiatives such as the development of fully autonomous ships, which is likely to be a major trend driving the growth of the autonomous ships industry. For instance, according to Offshore Energy news published in December 2018, Rolls Royce, a technology company, and Finferries, a state-owned ferry operator demonstrated the world’s s first fully autonomous ferry in the archipelago south of the city of Turku, Finland.
It used a combination of Rolls Royce ship intelligence technology in order to navigate autonomously during its journey between Paraninen and Nauvo. the development of fully autonomous is a major trend that is anticipated to provide growth opportunities to the market.
In May 2018, Wartsila Corporation, the technology group announced the acquisition of Transas, a UK-based firm for an amount of $ 257.8 million. This acquisition is a part of Wartsila Corporation’s attempt to expand the company’s smart marine ecosystem vision.
The smart marine ecosystem is a vision where smart vessels connect with smart ports in order to improve the operational efficiency and use of resources to reduce risk and impact on the environment by enhancing security and safety. Transas was founded in 1990 and is a provider of ship & fleet operation solutions which includes access to information for real-time information, digital data and electronic chart services, and bridge infrastructure.
Key Topics Covered:
1. Executive Summary
2. Autonomous Ships Market Characteristics
3. Autonomous Ships Market Trends and Strategies
4. Impact of COVID-19 on Autonomous Ships
5. Autonomous Ships Market Size and Growth
5.1. Global Autonomous Ships Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on The Market
5.2. Global Autonomous Ships Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Autonomous Ships Market Segmentation
6.1. Global Autonomous Ships Market, Segmentation By Autonomy, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Fully Autonomous
- Remote Operations
- Partial Autonomous
6.2. Global Autonomous Ships Market, Segmentation By End-User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Autonomous Ships Market, Segmentation By Propulsion Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Fully Electric
6.4. Global Autonomous Ships Market, Segmentation By Fuel Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Carbon Neutral Fuels
- LNG, Electric
- Heavy Fuel Oil/Marine Engine Fuel
7. Autonomous Ships Market Regional and Country Analysis
7.1. Global Autonomous Ships Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Autonomous Ships Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- General Electric
- DNV GL
- Rolls-Royce Holding PLC
- Kongsberg Gruppen AS
- NYK Line
- Mitsui E&S Holdings Co Ltd
- Wartsila Corporation
- DSME Co.
- Vigor Industrial LLC.
- Praxis Automation Technology B.V.
- Valmet Corp
- Automated Ships Ltd.
- ASV Global
- Rh Marine
- L3 ASV
For more information about this report visit https://www.researchandmarkets.com/r/gzr941