The global autonomous ships market size was USD 6.40 billion in 2020.The market is expected to grow from USD 6.55 billion in 2021 to USD 12.07 billion in 2028 at a CAGR of 9.13% in the 2021-2028 period.
This information is published by Fortune Business Insights, in its report, titled, “Autonomous Ships Market, 2021-2028.”
As per our analysts, the inclusion of the latest and ground-breaking technologies in ships is a factor that bolsters the market growth as well as product demand.
The effect of the pandemic was registered on the naval industry. For instance, according to the report presented by the United Nations Conference on Trade and Development (UNCTAD) 2020, global marine trade was deteriorated by 4.1% in 2020.
Autonomy, Size, Ship Type, Ship Type, and Region are studied for the Market
On the basis of autonomy, the market is segregated into partial automation, remotely operated, and fully autonomous. Among these, the remotely operated segment held maximum share in 2020.
In terms of size, the market is sub-categorized into hardware and software.
Based on ship type, the market is branched into commercial and defense.
By end user, the market is divided into line fit and retrofit.
The market is studied across North America, Europe, Asia Pacific, and the rest of the world in terms of geography.
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Drivers and Restraints:
Surging Capitalization in Autonomous Ship Technology Ventures to Foster Market Growth
The growing investment from several nations for the independent ship technology directs the autonomous ships market growth. Autonomy assists in declining maritime accidents, function for longer hours without interruption, augment fuel proficiency, and implement serious missions.
Additionally, in October 2019, South Korea capitalized USD 130 million for autonomous ship missions. The project involves formation of an intelligent system, which is competent of autonomous triangulation, accident and mishap avoidance, incorporated platform to administer systems, judgment making as well as situational consciousness.
Asia Pacific held the largest autonomous ships market share and led the market in 2020. The growth is accredited to the prompt economic expansion and rising maritime trade throughout the region.
Europe is estimated to display notable growth during 2021-2028. The growth is owing to the surging investments on autonomous ships ventures from numerous European nations.
North America is anticipated to demonstrate substantial growth on account of the growing capitalization in expansion of advance autonomous vessels for commercial as well as defense uses.