Portland, OR, Oct. 03, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global autonomous ships industry generated $88.01 billion in 2020, and is expected to generate $134.90 billion by 2030, witnessing a CAGR of 4.4% from 2020 to 2030. The report provides an extensive analysis of changing market trends, key segments, top winning strategies, and competitive landscape.
Increase in demand for cargo transportation from marines and surge in operational safety of ships drive the growth of the global autonomous ships industry. However, complexity in networks and risks regarding exploitation through hacking limit the market growth. On the other hand, trend of automation in marine transportation and stringent marine safety regulations create opportunities in the market.
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Based on ship type, the commercial segment will contribute the highest share in the global autonomous ships market in 2020, holding more than three-fourths of the total market share, and is expected to dominate during the forecast period. Contrarily, the passenger segment would grow at the highest growth rate, registering a CAGR of 6.9% from 2020 to 2030.
Based on fuel type, the heavy fuel oil/marine engine fuel segment will account for the largest market share in 2020, accounting for around three-fourths of the total share, and is expected to dominate throughout the forecast period. Contrarily, the electric batteries segment is estimated to grow at the highest rate, with a CAGR of 10.0% during the forecast period. The report also analyzes LNG and carbon neutral fuels.
Based on region, Europe is expected to register the largest growth rate with a CAGR of 4.9% from 2020 to 2030. North American region is estimated to grow at the second-highest growth rate in the market, registering a CAGR of 4.4% during the study period. Asia-Pacific will account for nearly half of the total market share in 2020, and is expected to register the highest revenue during the forecast period.
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The leading market players analyzed in the research include,
- ABB Ltd.
- Honeywell International
- L3 ASV
- Marine Technologies LLC
- Kongsberg Gruppen
- Northrop Grumman
- Mitsui O.S.K. Lines
- Ulstein Group ASA
- Rolls-Royce
- Wartsila
These players have adopted various strategies including collaborations, partnerships, mergers & acquisitions, and others to gain competitive edge and a strong position in the market.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.