Global Autonomous Ship Market Size to Reach USD 10.10 Billion in 2032 | Emergen Research

Vancouver, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The global autonomous ships market size was USD 4.13 Billion in 2022 and is expected to register a revenue CAGR of 9.4% during the forecast period. This remarkable growth can be attributed to the increasing adoption of maritime transportation, technological advancements in maritime ships, and the integration of Artificial Intelligence (AI) into autonomous ships.

Autonomous ships, which require no direct human intervention, are gaining prominence in the maritime industry. Key market players such as Maersk, Yara International, Sea Machines, Robosys, and ASV Global are actively engaged in the development of autonomous vessel control systems and technologies. Their efforts, along with partnerships for research and development, are contributing to the market's revenue growth. For example, Three NYK Group Companies recently announced their participation in the MEGURI2040 Fully Autonomous Ship Project, indicating a growing interest in autonomous ships within the industry.

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The demand for autonomous ships is fueled by the foundation of international trade and the global economy, as over 80% of international trade in goods is carried out through maritime transportation. Companies like Rolls-Royce, DNV, Norwegian University of Science and Technology (NTNU), and Norway's Kongsberg are creating all-electric autonomous ships, contributing to sustainability goals and further boosting market growth.

One of the major drivers of market revenue growth is the increasing adoption of maritime transportation and trade activities. Cargo transportation via waterways is cost-effective and efficient, making it a preferred choice for shipping goods. The application of digital technologies is transforming the maritime industry, enhancing transparency, risk management, and optimizing sailing routes. These developments are increasing the demand for autonomous ships.

Another significant trend driving market growth is the integration of advanced technologies and AI. Maritime operators are rapidly adopting digital technologies, such as detector technologies and 5G connectivity, to improve navigation, safety, and efficiency. For example, the Nippon Foundation's MEGURI2040 Fully Autonomous Ship Program uses AI and sensors to enhance the reliability and efficiency of autonomous ships.

Despite these positive trends, the market faces challenges, including ethical concerns about data privacy and security, high maintenance costs, and the threat of cyberattacks. Automation in ships can increase the risk of cyber threats, making cybersecurity a top priority for the industry. High capital costs, insurance expenses, and maintenance costs impact productivity and hinder market growth.

In terms of market segments, the hardware segment held the largest revenue share in 2022. The rapid adoption of hardware components such as sensors, gyrocompass, autopilot, and GPS receivers is enhancing decision-making in autonomous ships. Hardware advancements are a critical factor in driving the market's growth.

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Regarding autonomy levels, remotely controlled ships dominated the market in 2022. These ships benefit from sensor technology, connectivity at sea, and decision support software. They are seen as a game-changer for safety and efficiency. Fully autonomous ships are expected to experience robust growth, as they eliminate human error, reduce crewing costs, and improve safety and efficiency.

In terms of end-use, the commercial segment held the largest revenue share in 2022. Commercial ships are pivotal for maritime trade and transportation, enabling cost-effective shipping of bulky cargo. The growth of the commercial segment is driven by strategic initiatives and partnerships among key market players.

Regionally, North America accounted for the second-largest revenue share in 2022, driven by operational safety, retrofitting of existing ships, and technological advancements. The United States plays a crucial role in this growth, with the presence of major market companies and a robust maritime shipping industry. The region is interested in autonomous ships for surveillance, research, and defense applications.

Scope of Research

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Major Companies and Competitive Landscape

The global autonomous ship market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective autonomous ships. Some major players included in the global autonomous ship market report are:

• ABB
• Honeywell International Inc
• Rolls- Royce
• Sea Machines Robotics.Inc
• A.P.Moller-Maersk
• Praxis Automation Technology B.V
• Yara International ASA
• Mitsui O.S.K Lines

Strategic Development

• On 30 January 2023, NYK announced the investment in an AI Company for Autonomous Shipping and Applications, Japan’s Nippon Yusen Kaisha (NYK) is becoming the latest large shipping company to invest in the development and utilization of Artificial Intelligence (AI) for applications in shipping and more broadly in a range of industries. The NYK has been strengthening its initiatives in the technical fields for next-generation ships.
• On 28 November 2022, Samsung Heavy Industries of South Korea announced that a test voyage of an autonomous ship for more than 500 nautical miles in the coastal waters was successful. The shipbuilder worked with Mokpo National Maritime University to run the school's training ship along the nation's coastline for 512 nautical miles. This trial run's success demonstrates the SAS's stability in highly complicated marine settings.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global autonomous ship market on the basis of component type, autonomy level, end-use, and region:

• Component Type Outlook (Revenue, USD Billion; 2019-2032)
  • Hardware
  • Software
  • service
• Autonomy level Outlook (Revenue, USD Billion; 2019-2032)
  • Fully autonomous
  • Partially autonomous
  • Remotely controlled ship
• End-Use Outlook (Revenue, USD Billion; 2019-2032)
  • Commercial
    1. Passenger and cruises
    2. Cargo
    3. Bulk carriers
    4. Containers
    5. Others
  • Military
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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