Dublin, June 06, 2024 (GLOBE NEWSWIRE) -- The "Autonomous Boats Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global autonomous boats market reached a value of nearly $1.2 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.90% since 2018. The market is expected to grow from $1.2 billion in 2023 to $1.7 billion in 2028 at a rate of 6.51%. The market is then expected to grow at a CAGR of 7.41% from 2028 and reach $2.4 billion in 2033.
Growth in the historic period resulted from the strong economic growth in emerging markets, the rising demand for marine cargo transportation, the increasing maritime security concerns and the growing tourism. Factors that negatively affected growth in the historic period included stringent laws and regulations. Going forward, the increase in seaborne trade, the increasing defense expenditure, the increasing government support and the rising urbanization will drive the market. Factors that could hinder the growth of the autonomous boats market in the future include an increase in cyber-attacks.
This report describes and explains the autonomous boats market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The autonomous boats market is segmented by type into commercial and military. The commercial market was the largest segment of the autonomous boats market segmented by type, accounting for 62.64% or $763.74 million of the total in 2023. Going forward, the military segment is expected to be the fastest growing segment in the autonomous boats market segmented by type, at a CAGR of 7.04% during 2023-2028.
The autonomous boats market is segmented by component into hardware and software. The hardware market was the largest segment of the autonomous boats market segmented by component, accounting for 70.20% or $855.87 million of the total in 2023. Going forward, the software segment is expected to be the fastest growing segment in the autonomous boats market segmented by component, at a CAGR of 7.48% during 2023-2028.
The autonomous boats market is segmented by fuel type into liquefied natural gas, electric batteries, diesel fuel and other fuel types. The diesel fuel market was the largest segment of the autonomous boats market segmented by fuel type, accounting for 75.62% or $922.06 million of the total in 2023. Going forward, the electric batteries segment is expected to be the fastest growing segment in the autonomous boats market segmented by fuel type, at a CAGR of 8.46% during 2023-2028.
The autonomous boats market is segmented by autonomy into partial automation, remotely operated and fully autonomous. The partial automation market was the largest segment of the autonomous boats market segmented by autonomy, accounting for 68.88% or $839.82 million of the total in 2023. Going forward, the fully autonomous segment is expected to be the fastest growing segment in the autonomous boats market segmented by autonomy, at a CAGR of 11.24% during 2023-2028.
North America was the largest region in the autonomous boats market, accounting for 40.55% or $494.35 million of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the autonomous boats market will be the Middle East and Western Europe, where growth will be at CAGRs of 10.47% and 9.93% respectively. These will be followed by Eastern Europe and Asia-Pacific, where the markets are expected to grow at CAGRs of 7.17% and 6.08% respectively.
The global autonomous boats market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 80.25% of the total market in 2022. Rolls-Royce PLC was the largest competitor with a 17.35% share of the market, followed by L3Harris Technologies, Inc with 15.01%, ABB Ltd with 13.12%, BAE Systems Plc with 10.59%, Kongsberg Gruppen with 7.92%, General Electric Company with 6.72%, Wartsila Oyj Abp with 4.99%, Fugro with 2.32%, Marine Technologies LLC with 1.19% and Ulstein Group ASA with 1.05%. of the market, followed by Seiko Epson Corporation.
The top opportunities in the autonomous boats market segmented by type will arise in the commercial segment, which will gain $267.66 million of global annual sales by 2028. The top opportunities in the autonomous boats market segmented by component will arise in the hardware segment, which will gain $294.26 million of global annual sales by 2028. The top opportunities in the autonomous boats market segmented by fuel type will arise in the diesel fuel segment, which will gain $314.8 million of global annual sales by 2028. The top opportunities in the autonomous boats market segmented by autonomy will arise in the partial automation segment, which will gain $279.33 million of global annual sales by 2028. The autonomous boats market size will gain the most in the USA at $102.9 million.
Market-trend-based strategies for the autonomous boats market include focus artificial intelligence (AI) launch in-shore autonomous boat pilot for supply chain innovation, launch of innovative autonomous leisure boat solutions, strategic partnerships and collaborations among market players to drive innovation, development of next-generation solar-powered self-driving boats to combat ocean waste, technological advancements for efficient and sustainable operations and technological advancements for efficient and sustainable operations.
Player-adopted strategies in the autonomous boats market include focus on new product launches, focus on strategic investments to expand business operations and focus on strengthening business operations through strategic partnerships.
To take advantage of the opportunities, the analyst recommends the autonomous boats companies to focus on AI integration for autonomous boats, focus on autonomous leisure boat solutions, focus on next-generation solar-powered self-driving boats, focus on the military segment, focus on electric batteries and liquified natural gas powered boats, focus on remotely operated and fully autonomous segments, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships, provide competitively priced offerings, focus on strategic pricing strategies for market leadership, participate in trade shows and events, continue to use B2B promotions, focus on digital engagement for enhanced market visibility, prioritize technical webinars for thought leadership and target defense organizations.
Markets Covered:
1) by Type: Commercial; Military
2) by Component: Hardware; Software
3) by Fuel Type: Liquefied Natural Gas; Electric Batteries; Diesel Fuel; Other Fuel Types
4) by Autonomy: Partial Automation; Remotely Operated; Fully Autonomous
Key Companies Mentioned: Rolls-Royce; L3Harris Technologies; ABB; BAE Systems; Kongsberg Gruppen
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; autonomous boats indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 281 |
| Forecast Period | 2023-2033 |
| Estimated Market Value (USD) in 2023 | $1.2 Billion |
| Forecasted Market Value (USD) by 2033 | $2.4 Billion |
| Compound Annual Growth Rate | 7% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Rolls-Royce PLC
- L3Harris Technologies, Inc
- ABB Ltd
- BAE Systems Plc
- Kongsberg Gruppen
- General Electric Company
- Wartsila Oyj Abp
- Fugro
- Marine Technologies LLC
- Ulstein Group ASA
- Clearbot
- Cochin Shipyard Ltd
- Sea Machines Robotics India Pvt. Ltd
- Dhruva Space
- A H Wadia Boat Builders
- Oceanalpha USV
- Sealartec
- BEMAC Corporation
- Changzhou Baote Yacht Co., Ltd.
- China COSCO Shipping
- Atlas Elektronik UK
- AutoNaut Ltd
- Arksen
- U-Boat Worx
- AB Yachts
- Ferretti S.p.A.
- Groupe Beneteau
- Alva Yachts
- Fincantieri Yachts
- Timeless Yachts
- K2sea
- Autotesto
- Remontowa
- Seatech Engineering
- Vard Tulcea
- General Electric Company
- Northrop Grumman
- Huntington Ingalls Industries Inc.
- Honeywell International Inc.
- Neptec Technologies Corp.
- Sea Machines Robotics
- Flying Ship Technologies Corp.
- Open Ocean Robotics
- Twelve Marine Ventures Inc.
- d/b/a AllOY
- Metal Shark
- OPT Marine Robotics
- Platypus
- Applanix
- Green Boats Engineering
- TideWise (Brazil)
- Oceanalpha (Brazil)
- Smart Boat Brasil
- TECHNICAL SHIP S.R.L.
- TASA (Chile)
- Kongsberg Maritime
- ASV Global (Brazil)
- The Damen Group
- Southern African Shipyards
- Dormac Marine & Engineering
- Southern Engineering Co. Ltd
- West Atlantic Shipyard
- Nigerdock FZE
For more information about this report visit https://www.researchandmarkets.com/r/b28wyq
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