Dublin, June 10, 2022 (GLOBE NEWSWIRE) -- The "Autonomous Ships - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Autonomous Ships Market to Reach US$10.1 Billion by the Year 2026
The global market for Autonomous Ships estimated at US$7 Billion in the year 2022, is projected to reach a revised size of US$10.1 Billion by 2026, growing at a CAGR of 8.9% over the analysis period.
Growth of the autonomous ships market is expected to be driven by the surge in sea-based trade globally due to its cost effectiveness in comparison to other transport modes, in addition to the shortage of trained and experienced sailors. Globally, cargo to the tune of nearly 1.7 billion tons per annum gets transported in about 180 million containers.
Also, the growing number of marine accidents due to human mistakes which lead to considerable financial losses and damage to the environment are fostering interest in autonomous ships. The growth in marine tourism and increasing interest in smart connected ships and vessels with situational awareness are also auguring well for the market.
Also, growing research initiatives and collaborations among companies belonging to various industries in many countries for making the naval structure autonomous are expected to aid market growth. The rising use of connected smart ships, given their various advantages such as fleet health monitoring data and vessel traffic management data are also benefitting the market.
Furthermore, the rising investments being made for the R&D and construction of autonomous ships are also fueling market growth. The use of IoT and other such latest technologies in these ships is also being considered to lower the environmental impact of maritime traffic and make autonomous marine projects more efficient.
Commercial, one of the segments analyzed in the report, is projected to grow at a 9.4% CAGR to reach US$7.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Defense segment is readjusted to a revised 7.9% CAGR for the next 7-year period. This segment currently accounts for a 37.5% share of the global Autonomous Ships market.
The U.S. Market is Estimated at $1.4 Billion in 2022, While China is Forecast to Reach $1.6 Billion by 2026
The Autonomous Ships market in the U.S. is estimated at US$1.4 Billion in the year 2022. The country currently accounts for a 20.09% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.6 Billion in the year 2026 trailing a CAGR of 10.3% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.8% and 8.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.4% CAGR while Rest of European market (as defined in the study) will reach US$842.2 Million by the end of the analysis period. Europe is a key market for autonomous ships, given its considerable investments in the development of these ships and the huge fleet size.
The growing interest in cruiser power boats and yachts in the region is auguring well for the autonomous ships demand. Further, the growing governmental and organizational investments and efforts in developing these ships are boosting market growth. Also, enterprises are rendering support to government initiatives to make naval vessels autonomous in nature.
North America (including USA and Canada) is another important autonomous ships market, given the significant fleet size and the growing seaborne trade. The market in the region is also benefitting from the increasing recreational activities and tourism. Asia-Pacific autonomous ships market is anticipated to witness healthy growth, supported by growing maritime trade and rising focus on developing sea tourism in the region.
What's New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to the publisher's digital archives and Research Platform
- Complimentary updates for one year
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Global Autonomous Ships Market under the COVID-19 Lens
- Competitive Scenario
- Competitive Market Presence - Strong/Active/Niche/Trivial for 44 Players Worldwide in 2022 (E)
- Increasing Sea-Based Trade and Tourism Drives Growth of the Global Autonomous Ships Market: Global Market Prospects & Outlook
- Analysis by Autonomy
- Analysis by End-Use
- Regional Analysis
- China Aims at Being Leading Autonomous Shipping Country
- An Insight into Autonomous Ships
- Autonomous Vessels: A Brief Note
- Regulating Autonomous Vessels
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 44 Featured)
- ABB
- General Electric (Ge)
- Honeywell International
- Hyundai Heavy Industries (Hhi)
- Kongsberg Gruppen
- Marine Technologies LLC
- Marlink
- Praxis Automation & Technology B.V.
- Rh Marine
- Rolls-Royce
3. MARKET TRENDS & DRIVERS
- Sailing Towards Autonomous Shipping Technology
- Requirements for Sustainable Autonomous Technology Implementation
- Norway Research Institutes Pioneering Fully Automated Vessels
- Autonomous Vessels and the Maritime Industry
- Innovators in the Autonomous Vessels Industry
- Future of Artificial Intelligence (AI) at Sea
- Autonomous Docking Presenting Solutions to Complex Problems
- Severe Impact of Pandemic on Supply Chain Networks Derails Market Momentum
- Growing Integration of Technology in Dock Management Systems
- Big Data & Cloud Technology Seek to Expand Role in Dock Management
- Autonomous Vessels Helping Coast Guards in Safeguarding the Waters
- Steady Growth in Seaborne Trade Volumes Drives Demand for Autonomous Ships
- Rise in Number of Container Ships and Gas Carrier Marine Freight Worldwide: An Opportunity for the Market
- Shipbuilding Activity Trends Influence Dynamics of Autonomous Ships Market
- Rising Commercial Maritime Activity: Opportunity Indicator for Autonomous Ships
- Naval Autonomous Ships: Geopolitical Conflicts & Quest for Military Supremacy Widen the Business Case
- Healthy Defense Spending to Amplify the Need for Autonomous Naval Ships
- Pandemic Affects the Military & Defense Sector
- How Tourism & Leisure Industry Is Impacted by the Pandemic & What's the New Normal?
- Leisure Marine Industry amid COVID-19 Pandemic
- Challenges Associated with Autonomous Shipping
- Autonomous Ships Pose Survival Challenge to the Shipping Sector
- Impact of Autonomous Vessels on Employment
- Flags of Convenience
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/lmuz1n
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