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Global Autonomous Ships Market to Grow at a CAGR of 7.2% During 2021-2026, Driven by Technological Advancements in the Industry

According to a new report by EMR titled, ‘Global Autonomous Ships Market Report and Forecast 2021-2026’, the market attained a value of about USD 84.6 billion in 2020. The industry is further expected to grow at a CAGR of 7.2% in the forecast period of 2021-2026 to reach a value of approximately USD 128.4 billion by 2026.

The rising investments in the development of completely autonomous ships for commercial use in regions like Europe and North America are propelling the market growth of autonomous ships. Major corporations are embarking on a variety of strategic projects, such as the development of completely autonomous ships, which is expected to be a major trend driving the expansion of the autonomous ships industry over the forecast period. Further, the emerging demand for smart and autonomous ships that can minimise human involvement in the operation is expected to augment the market growth over the forecast period. In addition to this, the rise in seaborne trade worldwide is one of the key factors positively influencing the market growth.

In February 2021, the UK Ministry of Defence (MOD) has awarded Rolls Royce (OTCMKTS: RYCEY) funds for the continued development of its Artificial Chief Engineer naval technology. The funding was made available under the MOD's Defence and Security Accelerator Intelligent Ship Phase Two programme. The 16-month program's goal is to figure out how to best use human-AI collaboration to improve decision-making and planning in complicated operating contexts. This is expected to further the market growth of autonomous ships over the forecast period.

Market Analysis by Level of Autonomy, Component, Ship Type, Fuel Type, and Region:

  • The market, based on level of autonomy, can be divided into semi-autonomous and fully autonomous.
  • Based on components, the industry can be divided hardware and software.
  • The ship types in autonomous ships include commercial ships, defence ships, and passenger ships.
  • The market based on fuel type can be fragmented into carbon neutral fuel, liquefied natural gas, electric batteries, and heavy fuel oils (HFO).
  • The regional markets for autonomous ships include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The need for autonomous ships has been expanding as a result of increased automation and a rise in tourism activities around the globe.
  • The steady rise in seaborne trade and recreational activities around the world is expected to drive global demand for autonomous ships.
  • In the near future, a rising need in the maritime sector to encourage safe and efficient operations is projected to raise demand for autonomous ships.
  • Increasing marine catastrophes caused by human mistakes result in large financial losses, which are expected to be a major driver of the market for autonomous ships. 

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for autonomous ships for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the levels of autonomy, components, ship types, fuel types, and regions of autonomous ships.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global autonomous ships market are ABB Ltd., L3Harris Technologies, Inc., Rolls-Royce PLC, and Wärtsilä, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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