Global Autonomous Ships Market to Grow at a CAGR of 7.2% During 2024-2032, Driven by Technological Advancements in the Industry

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.

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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 (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) 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.

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