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:
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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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