Autonomous Boats Market
Overview and Scope
Autonomous boats refer to boats using computers to process data and make navigational decisions. They are frequently pre-programmed to follow a specific path, just like a crew will arrange their shipping route before departing port.
Sizing and Forecast
The autonomous boats market size has grown strongly in recent years. It will grow from $1.17 billion in 2023 to $1.26 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to market acceptance, cost reduction, investment trends, regulatory frameworks, historical use cases.
The autonomous boats market size is expected to see strong growth in the next few years. It will grow to $1.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to regulatory changes, market demand diversification, infrastructure development, global economic conditions, consumer acceptance. Major trends in the forecast period include energy efficiency, ai integration, data connectivity, modular design, environmental sensing..
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Segmentation & Regional Insights
The autonomous boats market covered in this report is segmented –
1) By Type: Commercial, Military
2) By Component: Hardware, Software
3) By Fuel Type: Carbon Neutral Fuels, Liquefied Natural Gas, Electric Batteries, Heavy Fuel Oils (HFO)
3) By Autonomy: Partial Automation, Remotely Operated, Fully Autonomous
Asia-Pacific was the largest region in the autonomous boats market in 2023. The regions covered in the autonomous boats market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
An increase in demand for cargo transportation through marines is expected to propel the growth of the autonomous boats market going forward. Cargo transportation refers to the transportation of bulk commodities by water, air, or land. Due to the safe and secure nature of water transportation, cargoes are efficiently transferred to other ports, leading to increased demand for cargo transit via waterways involving and creating demand for autonomous boats. For Instance, according to UNCTAD – United Nations Conference on Trade and Development based in Switzerland, a United Nations Secretariat that promotes the interests of developing countries in world trade, in 2021, Asia continued to be the world’s top marine freight region in 2021, with Asian ports, including those in developed and developing nations, loading around 4.6 billion tons of cargo—or nearly 42% of all the cargo loaded in ports globally. In 2021, Asian ports received almost 7.1 billion tons of cargo, or 64% of all products released globally. Hence increase in demand for cargo transportation through marines is expected to propel the growth of the autonomous boat market
Key Industry Players
Major companies operating in the autonomous boat market are focused on developing innovative and advanced products, such as AI-operated mother ships, to meet the needs of the marine industry and gain a competitive advantage. An AI-operated mother ship is an autonomous vessel equipped with artificial intelligence capabilities, designed to deploy, and coordinate multiple air, sea, and submersible drones for various tasks in ocean observation. For instance, in May 2022, CSSC Guangzhou Shipbuilding Co. Ltd., a China-based shipbuilding company, unveiled the Zhu Hai Yun, the world’s first autonomous mothership equipped with artificial intelligence (AI) for navigation. This crewless drone carrier, measuring approximately 290 feet in length, 45 feet in width, and 20 feet in depth, has the capability to launch numerous air, sea, and submersible drones equipped with diverse observation instruments. The autonomous vessel is designed for coordinated missions, employing task-oriented adaptive networking to achieve three-dimensional views of specific targets. It serves as a revolutionary development in ocean observation, facilitating the deployment and retrieval of various drones for comprehensive data collection.
The autonomous boats market report table of contents includes:
1. Executive Summary
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