Autonomous Ships Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Autonomous Ships Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Autonomous Ships Global Market Report 2024, The autonomous ships market size has grown strongly in recent years. It will grow from $7.34 billion in 2023 to $7.82 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to industry initiatives & pilot projects, early technological development, maritime safety concerns, military & research initiatives, shifts in trade and transportation.

The autonomous ships market size is expected to see strong growth in the next few years. It will grow to $10.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to public perception & acceptance, infrastructure readiness, safety improvements, global shipping industry trends, environmental sustainability demands. Major trends in the forecast period include digitalization of maritime industry, safety and efficiency improvements, regulatory framework development, environmental concerns and regulations, remote fleet management.

Increasing marine accidents caused by human errors lead to high financial losses, which are predicted to act as a major driver for the growth of the autonomous ship market. Unmanned ships or autonomous technology apprehend accidents attributed to human errors and contribute to the higher potential of reducing onboard accidents. According to a 2021 report published by the Insurance Information Institute, a US industry association which exists to improve public understanding of insurance, in 2020, 49 large ships were completely lost. Therefore, the use of autonomous ships to reduce the increasing number of accidents due to human error and financial losses is expected to drive the demand for the growth of the autonomous ships market over the next few years.

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The autonomous ships market covered in this report is segmented –

1) By Autonomy: Fully Autonomous, Remote Operations, Partial Autonomous

2) By Propulsion Type: Fully Electric, Hybrid

3) By End-User: Commercial, Defense

Sub-Segements

By Fuel Type: Carbon Neutral Fuels, LNG, Electric, and Heavy Fuel Oil/Marine Engine Fuel

Major companies are undertaking various strategic initiatives like the development of fully autonomous ships, which is likely to be a major trend driving the growth of the autonomous ship industry. For instance, according to Offshore Energy news published in September 2021, UK engineering company Rolls-Royce and Sea Machines Robotics, the USA-based startup developing autonomous ship solutions, have started a new collaboration that will deliver comprehensive remote command, autonomous control, and intelligent crew support systems to the marine market.

The autonomous ships market report table of contents includes: