Autonomous Ships Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

The autonomy in the autonomous ship market is fully autonomous, remote operations, and partial autonomous. Partial autonomous ships refer to the ships that are safer than the others and are operated by artificial intelligence, which helps to avoid droning of the ship. The propulsion types involved are fully electric or hybrid. The various fuel types involved are carbon-neutral fuels, LNG, electricity, and heavy fuel oil/marine engine fuel. The end-users involved are commercial and defense.

Sizing and Forecast

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.

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Segmentation & Regional Insights

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

Asia-Pacific was the largest region in the autonomous ships market in 2023. Western Europe was the second largest region in the autonomous ships market share. The regions covered in the autonomous ships 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

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.

Key Industry Players

Major companies operating in the autonomous ships market report are Mitsui E&S Holdings Co. Ltd., Siemens AG, General Electric Company, Hyundai Heavy Industries Co. Ltd., Northrop Grumman Corporation, Honeywell International Inc., ABB Ltd., BAE Systems plc, Nippon Yusen Kabushiki Kaisha, L3Harris Technologies Inc., Rolls-Royce Holding plc, L3 ASV Global Ltd., Wärtsilä Corporation, Wärtsilä Corporation Inc., Valmet Corporation, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Kongsberg Gruppen AS, DNV GL AS, Fugro N.V., Vigor Industrial LLC, Rh Marine Ltd., Ocean GNS, ASV Global Limited, Praxis Automation Technology B.V., Automated Ships Ltd., SELSAN A.Ş., Ocean Biofuels Ltd., Autonomous Knight BV, Mapsea Corp. Ltd., Eco Drone Laser P.S.A.

The autonomous ships market report table of contents includes:

1. Executive Summary

2. Autonomous Ships Market Characteristics

3. Autonomous Ships Market Trends And Strategies

4. Autonomous Ships Market – Macro Economic Scenario

5. Global Autonomous Ships Market Size and Growth

…

32. Global Autonomous Ships Market Competitive Benchmarking

33. Global Autonomous Ships Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Autonomous Ships Market

35. Autonomous Ships Market Future Outlook and Potential Analysis

36. Appendix

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