The "Autonomous Ships Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global autonomous ships market reached a value of US$ 89.6 billion in 2021. Looking forward, the market is projected to reach US$ 132.96 billion by 2027, exhibiting at a CAGR of 6.7% during 2022-2027. Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Autonomous ships are technologically advanced watercrafts embedded with radio detection and ranging (RADAR), light detection and ranging (LIDAR), high-definition cameras, thermal imaging, and sonar. They assist the operating system in making decisions and reduce crew sizes to minimize the need for accommodation, simplify the design, increase cargo carrying capacity and lower building costs. As they make shipping safer by decreasing accidents, the demand for autonomous ships is escalating around the world.
Autonomous Ships Market Trends
Apart from this, a high degree of isolation and the unattractive nature of the job is restricting millennials worldwide from becoming seafarers. This, along with the growing requirement of seagoing professionals for maritime trading, acts as another factor influencing the demand for unmanned ships positively.
Furthermore, the integration of artificial intelligence (AI) and robotics with autonomous ships and advancements in sensor technologies for improved navigation systems is creating a favorable market outlook. Moreover, leading market players are focusing on incorporating the Internet of Things (IoT) and other innovative technologies to reduce the environmental footprint of maritime traffic and improve the efficiency of autonomous marine ventures.
Other major factors, including a significant rise in seaborne trade, increase in maritime tourism, and extensive investments in research and development (R&D) activities to develop reliable and cost-effective functioning of unmanned vessels, are anticipated to impel the market growth.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global autonomous ships market, along with forecasts at the global, regional and country level from 2022-2027. The report has categorized the market based on component, level of autonomy, fuel type, installation and ship type.