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Autonomous Ships Global Market Report 2022

Autonomous Ships Global Market Report 2022

  • May 2022
  • 175 pages
  • ID: 6277721
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the autonomous ships market are General Electric, DNV GL, Rolls-Royce Holding PLC, Kongsberg Gruppen AS, NYK Line, Mitsui E&S Holdings Co Ltd, Wärtsilä Corporation, DSME Co. Ltd, Vigor Industrial LL, and Praxis Automation Technology B.V.

The global autonomous ships market is expected to grow from $6.46 billion in 2021 to $6.88 billion in 2022 at a compound annual growth rate (CAGR) of 6.6%. The market is expected to grow to $8.89 billion in 2026 at a compound annual growth rate (CAGR) of 6.6%.

The autonomous ships market consists of sales of autonomous ships and related services.The autonomous ship is also known as crewless watercraft piloted by artificial intelligence (AI) without human interference.

These ships are unmanned and function autonomously as a type of seafaring drone. Autonomous ships work on artificial intelligence technology and sensors which include lidar, radar, high definition cameras, sonar, and thermal imaging.

The autonomy in the autonomous ships market is fully autonomous, remote operations, partial autonomous.The partial autonomous ships refer to the ships that are safer than the other ships and are operated by artificial intelligence and this helps to avoid droning of the ship.

The propulsion types involved are fully electric, hybrid.The various fuel types involved are carbon-neutral fuels, LNG, electric, and heavy fuel oil/marine engine fuel.

The end-user involved are commercial, defense.

Asia Pacific was the largest region in the autonomous ships market in 2021.Western Europe was the second largest region in the autonomous ships market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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 ships market.Unmanned ships or autonomous technology apprehend accidents attributing to human errors and contributes to the higher potential of reducing onboard accidents.

According to the International Institute of Marine Surveying report published in November 2019, human error represents 58% of accidental events and 70% of accidents had shipboard operations as a major cause for accidents. 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 autonomous ships over the next coming years.

The increasing threat of cybersecurity and privacy is expected to limit the growth of the autonomous ships market during the forecast period.The advancements in technology and adoption of artificial intelligence (AI), mobility systems, and the internet of things (IoT) are creating higher chances of cybersecurity and data threats which is a major challenge for the autonomous ship industry.

According to the Association for Computing Machinery (ACM)’s journal on cybersecurity of the autonomous ship, cybersecurity is a serious issue for autonomous ships, regardless of the form and level of autonomy of the ship, owing to their increased dependence on ICT for controlling the ship, accessibility of systems to the internet, and increased connectivity of ship’s control system to onshore monitoring systems. Thus, the rising threat for cybersecurity and privacy is predicted to act as a major factor restraining the autonomous ship’s market over the forthcoming years.

Major companies 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 ships industry. For instance, according to Offshore Energy news published in September 2021, UK’s engineering company Rolls-Royce and Sea Machines Robotics, the USA-based startup developing autonomous ship solutions, has started a new collaboration that will deliver comprehensive remote command, autonomous control, and intelligent crew support systems to the marine market.

In January 2019, Hyundai Heavy Industries, a South Korea-based shipbuilding company announced the acquisition of Daewoo Shipbuilding and Marine Engineering for an undisclosed amount.This acquisition of joining two heavyweights for creating a shipbuilding giant with a global market share of about 20 percent.

Daewoo Shipbuilding and Marine Engineering is a South Korea-based shipbuilding company.

The countries covered in the autonomous ships market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.

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