23 September 2019
Autonomous Ships Market Report 2019-2029: Forecasts by Autonomy (Fully Autonomous, Remote Operations, Partial Automation), Ship Type (Commercial, Defense), End Use (Linefit, Retrofit), Solution (Systems, Software, Structures), by Region and Analysis of Leading Companies indicates that the Global Autonomous Ships Market was valued at $12.5 billion by 2029.
The factors anticipated to boost the development of the autonomous ship industry are increased seaborne trade, increased compliance with maritime safety standards, and maritime tourism development. Also known as crewless vessels, autonomous ships are equipped without human interference with the software & hardware. Components such as sensors, automated navigation, propulsion & auxiliary systems, GPS tracker, and others in the vessels assist create environmental decision-making. In addition, the partly automated vessels are controlled and monitored with human interference through the off-board control centres. Moreover, independent vessels have full activities regulated by sophisticated operating systems that enable them to take choices and actions on their own.
The commercial segment is expected to account for the maximum share of the global autonomous ship market in 2029 based on ship type, generating more than three-fourths of the overall market revenue, and is expected to receive the largest share over the forecast period. This is due to the increase in amount of vessels and the application of safe mode of goods transport along with ongoing upgrades & advancement.
Services such as Artificial Intelligence (AI), IoT, and others support components such as integrated radar systems, sensor, and live tracking navigation assembly used in independent vessels, which assist to adjust mission execution, follow mission plans, and feel the atmosphere with the necessary decision logic. There is currently a demand for intelligent and independent vessels that can decrease human participation in the operation. Increasing seaborne trades around the globe is one of the main factors driving the autonomous ships market share.
It is estimated that Europe will develop at the highest CAGR between 2019 and 2029 due to the adoption of independent marine technology and the application of fresh techniques in the area. North America would record the second highest growth rate on the global market for autonomous ships.
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