The global autonomous ships market size is likely to touch USD 13.4 billion by 2025, as per Million Insights. It is predicted that the market would exhibit 13.5% CAGR from 2019 to 2025. Autonomous ships are equipped with sensors, propulsion system and navigation control devices among others. Further, they make use of IoT and AI to facilitate autonomous operations. Increasing use of autonomous ships is projected to reduce the total operational cost.
Further, owing to little manual intervention, these ships are projected to reduce the chances of occurrence of accidents. Real-time data obtained by autonomous ships help in optimizing operational efficiency. Moreover, the quality of services and safety would be significantly improved owing to the deployment of autonomous ships.
Major companies are increasingly focusing on the development of fully-autonomous operations. This has led to an increase in research and development cost. Increasing investment and the rising popularity of remotely controlled ships are supplementing the growth of the market. Further, autonomous shipping solution is likely to augment the demand for software and service providers in the market.
However, issues related to data security and chances of hacking are predicted to cause the hindrance into the autonomous ship market growth. Owing to the unavailability of fewer individuals on the board, autonomous ships are more prone to cyberattacks. Increasing cybersecurity issue is likely to affect the defense application.
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Further key findings from the report suggest:
• The fully autonomous category is anticipated to register over 17% CAGR from 2019 to 2025.
• In 2018, the system and solution category was the leading shareholders in the market due to the increasing use of these systems in multi-utility vessels.
• Based on end-use, the commercial category led the market and estimated to retain its position over the next six years.
• APAC held the largest share in the market seconded by Europe.
Million Insights has segmented the global autonomous ships market on the basis of autonomy level, solutions, end use and region:
Autonomous Ships Autonomy Level Outlook (Revenue, USD Million, 2015 - 2025)
• Fully Autonomous
Autonomous Ships Solutions Outlook (Revenue, USD Million, 2015 - 2025)
• Systems & Software
Autonomous Ships End-use Outlook (Revenue, USD Million, 2015 - 2025)
• Passenger Cruise
• Bulk Carrier & Container Ships
• Aircraft Carriers
Autonomous Ships Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa