Autonomous Ships Global Market Report 2021: COVID 19 Growth And Change to 2030

New York, May 07, 2021 (GLOBE NEWSWIRE) — announces the release of the report “Autonomous Ships Global Market Report 2021: COVID 19 Growth And Change to 2030” –

and Praxis Automation Technology B.V.

The global autonomous ships market is expected grow from $5.68 billion in 2020 to $6.46 billion in 2021 at a compound annual growth rate (CAGR) of 13.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9.24 billion in 2025 at a CAGR of 9%.

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 various levels of autonomous operations comprise fully manned to partially operated, partially autonomous, remote operated, and fully autonomous ships.

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 in order 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 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.

The autonomous ships market covered in this report is segmented by autonomy into fully autonomous; remote operations; partial autonomous and by end-user into commercial; defense.

Major companies undertaking various strategic initiatives such as 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 December 2018, Rolls Royce, a technology company, and Finferries, a state-owned ferry operator demonstrated the world’s s first fully autonomous ferry in the archipelago south of the city of Turku, Finland.

It used a combination of Rolls Royce ship intelligence technology in order to navigate autonomously during its journey between Paraninen and Nauvo. the development of fully autonomous is a major trend that is anticipated to provide growth opportunities to the market.

In May 2018, Wärtsilä Corporation, the technology group announced the acquisition of Transas, a UK-based firm for an amount of $ 257.8 million. This acquisition is a part of Wärtsilä Corporation’s attempt to expand the company’s smart marine ecosystem vision. The smart marine ecosystem is a vision where smart vessels connect with smart ports in order to improve the operational efficiency and use of resources to reduce risk and impact on the environment by enhancing security and safety. Transas was founded in 1990 and is a provider of ship & fleet operation solutions which includes access to information for real-time information, digital data and electronic chart services, and bridge infrastructure.

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