The autonomous ships market is estimated to be USD 5.8 billion in 2020 and is projected to reach USD 14.2 billion by 2030, at a CAGR of 9.3% from 2020 to 2030
The demand for new ships and the retrofitting of existing ships with advanced technologies is expected to grow with the increase in trade activities. New defense and commercial vessels are equipped with advanced systems for improved safety and efficiency.
New York, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Autonomous Ships Market by Autonomy, Ship Type, End-Use, Solution, Propulsion and Region - Global Forecast to 2030" - https://www.reportlinker.com/p05721750/?utm_source=GNW
The implementation of advanced systems acts as an important driver for the autonomous ships market. Autonomous ships are one of the variants of automated vessels. These ships involve integrating various systems and subsystems, enabling effective decision-making based on sensor fusion technology and Artificial Intelligence (AI) for processing the data, hence reducing or eliminating human intervention.
*Based on autonomy, fully autonomous segment projected to lead autonomous ships market during the forecast period*
Based on autonomy, the autonomous ships market is segmented into fully autonomous, remotely-operated and partial automation. The growth of the fully autonomous segment of the autonomous ships market can be attributed to the increased investments in developing autonomous ships in European region.
*Based on ship type, commercial segment projected to lead autonomous ships market during the forecast period*
Based on ship type, the autonomous ships market is segmented into commercial and defense. The commercial segment is expected to grow at the higher CAGR, owing to the rising seaborne trade and tourism across the globe.
*Based on end use, the linefit segment accounts for the largest market size during the forecast period*
Based on end use, the autonomous ships market is segmented into linefit and retrofit.The linefit segment is estimated to account for a larger share in 2020 as compared to the retrofit segment.
The growth of the line fit segment can be attributed to the increased investments in naval defense by various countries and rise in seaborne trade activities across the globe.
*Asia Pacific is expected to account for the largest share in 2020*
The autonomous ships market has been studied for North America, Europe, Asia Pacific and Rest of the World.Asia Pacific is estimated to account for the largest share of the global market in 2020.
Shipbuilding companies from Japan, South Korea, and China, are also among the largest players in each of the four major segments, namely, tankers, bulk carriers, container ships, and offshore vessels.Asia Pacific has witnessed rapid economic development over the years, increasing maritime trade.
This rise in sea trade has subsequently led to an increasing demand for ships to transport manufactured goods worldwide. Thus, the rising number of ships has increased the demand for autonomous ships in the Asia Pacific region.
*Break-up of profile of primary participants in the Autonomous Ships Market:*
• By Company Type: Tier 1 – 77%, Tier 2 – 15%, and Tier 3 – 8%
• By Designation: Others – 79%, C Level – 16%, and Director Level – 5%
• By Region: North America – 51%, Europe – 16%, Asia Pacific – 15%, North America – 9%, Middle East – 9%
Key Players in the autonomous ships market ABB (Switzerland), Honeywell International, Inc. (US), Rolls-Royce PLC (UK), Wartsila (Finland), and Kongsberg (Norway) are industry majors and have largely benefitted from their well-recognized brands, a wide range of products, and strong distribution capabilities in the autonomous ships market.
*Research Coverage:*
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the autonomous ships market.A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; new product launches; mergers; and partnerships, agreements, and collaborations; and recent developments associated with the autonomous ships market.
Competitive analysis of upcoming startups in autonomous ships market ecosystem is covered in this report.
*Reasons to buy this report:*
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall autonomous ships market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
*The report provides insights on the following pointers:*
• Market Penetration: Comprehensive information on autonomous ships market offered by top players in the market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the autonomous ships market
• Market Development: Comprehensive information about lucrative markets – the report analyzes the autonomous ships market across varied regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the autonomous ships market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in autonomous ships market
Read the full report: https://www.reportlinker.com/p05721750/?utm_source=GNW
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