(MENAFN- EIN Presswire) EINPresswire/ -- As per the report, the global autonomous ships market was pegged at $85.84 billion in 2020, and is projected to reach $165.61 billion by 2030, growing at a CAGR of 6.8% from 2020 to 2030.

Rise in demand for cargo transportation through marines and surge in operational safety of ships have boosted the growth of the global autonomous ships market. However, risk of exploitation by hacking and complexity of the network hampers the market growth. On the contrary, anticipated trend of automation in marine transportation and increase in marine safety norms are expected to create lucrative opportunities for the market players in the future.

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Autonomous ships, also known as unmanned or smart ships, are vessels which operate with minimal or no human intervention as they rely on advanced technologies such as artificial intelligence, machine learning algorithms, sensors, navigation systems, and real-time data connectivity. Autonomous ships are capable of real time decision-making and navigating without or limited human intervention.

The autonomous ships industry is segmented into level of autonomy, component, ship type, propulsion, and region. By level of autonomy, the market is segregated into semi-autonomous and fully autonomous. On the basis of component, the market is divided into hardware and software. On the basis of ship type, the market is fragmented into commercial ships, defense ships, and passenger ships. By propulsion type, the market is classified into full electric and hybrid. By region, the market is analyzed across North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.

The global autonomous ships market growth is driven by increase in demand for cargo transportation, surge in focus on reducing emissions, and rise in operational safety of ships. However, factors such as high development & operational cost and cybersecurity concerns hinder the growth of the market. On the contrary, advancement in real-time data sharing, connectivity solutions, and supportive regulatory frameworks offers lucrative growth opportunity for market growth.

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In addition, the autonomous ships market share is highly competitive, with several key players dominating the industry. Prominent manufacturers focus on innovation, product differentiation, and strategic partnerships to maintain their market positions. Market leaders include companies such as WÄRTSILÄ, Northrop Grumman, ROLLS ROYCE, Kongsberg Maritime, MITSUI O.S.K. LINES, BAE Systems, L3Harris Technologies, Inc., Fugro, Hyundai Heavy Industries, and Marine Technologies, LLC.

Autonomous ships leverage advanced technologies to enhance operational safety and efficiency of autonomous ships. Human error is the major cause of maritime accidents, accounting for approx. 75-90% of incidents. Autonomous ships help in minimizing the risk of such errors by relying on automated systems for critical tasks, including navigation and collision avoidance detection. Autonomous ships detect real-time weather data, such as wind speed, wave height, temperature, and visibility. This data allows autonomous ships to adjust their course, speed, and operations to optimize safety and fuel efficiency. in addition, autonomous ships are equipped with advanced monitoring system that allows them to continuously analyze maritime traffic and adjusts their position accordingly. Moreover, this system allows them to detect nearby commercial vessels, fishing boats, & other recreational vessels and analyze their movements, which further helps in predicting potential collision and improve overall safety of the ships.

In recent years, there has been a growing inclination towards reducing emission from the shipping industry. According to an estimate the shipping industry, responsible for approximately 3% of global greenhouse gas emissions, and the industry is under increasing pressure to meet ambitious climate goals. To decrease emissions from ships manufacturers are developing energy efficient ship designs, optimize routes, and use of alternative fuels to lower fuel costs, to further reduce emission.

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On, July 2023, the International Maritime Organization revised its initial greenhouse gas emissions reduction strategy. The new strategy sets a goal of net zero emissions from ships by the year 2050. The new strategy has also been set at reducing GHG emissions from ships by at least 20% by 2030 and at least 70% by 2040. Thus, the increasing focus on reducing emissions is anticipated to be the major driving factor for the growth of the autonomous shipping industry.

However, as autonomous ships offer advanced technologies, they require high operational costs, thus posing challenges for their widespread adoption. Autonomous ships are equipped with high-end hardware such as LiDAR, radar, cameras, sonar, and infrared sensors, which require high upfront cost for integration with existing ships and maintenance. In addition, autonomous ships undergo extensive testing and sea trials to test their systems in different weather conditions. These trials often require a fleet of prototype vessels and support ships, further increasing the overall costs. Moreover, autonomous ships require strengthening compliance requirement with safety protocols established by the International Maritime Organization and other regulatory bodies, which requires exhaustive testing and certification processes. Thus, the high development and operational cost are the major factors that are anticipated to hinder the growth of the autonomous ship market during the review period.

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Based on region, the market across Asia-Pacific dominated in 2020, accounting for nearly half of the market. Availability of top players in terms of implementation of automation in their transport sector, continuous adoption of trending technologies, and faster pace toward automation in this region drive the growth of the Autonomous Ships Market Size. However, the global autonomous ships market across Europe is projected to portray the highest CAGR of 8.1% during the forecast period. High adoption of autonomous technology in the transport segment and constant development and adoption of new technology in this region proliferate the growth of the market. Moreover, the market across North America region is expected to portray the CAGR of 8.1% throughout the forecast period.

Major market players

ABB Ltd.
L3 ASV
Honeywell International
Kongsberg Gruppen
Marine Technologies LLC
Mitsui O.S.K. Lines
Northrop Grumman
Rolls-Royce
Ulstein Group ASA
Wartsila

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