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Autonomous Ships Market Is Projected To Boost At A CAGR of 9.3% from 2020 to 2030

The global 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. Some of the major factors driving this market include the increasing global sea trade, improving marine navigational safety resulting in lesser accidents, and growing maritime tourism.

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. 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.

Contracts are among some of the key strategies adopted by the leading market players to strengthen and sustain their position in the autonomous ships market. In September 2020, Kongsberg Maritime and Massterly, a Kongsberg Wilhelmsen joint venture, signed contracts with the leading Norwegian grocery distributor ASKO to equip two new vessels with autonomous technology and manage their operations at sea. Asia Pacific is estimated to lead the autonomous ships market in 2018. Asia Pacific has witnessed rapid economic development over the years, resulting in an increase in maritime trade. This rise in sea trade has subsequently led to an increasing demand for ships for the transportation of manufactured goods worldwide. Thus, the rising number of ships has increased the demand for autonomous ships in the Asia Pacific region.

Leading Companies & Their Info: https://www.marketsandmarkets.com/Market-Reports/autonomous-ships-market-267183224.html

The major players in the autonomous ships market include Wartsila (Finland), Kongsberg Gruppen (Norway), Northrop Grumman (US), Rolls-Royce (UK), General Electric (US), ABB (Switzerland), and Honeywell International (US), among others. Rolls-Royce and Kongsberg Gruppen are key market players engaged in contracts and acquisitions to increase the sale of automation systems and autonomous ships for different applications.

Northrop Grumman is a leader in the automation of products for naval platforms and offers integrated platform management systems. It has a strong presence in the North American, European, and Asia Pacific regions. Northrop Grumman provides different types of marine solutions such as NAVGUIDE 4000 for different naval vessels. These solutions provide information gathered from various integrated sensors installed on ships. In September 2015, Northrop Grumman received a contract from the Royal Thai Navy to provide integrated bridge systems for future frigates of the Navy.

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