DUBLIN--(BUSINESS WIRE)--The "Autonomous Ships Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
This report provides the strategists, marketers and senior management with the critical information they need to assess the global autonomous ships market.
The global autonomous ships market is expected to decline from $6.36 billion in 2019 to $5.77 billion in 2020 at a compound annual growth rate (CAGR) of -9.23%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing and remote working, and the closure of industries and other commercial activities. The entire supply chain from production to international trade has been impacted. The market is then expected to recover and reach $7.28 billion in 2023 at CAGR of 8.05%.
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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 of fully manned to partially operated, partially autonomous, remotely operated, and fully autonomous ships.
Europe was the largest region in the autonomous ships market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.
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.
The increasing threat of cybersecurity and privacy violation 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 the Association for Computing Machinery (ACM)'s journal published in 2017, 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.
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.
Key Topics Covered:
1. Executive Summary
2. Autonomous Ships Market Characteristics
3. Autonomous Ships Market Size And Growth
3.1. Global Autonomous Ships Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Autonomous Ships Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Autonomous Ships Market Segmentation
4.1. Global Autonomous Ships Market, Segmentation By Autonomy, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.2. Global Autonomous Ships Market, Segmentation By End-User, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5. Autonomous Ships Market Regional And Country Analysis
5.1. Global Autonomous Ships Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Autonomous Ships Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- General Electric
- DNV GL
- Rolls-Royce Holding PLC
- Kongsberg Gruppen AS
- NYK Line
- Mitsui E&S Holdings Co Ltd
- Wrtsil Corporation
- DSME Co., Ltd.
- Vigor Industrial LLC.
- Praxis Automation Technology B.V.
- Valmet Corp
- Automated Ships Ltd.
- ASV Global
- Rh Marine
- L3 ASV
For more information about this report visit https://www.researchandmarkets.com/r/8jmjjh