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.
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%.