Global Autonomous Ships Market Opportunities And Strategies
The global autonomous ships market is expected to decline from $6.36 billion in 2019 to $5.77 billion in 2020 at a rate 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 expected to recover and reach $7.28 billion in 2023 at a rate of 8.05%. 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 coming years. However, the increasing threat of cybersecurity and privacy is expected to limit the growth of the autonomous ships market during the forecast period.
The autonomous ship is also known as a 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 fully manned to partially operated, partially autonomous, remote operated, and fully autonomous ships.
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The global autonomous ships market is further segmented based on type and geography.
By Autonomy: Fully Autonomous; Remote Operations; Partial Autonomous
By End-User: Commercial; Defense
By Geography: The global autonomous ships market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the European autonomous ships market accounts for the largest share in the global autonomous ships market.
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Trends In The Autonomous Ships Market
Major companies are undertaking various strategic initiatives such as the development of fully autonomous ships, which is likely to be a major trend driving the growth of the autonomous ships industry.
Autonomous Ships Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides autonomous ships market overviews, analyzes and forecasts autonomous ships market size and growth for the global autonomous ships market, autonomous ships market share, autonomous ships market players, autonomous ships market size, autonomous ships market segments and geographies, autonomous ships market trends, autonomous ships market drivers and autonomous ships market restraints, autonomous ships market’s leading competitors’ revenues, profiles and market shares. The autonomous ships market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.