Conventional Segment Projected To Dominate Autonomous Ships Market During Forecast Period

The global Autonomous Ships Market report covers autonomous ship used for intelligent awareness systems, communication & connectivity solutions. It also provides information on the fitting of autonomous systems in ships which is either line fit or retrofit. The report covers various autonomous ships, including commercial ships like bulk carriers, tankers, etc. and defense ships like frigates, corvettes, etc. The overall autonomous ship (OEM+ aftermarket) 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. Asia Pacific is projected to account for the largest size of the autonomous ship market from 2020 to 2030.

Automation systems, such as alarm, management, and health monitoring systems in ships, enable fleet operators to monitor the wear and tear of components and systems and provide alerts for the same for precautionary action. These automated ships use IoT, Big Data analytics, and cloud computing, among other systems, to provide real-time data to onshore platforms to help them identify malfunctions in fleet operations, thereby reducing the operational costs of marine vessels. These ships provide the required situational awareness to fleet operators, thereby reducing their risks of damage as well as operational costs.

The COVID-19 pandemic has impacted the autonomous ships market significantly. The spread of COVID-19 has also forced autonomous ships companies to implement a remote working and digital technologies for business continuation and fleet optimization. For example, shipping companies and original equipment manufacturers are using artificial intelligence for predictive maintenance, intelligent scheduling, real-time analytics, and improving performance. This break in business operations is directly influencing the revenue of the autonomous ships market. Even though some industries continued operations, delays in systems supply and the limited supply of produced goods capped production and reduced capacity utilization rates.

The commercial ships segment of the market is projected to grow at the highest CAGR during the forecast period

Commercial ships are vessels used to carry commercial cargo or to transport passengers. The commercial fleet is classified into bulk carriers, containers, tankers, specialized vehicles, and offshore vehicles. Increasing the level of shipboard automation and systems integration can lead to significant operational savings for commercial ships. Thus, this segment offers significant potential for the autonomous ships market.

As most global commercial cargo is transported through the sea, issues related to navigational safety, risk management at sea, and human resources protection have high importance for shipping companies.

The Line fit segment of the autonomous ship market is projected to have the largest market share during the forecast period

Several Original Equipment Manufacturers (OEMs) install equipment in new ships before their delivery to help save the installation time of components in ships post-delivery. This also eliminates the need for a separate workforce by private ship owners for the installation of retrofit components in their ships. Companies such as ABB, Kongsberg, Siemens, and Wartsila are offering line fit autonomous ships. Several projects are undergoing for the development of line fit autonomous ships. For example, the Advanced Autonomous Waterborne Applications (AAWA) is a collective of universities, designers, and manufacturers who are focused on developing an autonomous vessel in conjunction with the ship operators Finferries and ESL Shipping.

“Europe is expected to be the fastest-growing region for autonomous ships market during the forecast period.”

Europe is among the fastest-growing regions for the autonomous ships market. Europe has a developed market for offshore vessels, which is expected to grow significantly over the next few years. Northwestern Europe is also an emerging market for offshore support vessels due to ample offshore activities in the North Sea region. These factors positively impact the offshore vessels industry, subsequently increasing the demand for autonomous ships.

Some of the players operating in the autonomous ships market are ABB (Switzerland), Honeywell International, Inc. (US), Rolls-Royce PLC (UK), Wartsila (Finland), and Kongsberg (Norway) are industry majors and have largely benefitted from their well-recognized brands, a wide range of products, and strong distribution capabilities in the autonomous ships market.

ABB Ltd. is a holding company, which engages in the development and provision of power and automation technologies. It operates through the following business segments: Electrification, Industrial Automation, Motion, Robotics & Discrete Automation. The Electrification segment manufactures and sells products and solutions, which are designed to provide safer electrical flow from the substation to the socket. The Industrial Automation segment develops and sells integrated automation and electrification systems and solutions, such as process and discrete control solutions, advanced process control software and manufacturing execution systems, sensing, measurement, and analytical instrumentation and solutions, electric ship propulsion systems, as well as large turbochargers.

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