According to a new market research report published by Credence Research “Autonomous Ships Market (By Type – Partially Autonomous and Fully Autonomous; By Application – Commercial; and Military and Security) – Growth, Future Prospects, Competitive Analysis and Forecast 2017 – 2025”, the global autonomous ships market was valued at US$ 56.75 Bn in 2016 and is expected to grow at a CAGR of 12.8% during the forecast period from 2017 to 2025.
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Market Insights
According to the U.S. Coast Guard, 96% of all marine casualty occur due to human errors. The aforementioned factor is very serious and hence has given the rise to the thought of autonomous ships. Autonomous ships are state-of-the-art maritime transport to meet competitiveness, safety and sustainability challenges of marine transportation. Autonomous ships are capable of tackling many issues related to marine transportation such as human errors, casualty losses, adverse weather conditions and criminal activities. In addition, autonomous ships offer a variety of other merits such as efficient use of space in ship design, better fuel efficiency and reduction in transportation time. Autonomous ship are expected to change the marine transportation by improved optimization of operations and processes and effective resource management. The aforementioned factors are expected to contribute towards a compounded annual growth rate (CAGR) of 12.8% during the forecast period 2017 – 2025.
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Competitive Insights:
The global autonomous ships market is fairly consolidated with a limited number of autonomous ship manufacturers across the world. Some of the leading providers in the autonomous ships market include Kongsberg Gruppen ASA, Rolls-Royce Holdings Plc, Automated Ships Ltd., Mitsui O.S.K. Lines/Mitsui Engineering & Shipbuilding Co., ASV Global and Vigor Industrial.
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Key Trends:
- Increasing investments towards testing of fully autonomous ships for commercial applications
- Rising adoption of autonomous ships in the military and defense sector for applications such as mine counter measures, anti-submarines and maritime security, among others
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