Autonomous ships market worth $19.1B by 2023

The autonomous ships market has an estimated value of AUD 8.4 billion in 2018 and is projected to reach AUD 19.1 billion by 2023, with the Asia Pacific region showing the highest potential for the technology’s implementation, according to new market research.

The report, Autonomous Ships Market by Autonomy, Ship Type, End Use, Solution, and Region Global Forecast to 2030, finds the market is driven by increases in world trade by sea, maritime navigation, demand for automation systems and maritime tourism.

It also reports that among all of autonomy levels in the forecast period, the fully autonomous segment is expected to grow at a higher compound annual growth rate (CAGR).

The demand for autonomous ships is due to rising human-error related accidents and increased operational expenditure is expected to drive the market towards the full autonomy option, the report said.

Increase in the demand for commercial vessels is expected to drive the line fit segment within the autonomous ships market.

The Asia Pacific region is estimated to lead the market in 2018 after it witnessed rapid economic development, resulting in an increase in maritime trade. The report adds that the rise in sea trade has led to an increasing demand for ships for the transportation of manufactured goods worldwide, leading to an increased demand for autonomous ships as well.

Major players within the autonomous ships market include Wartsila (Finland), Kongsberg Gruppen (Norway), Northrop Grumman (US), Rolls-Royce (UK), General Electric (US), ABB (Switzerland), and Honeywell International (US).

Rolls-Royce and Kongsberg Gruppen are considered by the report to be key market players engaged in contracts and acquisitions to increase the sale of automation systems and autonomous ships for different applications.