The global autonomous ships market size was USD 6.40 billion in 2020.The market is expected to grow from USD 6.55 billion in 2021 to USD 12.07 billion in 2028 at a CAGR of 9.13% in the 2021-2028 period.
This information is published by Fortune Business Insights, in its report, titled, “Autonomous Ships Market, 2021-2028.”
As per our analysts, the inclusion of the latest and ground-breaking technologies in ships is a factor that bolsters the market growth as well as product demand.
Drivers and Restraints:
Surging Capitalization in Autonomous Ship Technology Ventures to Foster Market Growth
The growing investment from several nations for the independent ship technology directs the autonomous ships market growth. Autonomy assists in declining maritime accidents, function for longer hours without interruption, augment fuel proficiency, and implement serious missions.
Additionally, in October 2019, South Korea capitalized USD 130 million for autonomous ship missions. The project involves formation of an intelligent system, which is competent of autonomous triangulation, accident and mishap avoidance, incorporated platform to administer systems, judgment making as well as situational consciousness.
Asia Pacific held the largest autonomous ships market share and led the market in 2020. The growth is accredited to the prompt economic expansion and rising maritime trade throughout the region.
Europe is estimated to display notable growth during 2021-2028. The growth is owing to the surging investments on autonomous ships ventures from numerous European nations.
North America is anticipated to demonstrate substantial growth on account of the growing capitalization in expansion of advance autonomous vessels for commercial as well as defense uses.
Major Players Concentrate on Extension Policies to Strengthen their Market Positions
Manufacturers are emphasizing on employing numerous marketing tactics such as mergers, and collaborations and acquisitions of other businesses to gain a substantial position and competitive edge in the global market.
For example, in February 2021,Svitzer, which is a Towage operator, got engaged in a contract with ABS and Kongsberg Maritime to co-jointly create a prime and novel totally-distantly administered tug boat.
March 2021:Kongsberg Maritime got involved in anagreement with the Institute of Marine Research (IMR) for the distribution of four autonomous vessels. Below the deal, the company is set topresent two Kongsberg autonomous underwater automobiles and two Sounder unmanned surface automotive.