How Are Increasing Marine Accidents Contributing To The Growth Of Autonomous Ships Market?

Autonomous Ships Global Market Report 2021 : COVID-19 Growth And Change

Autonomous Ships Market Report 2021 : COVID-19 Growth And Change

The Business Research Company’s Autonomous Ships Global Market Report 2021 – COVID-19 Growth And Change

LONDON, GREATER LONDON , UK, September 9, 2021 / — Increasing marine accidents caused by human errors lead to high financial losses which are predicted to act as a major driver for growth in the future of autonomous ships. Unmanned ships or autonomous technology apprehend accidents attributing to human errors and contribute to the higher potential of reducing onboard accidents. According to the International Institute of Marine Surveying report published in November 2019, human error represents 58% of accidental events and 70% of accidents had shipboard operations as a major cause for accidents. Therefore, 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 next coming years.

Major companies 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. For instance, according to Offshore Energy news published in December 2018, Rolls Royce, a technology company, and Finferries, a state-owned ferry operator demonstrated the world’s first fully autonomous ferry in the archipelago south of the city of Turku, Finland. It used a combination of Rolls Royce ship intelligence technology in order to navigate autonomously during its journey between Paraninen and Nauvo. The development of fully autonomous is a major trend that is anticipated to provide growth opportunities to the market.

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Major players covered in the global autonomous ships industry are General Electric, DNV GL, Rolls-Royce Holding PLC, Kongsberg Gruppen AS, NYK Line, Mitsui E&S Holdings Co Ltd, Wärtsilä Corporation, DSME Co., Ltd., Vigor Industrial LLC., Praxis Automation Technology B.V., Valmet Corp, Automated Ships Ltd., ASV Global, Rh Marine, L3 ASV, Siemens.

The global autonomous ships market size is expected to grow from $5.68 billion in 2020 to $6.46 billion in 2021 at a compound annual growth rate (CAGR) of 13.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9.24 billion in 2025 at a CAGR of 9%.

TBRC’s global autonomous ships market report is segmented by autonomy into fully autonomous, remote operations, partial autonomous, by end-user into commercial, defense, by propulsion type into fully electric, hybrid, and by fuel type into carbon neutral fuels, LNG, electric, and heavy fuel oil/marine engine fuel.

Autonomous Ships Global Market Report 2021 – By Autonomy (Fully Autonomous, Remote Operations, Partial Autonomous), By End-User (Commercial, Defense), By Propulsion Type (Fully Electric, Hybrid), By Fuel Type (Carbon Neutral Fuels, LNG, Electric, and Heavy Fuel Oil/Marine Engine Fuel), COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides autonomous ships market overview, forecast autonomous ships market size and growth for the whole market, autonomous ships market segments, and geographies, autonomous ships market trends, global autonomous ships market, autonomous ships market outlook, autonomous ships market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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