The global market for Autonomous Ships, estimated at US$7 Billion in the year 2022, is projected to reach a revised size of US$10.1 Billion by 2026, growing at a CAGR of 8.9% over the analysis period.
Growth of the autonomous ships market is expected to be driven by the surge in sea-based trade globally due to its cost effectiveness in comparison to other transport modes, in addition to the shortage of trained and experienced sailors. Globally, cargo to the tune of nearly 1.7 billion tons per annum gets transported in about 180 million containers.
Also, the growing number of marine accidents due to human mistakes, which lead to considerable financial losses and damage to the environment, are fostering interest in autonomous ships. The growth in marine tourism and increasing interest in smart connected ships and vessels with situational awareness are also auguring well for the market.
Also, growing research initiatives and collaborations among companies belonging to various industries in many countries for making the naval structure autonomous are expected to aid market growth. The rising use of connected smart ships, given their various advantages such as fleet health monitoring data and vessel traffic management data are also benefitting the market.
Furthermore, the rising investments being made for the R&D and construction of autonomous ships are also fueling market growth. The use of IoT and other such latest technologies in these ships is also being considered to lower the environmental impact of maritime traffic and make autonomous marine projects more efficient.
Commercial, one of the segments analyzed in the report, is projected to grow at a 9.4% CAGR to reach US$7.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Defense segment is readjusted to a revised 7.9% CAGR for the next 7-year period. This segment currently accounts for a 37.5% share of the global Autonomous Ships market.
The U.S. Market is Estimated at $1.4 Billion in 2022, While China is Forecast to Reach $1.6 Billion by 2026
The Autonomous Ships market in the U.S. is estimated at US$1.4 Billion in the year 2022. The country currently accounts for a 20.09% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$1.6 Billion in the year 2026 trailing a CAGR of 10.3% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.8% and 8.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.4% CAGR while Rest of European market (as defined in the study) will reach US$842.2 Million by the end of the analysis period. Europe is a key market for autonomous ships, given its considerable investments in the development of these ships and the huge fleet size.
The growing interest in cruiser power boats and yachts in the region is auguring well for the autonomous ships demand. Further, the growing governmental and organizational investments and efforts in developing these ships are boosting market growth. Also, enterprises are rendering support to government initiatives to make naval vessels autonomous in nature.
North America (including USA and Canada) is another important autonomous ships market, given the significant fleet size and the growing seaborne trade. The market in the region is also benefitting from the increasing recreational activities and tourism. Asia-Pacific autonomous ships market is anticipated to witness healthy growth, supported by growing maritime trade and rising focus on developing sea tourism in the region.
