The global autonomous ships market generated $85.84 billion in 2020, and is estimated to garner $165.61 billion by 2030, registering a CAGR of 6.8% from 2020 to 2030, according to a report published by Allied Market Research.
Rise in operational safety of ships and increase in demand for cargo transportation through marines drive the growth of the global autonomous ships market. However, complexity of the network and the risk of exploitation by hacking hinder the market growth. On the contrary, surge in marine safety norms and the anticipated trend of automation in marine transportation would open new opportunities for the market players in the future.
- The Covid-19 outbreak and followed lockdown across various countries encouraged countries to implement remote working to continue the business operations and fleet observation.
- However, the suspension of international trade has negative impacted the demand for autonomous ships.
- The pandemic and its impact on international trade have impelled original equipment manufacturers and shipping companies to rely on artificial intelligence, due to lack of labor force.
- However, as governments across various countries have declared relaxation of lockdown regulations and international trade, the market is expected to get back on track.
The fully autonomous segment is projected to portray the highest CAGR of 27.5% during the forecast period. However, the semi-autonomous segment dominated the market in 2020, contributing to more than 90% of the total revenue of the market.
The software segment is anticipated to register the highest CAGR of 7.9% from 2020 to 2030. However, the hardware segment held the largest share in 2020, accounting for more than three-fifths of the market.
The market across Europe is expected to register the highest CAGR of 8.1% from 2020 to 2030. However, the market across Asia-Pacific held the largest share in 2020, contributing to nearly half of the market.