PORTLAND, Oregon, Aug. 22, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Autonomous Ships Market by Level of Autonomy (Semi-autonomous and Fully-autonomous), Ship Type (Commercial, Passenger, and Defense), and Fuel Type (Carbon Neutral Fuels, LNG, Electric, and Heavy Fuel Oil/Marine Engine Fuel): Global Opportunity Analysis and Industry Forecast, 2020–2030." As per the report, the global autonomous ships industry garnered $88.01 billion in 2020, and is estimated to reach $134.90 billion by 2030, growing at a CAGR of 4.4% from 2020 to 2030.
Surge in demand for cargo transportation through marines and rise in operational safety of ships drive the growth in the global autonomous ships market. However, network complexity and risks related to exploitation through hacking hinder the market growth. On the other hand, trend of automation in marine transportation and rise in marine safety norms create new opportunities in the industry.
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The commercial segment to contribute the highest share during the forecast period
Based on ship type, the commercial segment will account for the major share in the global autonomous ships market in 2020, contributing more than three-fourths of the total share, and is expected to contribute the highest share during the forecast period. This is due to surge in number of ships and implementation of secure way of transportation of goods along with continuous upgradations & development. Contrarily, the passenger segment is expected to register the highest CAGR of 6.9% from 2020 to 2030. This is attributed to increase in the adoption of technology along with demand of automation in transport sector. The research also analyzes the defense segment.
The heavy fuel oil/marine engine fuel segment to maintain its dominant position by 2030
Based on fuel type, the heavy fuel oil/marine engine fuel segment will hold for the highest market share in terms of revenue in 2020, contributing for nearly three-fourths of the total share, and is projected to maintain its dominant position throughout the forecast period. This is due to its characteristics such as high density and high viscosity and implementation of high alkaline cylinder lubrication for neutralizing the acid generated by high sulphur content in HFOs. On the other hand, the electric batteries segment would register the fastest growth rate, with a CAGR of 10.0% from 2020 to 2030. The report on the global autonomous ships market also discusses LNG and carbon neutral fuels.
Europe to grow fastest, followed by North America
Europe is estimated to grow at the highest CAGR of 4.9% from 2020 to 2030, owing to adoption of autonomous technology in marine transport along with implementation of new technologies in the region. North American region would register the second-highest growth rate in the global autonomous ships market, with a CAGR of 4.4% during the forecast period. Based on region, Asia-Pacific will contribute nearly half of the total share in 2020, and is estimated to maintain the highest revenue contribution during the forecast period. This is due to increase in sale & production of ships and continuous adoption of trending technologies along with rapid adoption of automation.
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Autonomous ships market players grabbing the largest pie
- ABB Ltd.
- Honeywell International
- L3 ASV
- Marine Technologies LLC
- Kongsberg Gruppen
- Northrop Grumman
- Mitsui O.S.K. Lines
- Ulstein Group ASA
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The elimination of accidents caused due to manual errors, reduced carbon dioxide emission from autonomous vehicle fuel the growth of the market. In addition, less battery capacity & less consumption of gas by autonomous vehicle and high penetration in the automotive sector also contribute to the market growth.
North America and Europe are the potential markets for the growth of electric vehicles. Asia-Pacific has witnessed high adoption of electric vehicles in the past years, and is expected to dominate the electric vehicle market in the upcoming years. In addition, stringent vehicle norms and regulations, and growth in number of electric vehicles charging stations are expected to increase the adoption of electric vehicles in future.
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SOURCE Allied Market Research