Northbrook, IL -- (SBWIRE) -- 04/14/2023 -- The autonomous ships market is estimated to be USD 3.9 billion in 2022 and is projected to reach USD 8.2 billion by 2030, at a CAGR of 9.6% from 2022 to 2030.
Major players in the Autonomous ships market include are SELSAN A.ª. (Turkey), BAE Systems (U.K.), GE (U.S.), Honeywell International Inc. (U.S.), Kongsberg Maritime (Norway), L3Harris Technologies, Inc. (U.S.), Northrop Grumman (U.S.), Rolls-Royce plc (U.K), Siemens Energy (Germany), Wärtsilä (Finland) Fugro (Netherlands), and Hyundai Heavy Industries (South Korea), among others are among the companies that participate in this market.
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Emerging Industry Trends
Revenue shift and new revenue pockets for autonomous ship market
The autonomous ships market is expected to grow at a CAGR of XX%, by value, during the forecast period. Advancements in high-density battery solutions and reduced emission and aircraft noise are expected to drive the autonomous ships market. Many OEMs are currently investing in the advancement of autonomous ships technology to cater to the demand for autonomous ships operating in extreme conditions. Increasing investments in R&D activities to reduce carbon emissions and unmanned vessels is also leading to technological advancements in autonomous ships. The expected rise in the development of AI, automation, and autonomy in the marine industry will drive the demand for autonomous ships.
Opportunity: Initiatives for the development of autonomous ships
Increased R&D activities by leading ship manufacturers as well as system developers across the globe for the development of completely autonomous ships is an opportunity for the autonomous ships market. For example, companies such as Rolls-Royce and Kongsberg are developing fully autonomous ships. Both the companies are leading in the development of autonomous ships by integrating existing ship technologies with new digital technologies, such as for sensors and AI.
According to the Nippon Foundation's report-"Future 2040 — The Future of Japan Created by Unmanned ships", issued in April 2019, it is expected that the ships to be newly built in 2040 are mainly unmanned and that 50% of domestic ships will be unmanned. The countries such as Norway, China, Japan, South Korea are focusing on the development of autonomous ships, it is expected that pilot projects and the introduction of such ships will proceed gradually in accordance with technological developments.
Challenge: Vulnerability associated with cyber threats
Automation in ships worldwide increases the risks of cyber threats as these ships follow satellite routes during their voyages. In the coming years, the operators of marine vessels are expected to connect their ships to onshore networks. The installation of automation systems is the first step toward the complete automation of vessels as it enables the integration of crucial sub-systems of marine vessels with each other through local networks. The use of Big Data analytics for the development of smart ships is expected to enhance the vessels' operational efficiency and safety. However, this automation is also expected to render the ships vulnerable to threats from hackers. With instances of online threats and potential attacks increasing across the globe, the Maritime Safety Committee (MSC) of the International Maritime Organization (IMO) has introduced temporary guidelines to prevent cyberattacks on ships' systems.