Autonomous Ships Market Worth $ 10.02 Billion, Globally, by 2027 at 6.64% CAGR: Verified Market Research

Autonomous Ships Market Worth $ 10.02 Billion, Globally, by 2027 at 6.64% CAGR: Verified Market Research

PR Newswire

JERSEY CITY, N.J., Feb. 4, 2021

- The Global Autonomous Ships Market has witnessed strong growth owing to the growing sea-borne trade across the globe, coupled with the lack of professional sailors. Moreover, the growing adoption of connected smart ships as they offer various benefits such as vessel traffic management data and fleet health monitoring data is also driving the market growth.

JERSEY CITY, N.J., Feb. 4, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Autonomous Ships Market" by Type (Fully Autonomous, Remote Operations, and Partial Automation), by Application (Commercial and Military), by Geography. According to Verified Market Research, the Global Autonomous Ships Market was valued at USD 6.39 Billion in 2020 and is projected to reach USD 10.02 Billion by 2027, growing at a CAGR of 6.64 % from 2021 to 2027.

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Browse in-depth TOC on "Autonomous Ships Market"

202 - Pages
126 – Tables
37 – Figures

Global Autonomous Ships Market Overview

The global autonomous ship market is principally driven by growing sea-borne trade across the globe, coupled with the lack of professional sailors. The growing adoption of connected smart ships as they offer various benefits such as vessel traffic management data and fleet health monitoring data is also driving the market growth. Moreover, increased investments in autonomous ship projects are also expected to drive the market growth during the forecast period. Autonomous ships are estimated to hold a notable market potential by numerous companies across geographies. These ships are anticipated to encourage safe, efficient, and sustainable operations in the marine industry. Furthermore, autonomous ships assist multiple systems such as alarm management systems, navigation systems, and power management systems that support sailors in undergoing improved safety and allow compliance to the maritime safety norms. This factor is also expected to drive the growth of the global autonomous ship market.

Nevertheless, the trend of complete automation in the transport sector, coupled with an increase in maritime safety norms are expected to create lucrative opportunities for market expansion. Moreover, development in sensor technologies for environmental examination, enhanced navigation, object discovery, collision avoidance, image processing algorithms, and machine vision has also generated opportunities for marine shipping companies to combine a broad range of solutions for autonomous vessels.

The major players in the market are Wartsila, Kongsberg Gruppen, Northrop Grumman, Rolls-Royce, General Electric, ABB, Honeywell International, DNV GL, Praxis Automation Technology B.V., and Valmet

Verified Market Research has segmented the Global Autonomous Ships Market On the basis of Type, Application, and Geography.

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