Autonomous ships are setting sail, and are a market estimated to reach $13.8 billion by 2030, according to a recent report from MarketandMarkets. The demand for this technology is driven by an increase in world trade by sea, more maritime navigation, and the demand for safety and maritime tourism, the report found.
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The market for autonomous vehicles has taken off in the past couple years, specifically in regards to public transportation. Automated taxis and buses have taken the lead, with self-driving taxis already appearing in Phoenix, AZ and driverless buses helping with transportation around South Korea’s international airport and elsewhere.
With the rise of 5G technology, driverless automobiles are projected to only improve. Because of 5G’s low latency, self-driving vehicles will be able to make quicker, safer decisions, and generate more data that can be used to make educated improvements.
As for autonomous ships, the demand can be attributed to an increase in human error-related accidents and operational expenditure, the report said. Based on end use, the report found the line fit segment of the autonomous ships market is projected to have the highest Compound Annual Growth Rate (CAGR) in 2018, because of the increase in demand of automation from ship operators.
Asia Pacific is predicted to lead the autonomous ship market, the report found. The region’s recent rise in sea trade has sparked an increasing need for more ships that can efficiently transport manufactured goods worldwide, the report added.
Other major players in the game include Wartsila (Finland), Kongsberg Gruppen (Norway), Northrop Grumman (US), Rolls-Royce (UK), General Electric (US), ABB (Switzerland), and Honeywell International (US), and more, the report said.
The big takeaways for tech leaders:
- The autonomous ship market is estimated to reach $13.8 billion by 2030. —MarketandMarkets, 2019
- The demand for autonomous ships comes from an increase in maritime trade and demand for safety on the water. — MarketandMarkets, 2019