The global autonomous ships market growth was USD 6.40 billion in 2020.The market is expected to grow from USD 6.55 billion in 2021 to USD 12.07 billion in 2028 at a CAGR of 9.13% in the 2021-2028 period.
This information is published by Fortune Business Insights, in its report, titled, “Autonomous Ships Market, 2021-2028.”
As per our analysts, the inclusion of the latest and ground-breaking technologies in ships is a factor that bolsters the market growth as well as product demand.
COVID-19 Impacts:
COVID-19 Pandemic Unfavorably Affected Naval Industry
The marine sector has confrontedunparalleleddifficultiesduringCOVID-19 pandemic across the globe. Production termination, supply chain commotion, and quarantine guidelines for workers resulted in declining growth of the market. The global COVID-19 pandemic influenced the market all across the world. During the ill-fated sequence of lockdowns, governments of all countries executed strict guidelines and standards to aid diminish the spread of the virus.
The effect of the pandemic was registered on the naval industry. For instance, according to the report presented by the United Nations Conference on Trade and Development (UNCTAD) 2020, global marine trade was deteriorated by 4.1% in 2020.
Segmentation:
Autonomy, Size, Ship Type, Ship Type, and Region are studied for the Market
On the basis of autonomy, the market is segregated into partial automation, remotely operated, and fully autonomous. Among these, the remotely operated segment held maximum share in 2020.
In terms of size, the market is sub-categorized into hardware and software.
Based on ship type, the market is branched into commercial and defense.
By end user, the market is divided into line fit and retrofit.
The market is studied across North America, Europe, Asia Pacific, and the rest of the world in terms of geography.
Browse Summary
https://www.fortunebusinessinsights.com/industry-reports/autonomous-ship-market-101797
Drivers and Restraints:
Surging Capitalization in Autonomous Ship Technology Ventures to Foster Market Growth
The growing investment from several nations for the independent ship technology directs the autonomous ships market growth. Autonomy assists in declining maritime accidents, function for longer hours without interruption, augment fuel proficiency, and implement serious missions.
Additionally, in October 2019, South Korea capitalized USD 130 million for autonomous ship missions. The project involves formation of an intelligent system, which is competent of autonomous triangulation, accident and mishap avoidance, incorporated platform to administer systems, judgment making as well as situational consciousness.
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