The global autonomous ships industry is expected to generate $134.9 billion by 2030, witnessing a CAGR of 4.4% from 2020 to 2030.
This projection is premised on an increase in demand for cargo transportation from marines and surge in operational safety of ships drive the growth of the global autonomous ships industry, according to a report published by Allied Market Research.
Based on region, Europe is expected to register the largest growth rate with a CAGR of 4.9% from 2020 to 2030. North American region is estimated to grow at the second-highest growth rate in the market, registering a CAGR of 4.4% during the study period.
Asia-Pacific will account for nearly half of the total market share in 2020, and is expected to register the highest revenue during the forecast period.
Increase in demand for cargo transportation from marines and surge in operational safety of ships drive the growth of the global autonomous ships industry. However, complexity in networks and risks regarding exploitation through hacking limit the market growth. On the other hand, trend of automation in marine transportation and stringent marine safety regulations create opportunities in the market.
Based on ship type, the commercial segment will contribute the highest share in the global autonomous ships market in 2020, holding more than three-fourths of the total market share, and is expected to dominate during the forecast period. Contrarily, the passenger segment would grow at the highest growth rate, registering a CAGR of 6.9% from 2020 to 2030.
Based on fuel type, the heavy fuel oil/marine engine fuel segment will account for the largest market share in 2020, accounting for around three-fourths of the total share, and is expected to dominate throughout the forecast period. Contrarily, the electric batteries segment is estimated to grow at the highest rate, with a CAGR of 10.0% during the forecast period. The report also analyzes LNG and carbon neutral fuels.