Pune, India -- (SBWIRE) -- 03/10/2020 -- The global autonomous ship market is set to exhibit a remarkable growth owing to the rising demand for artificial intelligence. This information is published in an upcoming report by Fortune Business Insights™, titled, "Autonomous Ships Market Size, Share & Industry Analysis, By Autonomy (Fully Autonomous, Remote Operations, Partial Automation), By Ship Type (Commercial, Defense), By End-Use (Line fit, Retrofit), By Solution (Systems, Software, Structures) and Regional Forecast, 2019-2026." As per the report, maritime tourism is increasing nowadays. It is coupled with the rising maritime safety norms and up surging seaborne trade. These factors are projected to propel the autonomous ships market growth in the coming years.

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List of prominent companies that are operating in the autonomous ships market are:

Wartsila
ABB
Ulstein Group ASA
Honeywell International
Hyundai Heavy Industries
Rolls-Royce
Valmet
Marine Technologies LLC
Kongsberg
Marlink
GE
Siemens AG
Rh Marine
Other key market players

Rising Implementation of Advanced Technologies to Propel Growth

Recently, there has been a rise in the investment by the shipping companies in research and development activities. They are striving persistently to implement innovative technologies, namely, e-navigation, maritime remote control system, and automation software in the vessels. Automated ships consist of on-boarded novel decision support systems. They help in carrying out operational decisions independently without human intervention.

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High Demand for Autonomous & Cruise Ships to Favor Growth in Europe

The market is geographically fragmented into Europe, North America, the Middle East and Africa, Latin America, and Asia Pacific. Out of these, Europe is considered to be the fastest-growing region in terms of autonomous ship market share. This growth is attributable to the rising demand for cruise ships and autonomous ships in this region. Also, the presence of industry giants, such as Rh Marine, Wartsila, Kongsberg, and Rolls-Royce, would drive the market here.

Asia Pacific, on the other hand, is anticipated to showcase significant growth during the forthcoming years on account of the rising naval expenditure in the developing countries, namely South Korea, India, and China, to boost their naval systems. China is planning to build the world's largest and Asia's first test field for autonomous ships in Guangdong. Additionally, South Korea is a world leader in large container ships and advanced ships equipped with state-of-the-art infrastructure. It would help in up surging the market growth in this region.

Key Companies Aim to Launch New Products Through Strategic Collaborations

Prominent companies present in the market are joining hands with other reputed organizations to develop technologically advanced products and generating significant autonomous ship market revenue. Below are some of the most recent key industry developments:

April 2019: China announced that it has tested the world's first amphibious drone boat. It is capable of forming a combat triad with aerial drones and other drone ships. The Chinese military analysts mentioned that it could be used in land assault operations. Wuchang Shipbuilding Industry Group under China Shipbuilding Industry Corporation (CSIC), built the boat and it is called the Marine Lizard. It passed all the delivery checks. It can be remotely controlled via satellites and has a maximum operation range of 1,200 kilometers.

July 2019: Orolia, a provider of virtually failsafe GPS/GNSS and PNT solutions, headquartered in the U.S.A., declared that it has partnered up with Radio Holland. It will help the companies in developing a Voyage Data Recorder (VDR), specially designed for inland shipping. The solution will boost ship performance and safe navigation. It will also offer tools for evaluating the cause of incidents. Radio Holland will install Netwave VDR NW6000 series, Orolia's VDR solution for new and retrofit build projects. Orolia will adopt Radio Holland's well-established global network to serve as its service partner.
December 2018: Rolls Royce and Finferries, a ferry operator, announced the development of the world's first fully autonomous ferry. It also completed trials in Turku archipelago, Finland. It was developed as part of a project called Safer Vessel with Autonomous Navigation (SVAN). Both companies are working persistently to make ferries safer and more efficient through autonomous technologies. It would aid in revolutionizing shipping.

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What Does the Report Contain?

An analytical depiction of the autonomous ships market trends, growth drivers, hindrances, opportunities, and challenges.
Quantitative analysis of the present market size to benchmark the financial competency.
Elaborate information about the competitive landscape consisting of new agreements, contracts, innovative product launches, joint ventures, and acquisitions.

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