How is the increase in maritime accidents contributing to the growth of the autonomous vessels market?

Autonomous Vessels Market Report 2021: Growth and Change in COVID-19

The Business Research Company Global Autonomous Vessels Market Report 2021 – COVID-19 Growth and Change

LONDON, GREATER LONDON, UK, September 9, 2021 / – Rising maritime accidents caused by human error are leading to high financial losses which are expected to be a major driver of growth in the future of autonomous vessels . Unmanned vessels or autonomous technology capture accidents due to human error and contribute to the higher potential for reduction of accidents on board. According to the report by the International Institute of Marine Surveying published in November 2019, human error accounts for 58% of accidental events and 70% of accidents had shipboard operations as the major cause of accidents. Therefore, the use of autonomous ships to reduce the increasing number of accidents due to human error and financial loss is expected to stimulate the demand for autonomous ships in the coming years.

Large companies are undertaking various strategic initiatives such as the development of fully autonomous ships, which is likely to be a major trend driving the growth of the autonomous ship industry. For example, according to Offshore Energy news published in December 2018, Rolls Royce, a technology company, and Finferries, a state-owned ferry operator demonstrated the world’s first fully autonomous ferry in the archipelago south of the city of Turku, Finland. He used a combination of intelligence technology from Rolls Royce ships in order to navigate autonomously during his voyage between Paraninen and Nauvo. The development of total autonomy is a major trend which should offer growth opportunities to the market.

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The main players in the global autonomous vessel industry are General Electric, DNV GL, Rolls-Royce Holding PLC, Kongsberg Gruppen AS, NYK Line, Mitsui E&S Holdings Co Ltd, Wärtsilä Corporation, DSME Co., Ltd., Vigor Industrial LLC., Praxis Automation Technology BV, Valmet Corp, Automated Ships Ltd., ASV Global, Rh Marine, L3 ASV, Siemens.

The global autonomous vessel market size is expected to grow from $ 5.68 billion in 2020 to $ 6.46 billion in 2021 at a compound annual growth rate (CAGR) of 13.7%. The growth is primarily driven by businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges. The market is expected to reach $ 9.24 billion in 2025 at a CAGR of 9%.

TBRC’s Global Autonomous Vessels Market report is segmented by Autonomous Remote Operations Fully Autonomous, Partly Autonomous, End User Commercial, Defense, Propulsion Type Fully Electric, Hybrid, and Fuel Neutral Fuel Type in carbon, LNG, electric, and heavy fuel oil / marine engine fuel.

Global Autonomous Vessels Market Report 2021 – By Range (Fully Autonomous, Remote Operations, Partial Range), By End User (Commercial, Defense), By Propulsion Type (Fully Electric, Hybrid), By Fuel Type (Fuels) Neutral Carbon, LNG, Electric Fuel Oil and Heavy Fuel Oil / Marine Engine Fuel), COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides insight into the self-contained vessel market, predicts the Autonomous Vessels market size and growth for the entire market, Autonomous Vessels market segments and geographies, Autonomous Vessels market trends, Global Autonomous Vessels market, Autonomous Vessels market outlook, Drivers of the Autonomous Vessels market autonomous vessels, constraints, revenues, profiles and market shares of the main competitors.

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