How the increase in maritime accidents contributes to the…

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

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

LONDON, GREATER LONDON, United Kingdom, Sept. 9, 2021 / — Rising maritime accidents caused by human error are leading to high financial losses that are expected to be a major growth driver in the future of autonomous vessels . Unmanned vessels or autonomous technology apprehend accidents attributable to human error and contribute to the greater potential for reducing accidents on board. According to the International Institute of Marine Surveying report published in November 2019, human error accounts for 58% of accidental events and 70% of accidents were caused by operations on board ships. Therefore, the use of autonomous vessels to reduce the increasing number of accidents due to human error and financial losses is expected to drive the demand for autonomous vessels in the coming years.

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

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Key Players Covered in Global Autonomous Vessels 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 due to businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote work and the closure of business activities that have resulted in operational challenges. The market is expected to reach $9.24 billion in 2025 at a CAGR of 9%.

The global TBRC Autonomous Vessels market report is segmented by Autonomy into Fully Autonomous and Remote Operations, Partially Autonomous, by End User into Commercial, Defense, by Propulsion Type into Full Electric, Hybrid and by Fuel Type into Fuels carbon neutral, LNG, electric, and heavy fuel oil/fuel for marine engines.

Global Autonomous Vessels Market Report 2021 – By Autonomy (Fully Autonomous, Remote Operations, Partial Autonomy), By End User (Commercial, Defense), By Propulsion Type (Full Electric, Hybrid), By Fuel Type (Fuels Carbon Neutrals, LNG, Electric, and Heavy Fuel Oil/Marine Engine Fuel), COVID-19 Growth And Change is part of a series of new reports from The Business Research Company that provides insight into the autonomous vessel market, forecasts the Autonomous Ships Market Size and Growth Overall Market, Autonomous Ships Market Segments and Geographies, Autonomous Ships Market Trends, Autonomous Ships Market Global, Autonomous Ships Market Outlook, Autonomous Ships Market Drivers Autonomous Vessels, Constraints, Revenues, Profiles and Market Shares of Key Competitors.

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