Autonomous Electric Ship Market by Level of Autonomy (Semi-Autonomous, Fully-Autonomous) by Ship Type (Commercial, Passenger, Defense) by Fuel Type (Carbon Neutral Fuels, LNG, Electric Batteries, Heavy fuel Oil/Marine Engine Fuel) by Component (Hardware, Software): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

The Autonomous Electric Ship Market is expected to cross a market value of USD 1,47,488 million in 2027 from USD 88,900 million in 2020. It is expected to grow at a CAGR of over 7.5% during the forecast period.

Key Market Drivers and Restraints

Increasing demand for autonomous electric ships due to increased tourism activities, rising automation, and growth in per capita income. Moreover, rising seaborne trade and recreational events across the globe are expected to drive the demand for autonomous electric ships. Furthermore, increasing demand to promote efficient operations in the maritime division is expected to increase the demand for the autonomous electric ship in the near future.

Automation in electric ships across the globe increases the risks of cyber threats, and the use of Big Data analytics for the growth of smart ships is projected to improve the operational safety and efficiency of the vessels. In addition, this automation is anticipated to reduce the ship's vulnerability to threats from hackers.

Impact of COVID 19

Governments of several countries have enforced national lockdowns as a protective measure to limit the spread of the coronavirus disease. This has disrupted strategic autonomous electric ship projects across the globe. The pandemic has interrupted the supply of equipment and expert labor in the market. Furthermore, the contract period for the manufacturing of ships has increased significantly.

The Asia Pacific to Dominate the Global Autonomous Electric Ship Market

The global Autonomous Electric Ship Market covers six regions, namely Europe, North America, Asia Pacific, Latin America (LATAM), Middle East, and Africa, including all the key economies in these regions. Asia Pacific market is dominated the global market due to increasing maritime trade and growing demand for ships to transport manufactured goods across the globe. The rising number of vessels has improved the demand for autonomous electric ships in the Asia Pacific region.

Global Autonomous Electric Ship Market is led by the Commercial

Commercial, Passenger, and Defense are the key Ship Type in the Autonomous Electric Ship Market. In 2020, the Commercial segment accounted for the largest share of the Autonomous Electric Ship Market due to rising seaborne trade and tourism globally.

Fully autonomous would continue to dominate the Global Autonomous Electric Ship Market regarding Level of Autonomy.

Semi-Autonomous and Fully-Autonomous are some of the significant types of Levels of Autonomy. However, the fully autonomous segment accounted for the largest share 2020 of the Autonomous Electric Ship Market 2020. This is attributed to the increased investments in developing autonomous electric ships.

Frequently asked questions about global Autonomous Electric Ship market