The Autonomous Electric Ship Market is expected to cross 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 increase in tourism activities, rising automation and growth in per capita income. Moreover, rising seaborne trade and recreational events across the globe is 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 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. Though, this automation is anticipated to reduce the ships vulnerable 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 ships 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.
Asia Pacific to Dominate the Global Autonomous Electric Ship Market
The global Autonomous Electric Ship Market covers the 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, growing demand for ships to transport manufactured goods across the globe. Rising number of ships 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, Commercial segment is accounted for the largest share of Autonomous Electric Ship Market, due to rising seaborne trade and tourism globally.
Fully autonomous would continue to dominate the Global Autonomous Electric Ship Market in terms of Level of Autonomy
Semi-Autonomous and Fully-Autonomous are some of the major types of Level of Autonomy. Fully autonomous segment accounted for the largest share in 2020 of the Autonomous Electric Ship Market in 2020. This is attributed to the increased investments in developing autonomous electric ships.
Frequently asked questions about global Autonomous Electric Ship market
- What are the consequences of COVID 19 on global Autonomous Electric Ship?
Ans: The pandemic has disrupted the supply of new equipment and skilled labor in the market
- Which is the key Level of Autonomys through Autonomous Electric Ship?
Ans: Semi-Autonomous and Fully-Autonomous are the most frequently through Autonomous Electric Ship
- Which is the key Ship Type through which Autonomous Electric Ship occurs?
Ans: Commercial is the most Ship Type in Autonomous Electric Ship
- Who are the key players in the global Autonomous Electric Ship ?
Ans: Northrop Grumman, Rolls-Royce, Ulstein Group ASA, Wartsila., ABB Ltd., Google LLC (Google) are key players operating in this market
- Which is the fastest growing Furl Type segment for global Autonomous Electric Ship?
Ans: Carbon Neutral Fuels offers tremendous opportunities to players
- Which is the leading regional market for global Autonomous Electric Ship?
Ans: Asia Pacific has the largest share owing to investments in sea tourism industry is increasing at a rapid pace.
- What will be the CAGR (2021 - 2027) of in global Autonomous Electric Ship?
Ans: The market is anticipated to grow at a CAGR of 7.5% throughout the forecast period
- Which are the major factors driving the growth of global Autonomous Electric Ship?
Ans: Rising demand to safe and efficient operations in the maritime division is likely to boost the demand for autonomous ships in the near future
