According to Allied Market Research, the autonomous ships market is projected to reach USD165.61 billion by 2030, registering a CAGR of 6.8% from 2020 to 2030.
Also known as crewless vessels, these ships are equipped with software and hardware to operate without human interference. Tools such as sensors, automated navigation, propulsion and auxiliary systems and GPS trackers have been installed to help to make important decisions based on the current conditions and environment. Here are some key factors highlighted by the Allied Market Research report to help us understand the opportunities present for the autonomous ships market.
Asia Pacific A Key Growth Driver
Asia Pacific is predicted to drive the growth of autonomous ships market. Demands for such technological features would increase due to improved safety requirements in the region. Not only that, factors such as the rising demand for cargo transportation through waterways and the operational safety of ships will also contribute to the growth.
Safety & Security Concerns
With connectivity being a critical component of autonomous vessels, IoT technology opens a huge risk of hacking as it’s connected to the internet. As human interference is out of the equation onboard, concerns such as the misuse of navigational data rise as this have caused significant damage to ships before. Such risk might slow down the growth of the autonomous ships market.
Improved Operational Safety
On one hand, control is not independent of the current situation of the boat. There needs to be a certain speed of communication to ensure that instructions are relayed on time as any delay might lead to accidents and even loss of lives.
On the other, technologies such as Artificial Intelligence, IoT, cloud computing will be remotely managed by the control station on land. Such automation developments can improve the operational safety of ships, and hence, reduce accidents caused by human errors – adding another benefit of autonomous vessels.
