Delhi, Delhi/NCR -- (SBWIRE) -- 12/03/2019 -- Based on the latest insights in the report title "Autonomous Ships Market by Level of Autonomy (Semi-autonomous and Fully-autonomous), Ship Type (Commercial, Passenger, and Defense), and Fuel Type (Carbon Neutral Fuels, LNG, Electric, and Heavy Fuel Oil/Marine Engine Fuel): Global Opportunity Analysis and Industry Forecast, 2020-2030", by Report Ocean, the Market is projected to reach $134.90 billion by 2030, growing at a CAGR of 4.4%.

Market Overview
A statistic published by the US Coast Guard revealed that 96% of all marine causalities are linked to human errors like laxity and negligence in the assigned duties. The seriousness of this said statistic led to the thought and subsequently the introduction of autonomous ships. These ships are state-of-the-art maritime transportation means that are built specifically to meet the safety, competitiveness, and sustainable challenge associated with the commutation in the marine industry. These autonomous ships hold the capability to address a wide number of issues concerning marine transportation like casualty losses, bad weather conditions, human errors, and criminal activities.

The various key components used in these ships are ably supported by services like artificial intelligence (AI), IoT, and others. This helps adjust mission execution, sense the environment with the important decision logic, and follow mission plans. At present, there is a growing demand for autonomous and smart ships, one which is immensely curbing down the human involvement in the overall operation. One of the key factors positively influencing the global autonomous ships market is the rising number of seaborne trades around the world. The report published on the global autonomous ships market revealed the growth to be at a notable pace. The valuation of the autonomous ships market was further stated to surpass its previous valuation.

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Market Segmentation
The global autonomous ships market has been segmented in terms of type and applications.
By autonomy level, the market divides into fully autonomous ships and semi-autonomous ships. The advancement of latest technologies, coupled with the development of new autonomous naval vessels, and the integration of sensor systems across commercial vessels like passenger ferries, cargo vehicles, and other platforms are projected to drive the growth of autonomy in the commercial segment, in particular.
By ship type, the market breaks down into defense ships, commercial ships, and passenger ships.
By fuel type, the market includes liquefied natural gas, carbon neutral fuels, heavy fuel oils, and electric batteries.

Regional Analysis
The global autonomous ships market is geographically distributed across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. The regional market in Europe for these ships is one that is slated to garner the highest growth over the forecast period. The region is primed to spearhead the global market with the maximum share percentage in the coming years. Even though there is an ongoing slump in the global shipbuilding industry, demand for autonomous ships as well as cruise ships are expected to keep increasing, especially in Europe. In Europe, countries like Norway and Denmark are majorly contributing to the overall welfare of the market with them investing more and more in developing autonomous vessels.

Competitive Landscape
The global autonomous ships market comprises a host of key players. This includes names like Ulstein Group ASA, Kongsberg Gruppen, ABB, ASV Global, Mitsui O.S.K. Lines, Honeywell International, Marine Technologies LLC, Northrop Grumman, Rolls-Royce, and Wartsila.

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