Northbrook, IL 60062 -- (SBWIRE) -- 10/11/2022 -- The report on the Autonomous ships market provides a detailed trend analysis from 2018 to 2030. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market.
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MarketsandMarkets: The Autonomous ships market is estimated to be USD 3.9 billion in 2022 and is projected to reach USD 8.2 billion by 2030, at a CAGR of 9.6% from 2022 to 2030. The market is driven by various factors, increasing number of autonomous ship projects, increasing global maritime trading.
Based on ship type, commercial ships segment is expected to lead the autonomous ships market in for the forecast period.
Based on ship type, the commercial ships segment is projected to grow at a CAGR of 9.0% during the forecast period.
Fully Autonomous segment is estimated to grow at the highest CAGR during the forecast period
Based on autonomy, the fully autonomous segment of autonomous ships market is projected to grow from USD 397 million in 2022 to USD 1,208 million by 2030. Increasing investments and development towards achieving full autonomy especially in inland vessels will drive this segment.
Hybrid segment of the Autonomous ships market by propulsion is estimated to grow at the highest CAGR during the forecast period
Hybrid propulsion is a combination of electrical and conventional propulsion. The major applications of hybrid propulsion are naval frigates, destroyers, towing vessels, and offshore vessels. Hybrid propulsion systems significantly help reduce greenhouse gases and pollutants compared to conventional systems. In June 2020, ABB secured a propulsion contract for WSF hybrid-electric ferries. The first vessel of the series will be delivered by 2024 and will be the first new build in Washington State Ferries' fleet to feature hybrid-electric propulsion and a high-capacity energy storage system.
The hybrid segment is estimated to be USD 1,008 million in 2022 and is projected to grow at the highest CAGR of 10.2% during the forecast period.
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South Korea is estimated to lead the autonomous ships market during the forecast period
South Korea is expected to lead the autonomous ships market in 2022. The growing demand and development of autonomous ships, and the increasing commercial marine activities in the country are few of the key factors driving the market.