04OCT2019 - NEWS - Autonomous Ships Market worth $134.9 Bln by 2030

The global autonomous ships industry is expected to generate $134.90 billion by 2030, witnessing a CAGR of 4.4% from 2020 to 2030. Increase in demand for cargo transportation from marines and surge in operational safety of ships drive the growth of the global autonomous ships industry, said a report published by Allied Market Research.

Based on region, Europe is expected to register the largest growth rate with a CAGR of 4.9% from 2020 to 2030. North American region is estimated to grow at the second-highest growth rate in the market, registering a CAGR of 4.4% during the study period.

Asia-Pacific will account for nearly half of the total market share in 2020, and is expected to register the highest revenue during the forecast period.

Increase in demand for cargo transportation from marines and surge in operational safety of ships drive the growth of the global autonomous ships industry. However, complexity in networks and risks regarding exploitation through hacking limit the market growth. On the other hand, trend of automation in marine transportation and stringent marine safety regulations create opportunities in the market.