(I-BusinessNews.Com, June 18, 2021 ) According to the latest market research report the Integrated Marine Automation System Market is estimated to be USD 4.9 billion in 2020 and is projected to reach USD 7.8 billion by 2025, at a CAGR of 10.0% from 2020 to 2025. The market is witnessing growth due to the growing seaborne trade, increasing software developments, and the demand for situational awareness. However, the vulnerability associated with cyberattacks is considered a major restraint to the market growth.
COVID-19 impact on the Integrated Marine Automation System Market
According to the International Chamber of Shipping (ICS), maritime vessels constitute around 90% of all international trade. Due to the outbreak of COVID-19, cargo and passenger ships around the world have been turned away from ports by local authorities, hence 300,000 merchant sailors were stranded at sea for months, far beyond their contractual agreements. In April 2020, the ICS and the International Air Transport Association (IATA) issued a joint call demanding governments take urgent measures to facilitate crew change flights. In June 2020, the ICS has estimated that every month roughly 100,000 seafarers reach the end of their employment contract and need to be repatriated. However, most jurisdictions have implemented restrictive rules for seafarers transiting their jurisdiction, either to return home or to join a vessel.
The fully autonomous is projected to grow at the highest CAGR during the forecast period
Based on autonomy, the autonomous ships market is segmented into fully autonomous, remotely-operated and partial automation. The growth of the fully autonomous segment of the autonomous ships market can be attributed to the increased investments in developing autonomous ships in European region especially in Scandinavian countries.
The ship type is projected to grow at the highest CAGR during the forecast period
Based on ship type, the autonomous ships market is segmented into commercial and defense. The commercial segment is expected to grow at the higher CAGR, owing to the rising seaborne trade and tourism across the globe.
The linefit segment accounts for the largest market size during the forecast period.
Based on end use, the autonomous ships market is segmented into linefit and retrofit. The linefit segment is estimated to account for a larger share in 2020 as compared to the retrofit segment. The growth of the line fit segment can be attributed to the increased investments in naval defense by various countries and rise in seaborne trade activities across the globe.
Asia Pacific is expected to account for the largest share in 2020
The integrated marine automation system market has been studied for North America, Europe, Asia Pacific and Middle East & Africa. Asia Pacific is estimated to account for the largest share of the global market in 2020. Asia Pacific has witnessed rapid economic development over the years, increasing maritime trade. This rise in sea trade has subsequently led to an increasing demand for ships to transport manufactured goods worldwide. Thus, the rising number of ships has increased the demand for integrated marine automation systems in this region.
Key Market Players
Key Players in the autonomous ships market ABB (Switzerland), Honeywell International, Inc. (US), Rolls-Royce PLC (UK), Wartsila (Finland), and Kongsberg (Norway) are industry majors and have largely benefitted from their well-recognized brands, a wide range of products, and strong distribution capabilities in the integrated marine automation system market. These companies have well-equipped strong distribution networks across the North America, Europe,Asia Pacific, Middle East & Africa and Latin America.
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