Maritime Autonomous Surface Ships (MASS) market size is expected to reach USD 14.08 Billion in 2030 and register a revenue CAGR of 9.3% over the forecast period, according to the latest analysis by Emergen Research. Rising adoption of autonomous ships to minimize accidents and incidents as a result of human error and increasing human safety are driving global MASS market revenue growth.
Reduced operational costs, reduced number of onboard crew members, and lower cost of deploying crew on shore, reduced use of air conditioning and need for mass crew safety equipment are key factors driving market growth. Moreover, minimization of human errors is another advantage of MASS, and use of this system can lower potential number of accidents as well as reduce financial losses. Autonomous ships, which are low-manned or unmanned, reduce people’s exposure to risk at sea.
High initial investment due to costs of technologies and other equipment are some key factors expected to hamper market revenue growth. Moreover, establishing onshore operations also requires sizable capital, and breakdowns can result in significant delays during long voyages due to absence of crew members.
A recent study on the Maritime Autonomous Surface Ships market aims at leveraging the insights and perspectives derived on the basis of both qualitative and quantitative data evaluation for the forecast period, 2021-2028. The market intelligence reports on Maritime Autonomous Surface Ships market dives deep into aspects including but not limited to the market size, growth and share across different regions to keep the stakeholders and business owners informed and help them make a wise business decision. For data-savvy product owners, sophisticated business evangelists and information-focused filed marketing personnel, looking to incorporate qualitative figures into their fundamental perspective the report presents an unrivalled statistical data on both past and future industry trends.
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The extensive survey on the Maritime Autonomous Surface Ships market further identifies data that best fits the business requirement such as product classification, application and important definition. In addition, the study takes into account series of industry-leading events designed to enlighten the product owners on return on investment, investment feasibility, supply chain management, consumption volume, customer behaviour and demand and supply. To bring in more accuracy and quality to the study of Maritime Autonomous Surface Ships market the report interprets critical information through tables, infographics, and charts.
The report offers a complete analysis of the global Maritime Autonomous Surface Ships market with details about each market player including company profile, financial standing, global position, revenue contribution, production and manufacturing capacity, business expansion plans, and new product launches. Key players are strategizing various plans such as M&A acquisition, partnerships, joint ventures, license agreement and collaborations. Rolls-Royce PLC, General Electric, Kongsberg Gruppen, Mitsui Group, NYK Line, Honeywell International Inc, Samsung Group, Korean Shipbuilding & Offshore Engineering (KSOE) Co. Ltd., Praxis Automation Technology B.V., and Det Norske Veritas Holding AS.
Key Highlights From the Report
In October 2020, Kongsberg Gruppen, which is an international supplier of high technology systems, signed a deal with China Merchants Group. This contract specified that Kongsberg would supply maneuvering and propulsion systems for construction of two RoPax, which are two roll-on and roll-off (ro-ro) vessels. These vessels are under construction for Finnlines Plc. This contract is worth USD 13.6 million. Kongsberg Gruppen would install systems on RoPax vessels.
Defense segment revenue is expected to register significantly rapid growth rate during the forecast period owing to increasing defense spending on security and surveillance. Autonomous ships are incorporated with tools and systems, such as radar, sensors, Automatic Identification System (AIS), and Global Positioning System (GPS). More advanced technologies and solutions are enabling ships to be increasingly more capable of sailing without human intervention. Additionally, autonomous ships have capacity to detect obstacles and can avoid collisions by re-routing.
In 2020, hybrid propulsion segment accounted for significantly large revenue share. Benefits such as reduced operating costs, less fuel consumption, and low maintenance costs of hybrid propulsion are factors driving growth of this segment. Electrical propulsion exhibits high maneuverability, which means ships with this type are capable of navigating in complex and challenging situations.
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The report also offers regional level analysis and market estimation for the regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The study delivers real answers for questions about market segmentation by types, region and application to power the overall market research for the forecast period 2021-2028. Subject matter experts behind the market analysis have collaborated with some of the highly acclaimed business owners to track records and estimate what is happening in areas such as technology innovation, production volume, end-use and product pricing. Research analysts have further remodeled their approach to present a report uniquely positioned to offer unmatched information on prominent manufactures, new entrants, exiting white spaces, acquisitions and mergers, collaborations and product launches.
Emergen Research has segmented the global MASS market on the basis of autonomy, ship type, end-use, propulsion, and region:
Autonomy Outlook (Revenue, USD Billion; 2018–2030)
Ship Type Outlook (Revenue, USD Billion; 2018–2030)
End-use Outlook (Revenue, USD Billion; 2018–2030)
Propulsion Outlook (Revenue, USD Billion; 2018–2030)
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Key point summary of the report:
The report offers a comprehensive overview of the market size, share, and growth rate in the forecast duration.
It provides details about current scenario, historical data, giving an accurate market forecast for the coming years.
The study categorizes the market on the basis of product types, applications, end users, market value and volume, business verticals, and 5 major regions.
It also offers regional market analysis and forecast for prominent geographies in the sector viz., North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Industry supply chain, sourcing strategy, upstream feedstock, and downstream demand analysis has also been undertaken in the research report.
The study offers a comprehensive understanding of the demand and supply dynamics, including production and consumption rates, and mapping of the overall market.
The report employs different analytical tools including, SWOT analysis, Porter’s five forces analysis, and pricing analysis, to give precise market information.
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