LONDON, January 06, 2022 (GLOBE NEWSWIRE) – According to The Business Research Company’s research report on the autonomous marine vehicle market, the use of artificial intelligence (AI) is gaining popularity. Artificial intelligence is the intelligence demonstrated by machines, which makes them think independently and make decisions themselves. AI is used in the unmanned and unmanned marine vehicle market to improve vessel safety and control. AI technology automates and optimizes the speed, immediate route and route of the entire trip for fuel economy; ultimately, cost savings for vessel owners and fleet managers. It also helps provide real-time weather data, current data, automatic identification system (AIS), and sensor data associated with computer vision and modeling that helps define steering decisions and can help to recognize whether to avoid or pursue any obstacle in the underwater environment. For example, Marine AI Ltd, a UK-based company that creates artificial intelligence to improve maritime capabilities, offers AI products such as ‘Guardian System’ that uses AI technology while ensuring regulatory compliance, associated with advanced lidar sensors from Ouster partners.
The size of the global autonomous marine vehicle market is expected to increase from $ 3.18 billion in 2020 to $ 3.43 billion in 2021 at a compound annual growth rate (CAGR) of 7.9%. The growth is mainly due to companies resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges. The autonomous marine vehicle market is expected to reach $ 5.1 billion in 2025 at 10.4% CAGR.
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The global market for autonomous marine vehicles is highly concentrated and the market has a limited number of players. the the ten best competitors on the market composed of 83.91% of the total market in 2020. This may be due to high barriers to entry as well as high research and development costs associated with product development, licensing and marketing. General dynamics (Bluefin Robotics) was the biggest competitor with 17.17% market share, followed by L3Harris Technologies, Kongsberg, BAE Systems, Saab AB, Huntington Ingalls Industries, Rafael Advanced Defense Systems Ltd., Teledyne Technologies, Atlas Elektronik and Textron Inc.
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The autonomous marine vehicles market is segmented by type into surface vehicle and underwater vehicle; by application in the fields of military and defense, archeology, exploration, oil and gas, environmental protection and monitoring, search and rescue and oceanography; through technology in imaging, navigation, communication and collision prevention.
The rise of emerging technologies and global technological advancements is a key trend that is gaining popularity in the autonomous marine vehicle market. Automation technology in the maritime field has evolved in various aspects, such as the partnership of automated container ships equipped with cranes with autonomous port vehicles to help faster and more reliable transfer of containers from ships to trucks and other inland transport. This partnership would help increase the efficiency of small ports facing delays. In addition, specialized navigation technology is being developed for the narrow and shallow canals of inland roads. This is done using echo-localization through 3D sonar sensors, combined with sophisticated waterproof microphones, these microphones emit sound waves that produce echoes when they come into contact with another object, helping to avoid obstacles. and proving to be a useful aid for the autonomous underwater vehicle market. Additionally, technologies have been developed for automatic water sampling and asset integrity monitoring. For example, Clean Sea is a patented advanced robotic technology aimed at providing cost effective solutions built around a unique hybrid, modular and low logistics ROV / AUV (Automated Underwater Vehicle) concept.
Asia Pacific to the the biggest to share in the autonomous marine vehicle industry, representing 42.9% of the total in 2021. It is followed by North America then the other regions. In the future, the fastest growing regions in the autonomous marine vehicle market will be Africa and Middle East where growth will be at CAGR of 20.4% and 19.0% respectively. Next come Asia-Pacific and Eastern Europe.
Global Autonomous Marine Vehicle Market Report 2022: Market Size, Global Trends and Forecast 2022-2026 is part of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast the size and Market growth for the entire market, segments and geographies, trends, drivers, restraints, revenues, profiles and market shares of major competitors in over 1,000 industry reports, covering over 2,500 market segments and 60 geographic areas. The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are backed by 150,000 datasets, in-depth secondary research, and proprietary information from interviews with industry leaders. A team of highly experienced and expert analysts and modelers provide market analysis and forecast. The reports identify major countries and segments for opportunities and strategies based on market trends and approaches of major competitors.
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