The demand for technologically improved and effective maritime systems is anticipated to fuel market growth for marine autopilots throughout the course of the projected period. Research and development (R&D) activities have increased in response to the expanding trend of adopting robotic-based navigation systems, resulting in more affordable solutions. Additionally, rising degrees of automation and safety systems in vessels are anticipated to propel market expansion.
The demand for increased safety and productivity in marine operations is propelling market expansion. Autopilot systems offer the needed precision and dependability, improving ship navigational control. Additionally, these technologies are utilised to manoeuvre ships in ports and on long-distance voyages, which promotes safer operations.
Improved safety and efficiency are the main benefits provided by marine autopilots. Autopilot systems offer the needed precision and dependability, improving ship navigational control. Additionally, these solutions contribute to crew member workload reduction and increased fuel efficiency. Additionally, these systems are simple to link with other navigational tools, ensuring that ships operate without a hitch.
Ships and other watercraft employ automatic navigation devices called marine autopilots. These systems can be configured to direct the ship, assisting it in maintaining its route and avoiding risks. Additionally, autopilot systems aid in manoeuvring at ports and docking of ships and enable autonomous fuel-saving activities on lengthy voyages. These devices also help to increase fuel efficiency and lessen the effort of the crew.
According to projections, the market for marine autopilots would increase from USD 927.8 million in 2021 to USD 1,362.5 million in 2031, at a CAGR of 5.2%.
The global desire for technologically improved and effective maritime systems is mostly responsible for the growth of the marine autopilot market. A rise in marine trade and investments in new shipping infrastructure in nations like China and India are likely to make the Asia Pacific the region with the fastest growth during the projection period.
One of the challenges limiting the market's growth is a shortage of competent labour and the high cost of installing and maintaining marine autopilots. Additionally, for the system to be safe and functional, it must be able to accurately understand data from other navigational tools, which may not be viable in cases of bad weather or out-of-date navigational tools. But it's anticipated that developments in navigational technology will lower the price of these systems and open up lucrative new markets for marine autopilots.
FLIR Commercial Systems, Inc., Simrad, Furuno USA Inc., Garmin Ltd., Navico Holding AS, Raytheon Technologies Corporation, KVH Industries, Inc., Samsung ENC Co. Ltd, Japan Radio Co. Ltd., and JRC Americas LLC are the leading companies active in the marine autopilots market. These businesses take to engage in product launches, alliances, and collaborations to expand their market reach.
Automatic autopilots segment form the major portion of the market
Automatic autopilots are predicted to experience the highest CAGR growth of all the categories during the projection period. This development can be ascribed to its capacity to improve vessel navigational control and lessen crew members' workloads. Merchant ships, fishing boats, yachts, and other watercraft employ automatic autopilot systems to navigate the ship to a desired heading, avoid risks and obstacles and use less fuel on lengthy voyages. Over the course of the projected period, improvements in navigation technology are also anticipated to fuel market growth.
Merchant Ship segment to be on top of the market
Among the applications, merchant ships are anticipated to experience the fastest CAGR growth. This development can be ascribed to the rise in demand for effective marine systems in commercial ships all over the world. These ships employ autopilot technology to improve navigational control and lighten the stress on the crew. Additionally, improvements in navigational technology have made these systems more accurate and reduced the cost of installing them, which has increased demand for them. Increasing expenditures in maritime infrastructure are also likely to hasten market expansion over the course of the projected timeframe.
Asia Pacific to dominate the market
The region expected to expand the fastest during the predicted period is Asia Pacific. This expansion might be ascribed to the region's growing need for effective maritime systems in China, India, and other nations. Over the course of the projection period, investments in new marine infrastructure have also increased market growth. Furthermore, over the next few years, market firms working in this region should benefit greatly from government programmes like Make in India.
Impact & Market Situation of Covid-19
The COVID-19 epidemic has had a substantial effect on the market for maritime autopilots. During the early stages of the epidemic, governments enacted travel restrictions and statewide lockdowns, which reduced production capacity and investments in maritime trade. The disruption of their supply chains, made it difficult to market these systems. But because of increased maritime activity and a recovery in the shipping industry, it is projected that demand for these systems would increase during the projection period. In addition, during the post-COVID recovery phase, developments in navigation technology are anticipated to significantly fuel market growth.
Latest Innovations in the Global Marine Autopilots Market: A Snapshot
Navico introduced its new emPower Autopilot Series in April 2020. This series consists of four products: the emPower Tiller Pilot TP2000NX, the emPower Wheel Pilot WP3000NX, the emPower Autopilot Computer AC12NX, and the emPower Autopilot Control Unit RCU05NX. The technology is intended to offer increased ship control and enhanced navigational accuracy.
KVH Industries unveiled AgilePlans in April 2020. This service suite is for its fleet broadband services. The product line contains a selection of hardware bundles and data plans created specifically for mariners. These improvements are predicted to fuel market expansion during the course of the forecast.
Marine Autopilots Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||USD 1,362.5 million|
|Growth Rate||CAGR of 5.2% during 2021-2032|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||FLIR Commercial Systems, Inc., Simrad, Furuno USA Inc., Garmin Ltd., Navico Holding AS, Raytheon Technologies Corporation, KVH Industries, Inc., Samsung ENC Co. Ltd, Japan Radio Co. Ltd., and JRC Americas LLC|
Key Segment of Global Marine Autopilots Market
By Type Overview 2021-2031, (USD Million)
• Automatic Autopilots
• Follow-up Autopilots
• Manual Autopilots
By Application Overview 2021-2031, (USD Million)
• Merchant Ships
• Fishing Boats
By End-User Overview 2021-2031, (USD Million)
By Region Overview 2021-2031, (USD Million)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa