Autopilot System on the Water Market Size, Share, Growth, And Industry Analysis by Type (Autopilot, Multi-view System, Assisted Docking System) by Application (Leisure, Commercial, Military) Regional Forecast (2022-2028)

Report Overview

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The global autopilot system on the water market size was USD 553.5 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with autopilot system on the water market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 806.3 million in 2028, exhibiting a CAGR of 6.5 % during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

The vessel's course is automatically maintained by the water autopilot system, computer-controlled equipment. In order to maintain the desired course, it is designed to automatically control the vessel's heading using the input from a magnetic compass sensor or by using GPS waypoints. The technology is used to automate the steering of the ship, freeing the skipper from the tiresome responsibility of keeping a precise course. The water autopilot system is used to provide the ship's skipper with a more precise heading, which may be combined with the GPS system to maintain the ship's path without human intervention.

The autopilot system on a water is capable of working in dangerous situations, such as when the water is moving violently. The autopilot system on the water provides a hassle-free experience for both passengers and personnel by determining the route and direction. It effectively controls the route deviation while using less energy. One of the factors pushing the implementation of autopilot systems on the water and, thus, favorably influencing autopilot system on a water market growth is the rise in the usage of container and cargo ships for the delivery of packages. However, it is projected that the combination of an autopilot system on the water with autonomous boats would present a wealth of options for market participants for such systems.

COVID-19 Impact: Pandemic Decreased Both The Need For Sea Transportation And Maritime Trade

The market for autopilot system on a water has been significantly impacted by the new coronavirus outbreak. A decline in maritime trade and activity due to the pandemic has had a detrimental effect on the market for marine autopilot systems. Additionally, the pandemic has caused a decline in the manufacture of marine autopilot systems, which has impacted the market. Furthermore, the pandemic’s spread has decreased consumer interest in recreational boats, which in turn has hindered the market for autopilot systems on a water.

Latest Trends

"Usage of Wireless Remote Controls to Transform Market Outlook"

The major technological improvement in marine autopilots has been the ability of modern units to guide a far more precise path than earlier ones, even in extremely difficult circumstances. Microprocessor technology now makes course tracking, counter-rudder, and automated asymmetry adjustment possible. The use of wireless remote controllers for autopilots is expanding right now. Even today, certain autopilots can steer by wire. Today's marine autopilot technology mostly originated in aircraft. Tecnautic is a leader in bringing aero plane autopilot technology to the maritime industry and sells all of its products online.

A 3D sensor has been added to NKE's GyroPilot, which was first introduced in 1995 and has a gyrocompass that can output a yacht's immediate heading as well as its rate of rotation. To deliver precise technical control information, the 3D sensor monitors the movement and direction of the boat. The Reactor line of GARMIN pilots is intended for both sailing and power vessels. Using artificial intelligence (AI), Raymarine has developed its Evolution line of pilot computers, which automatically adjust settings based on the environment.

SEGMENTATION

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• By type

Depending on autopilot system on the water market given are types: autopilot, multi-view system, assisted docking system. The autopilot type will capture the maximum market share through 2028.

• By Application

The market is divided in Leisure Ships, Commercial Ships, Military Ships based on application. The global autopilot system on the water market players in cover segment like commercial ships will dominate the market share during 2022-2028.

Driving Factors

"Technological Autonomous Automation Operations to drive the Market Growth "

The autopilot system is a complicated amalgamation of mechanical and electrical parts that must function as a unit to deliver the desired performance. To carry out various duties, this system has a range of sensors, actuators, and controls. New sensors, actuators, and controllers that are more dependable, accurate, and effective than the earlier ones have been created as a result of technological advancements in autopilot system on the water market. In the marine sector, automation is being employed more and more to increase ship efficiency and decrease human error. Additionally, automation can aid in lowering ship operating and maintenance costs. Numerous techniques, such as GPS, radar, sonar, and other sensors, can be used for autonomous operations. Autonomous operations can assist in lowering the cost of maintenance and operation of Ships and thus providing a boost to the autopilot system on the water market size.

"Increasing Demand from Maritime Transportation to Boost Market Size"

Due to the growing demand from the maritime transportation sector, the autopilot system on the water market size is anticipated to expand at a rapid rate. One of the key markets for autopilot system on the water is the maritime transportation sector. The autopilot system is used to guide and regulate the boat's speed when it is at sea. The ship's course and speed are controlled by the autopilot system. The marine autopilot system is used to guide the boat in all sea conditions and wind directions, as well as in all sorts of weather.

Restraining Factors

"High Initial Investments and Maintenance Cost to Hamper market Growth"

The market for autopilot system on the water is anticipated to face challenges due to high maintenance costs over the forecast period. The price of autopilot system on the water is anticipated to increase due to growing raw material costs. Additionally, compared to other navigational aids, the cost of upkeep for autopilot systems is predicted to be greater. During the projection period, a high initial investment is expected to provide a hindrance to the market's expansion for autopilot system on the water. Compared to other navigating aids, installing autopilot systems is expensive. The use of autopilot systems in small fishing vessels is anticipated to be constrained by the expensive initial expenditure.

Regional Insights

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"North America to Dominate the World Market through 2028"

The autopilot system on the water market in the US is the biggest in the world. Due to the rising demand for autopilot systems in the commercial shipping industry, the autopilot system on the water market in the US saw substantial development. As the world's largest manufacturer of commercial shipping vessels, the US represents a sizable market for autopilot systems. The number of commercial shipping boats in the US currently exceeds 1,500, and this number is anticipated to rise. The maritime business is one that is quickly increasing in the US. In recent years, the marine sector has benefited greatly from technological improvements. As a result, there is now more of a need for autopilot system on the water in this area. The need for autopilot system on the water in this area is projected to increase as commercial vessels, yachts, and other recreational boats become more popular and is likely to fuel the autopilot system on the water market share 

In 2022, Europe is anticipated to be the autopilot system on the water second-largest market. From 2022 to 2028, Europe is anticipated to experience the second-highest CAGR. The main markets for autopilot system on the water in this region are Germany, France, Spain, and the U.K. Europe's marine sector is expanding quickly. This is a result of continual technology advancements in the marine sector. The need for yachts, commercial ships, and other recreational boats is growing in this area. This is one of the main factors that is projected to increase demand for autopilot systems on the water in Europe.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by collaborating with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Brunswick (U.S.)
• Garmin (U.S.)
• Teledyne FLIR (U.S.)
• Volvo Penta (Sweden)
• Furuno (Japan)
• Raytheon Anschutz (Germany)
• Johnson Outdoors (U.S.)
• ComNav (U.S.)
• Coursemaster Autopilots (Australia)
• NKE Marine Electronics (France)
• AMI-TMQ (Australia)
• Tokyo Keiki (Japan)
• Navitron Systems (England)
• Nanjing Toslon (China)
• ONWA Marine Electronics (Canada)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.