The maritime AI market has nearly tripled in size in the past 12 months, according to a new report commissioned by Lloyd’s Register that says the sector is now valued at US$4.13 billion, compared with $1.47 billion a year ago.
This trend is expected to continue, with the research projecting a five-year compound annual growth rate in maritime AI business of 23%.
The report, produced by Thetius, identifies 36 shipping companies that have implemented or plan to deploy AI-enabled technologies within the past year, from a market of suppliers predominantly made up of small-and medium-sized entities (SMEs), at 63%, alongside 18% corporate entities and a rising 17% startups – a 5% increase from 2022/2023.
The publication highlights six potentially key areas of AI application for the industry moving forward, including data-driven condition-based maintenance and port management, citing case study examples such as NYK and MTI’s collaboration with LR on the adoption of data-driven condition-based maintenance.
“The findings of the report show that the maritime sector, often perceived as traditional and resistant to change, is now embracing AI with remarkable enthusiasm,” said Mark Warner, Global Content and Communications Director, Lloyd’s Register.
“This shift is driven by the need for greater operational efficiency, enhanced safety, and a commitment to sustainability. AI technologies are being harnessed to optimise voyages, predict maintenance needs, enhance navigational safety, and manage energy consumption more effectively.”
The report, Beyond the Horizon: Opportunities and Obstacles in the Maritime AI Boom, can be downloaded here.
