Lloyd's Register commissioned research reveals rapid rise of AI

(Posted on 19/09/24)

In the past 12 months, the maritime AI market has seen an explosive expansion, nearly tripling in size, finds the new Thetius report, commissioned by Lloyd’s Register.

New research estimates that the maritime artificial intelligence (AI) market is now valued at USD $4.13 billion, with a projected five-year compound annual growth rate of 23%. This marks a substantial increase from last year’s valuation of USD $1.47 billion, underscoring the rapid adoption of AI technologies across the sector, according to the Beyond the Horizon: Opportunities and Obstacles in the Maritime AI Boom report by Thetius.

The report identifies 36 shipping companies that have implemented or plan to deploy AI-enabled technologies within the past year. Small-and medium-sized entities (SMEs), which make up 63% of AI technology suppliers, have played a pivotal role, alongside 18% corporate entities and a rising 17% startups - a 5% increase from 2022-2023.

The report also highlights six critical areas of AI application, including data-driven condition-based maintenance and port management, with case studies such as LR’s collaboration with NYK and MTI on the adoption of data-driven condition based maintenance and SafetyTech Accelerator’s Awake.AI technology solution.

Commenting on the findings, Mark Warner, Global Content and Communications Director, Lloyd’s Register said: “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. 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.”

Beyond the Horizon is a continuation of Lloyd’s Register’s and Thetius’ pioneering research on AI and autonomy in maritime, following the influential 2023 study Out of the box – Implementing autonomy and assuring AI and the 2022 Artificial Intelligence in Maritime – a learning curve.

This report not only provides an annual update on the state of operational AI in maritime, including market size data, but also offers actionable recommendations for organisations looking to invest in AI technologies. By examining successful case studies and identifying emerging trends, LR aims to empower the maritime industry to navigate the challenges and seize the opportunities presented by AI.