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.
Latest News
LR and Marshall Islands certify Helm CONNECT electronic record books
(Posted on 14/11/25)Helm Operations has announced that nine electronic record books within Helm CONNECT Logbook have been... Read more
Sailors’ Society launches increased support for Chinese seafarers
(Posted on 13/11/25)International maritime welfare charity Sailors’ Society has announced a significant expansion... Read more
NORDEN signs two-year contract with US wood pellet producer
(Posted on 10/11/25)NORDEN has signed a two-year Contract of Affreightment (COA) with Enviva to transport a significant... Read more
Algoma reports strong core results and continued fleet growth
(Posted on 10/11/25)Algoma Central Corporation has reported its results for the three and nine months ended 30 September... Read more
Damen unveils Combi Freighter 5000 ICE
(Posted on 10/11/25)Damen Shipyards Group has unveiled the latest platform in its successful cargo vessels portfolio. The... Read more
Wallem Group reaches a century in Hong Kong
(Posted on 04/11/25)Wallem Group, a leading global maritime partner, is celebrating the centenary of moving its headquarters... Read more
INTERCARGO celebrates record membership ahead of 45th Anniversary
(Posted on 04/11/25)The International Association of Dry Cargo Shipowners (INTERCARGO) is marking its 45th anniversary in... Read more
NORDEN reports net profit of US$26m in Q3 2025
(Posted on 04/11/25)Net profit for the Group amounted to USD 26 million (DKK 166 million) in the third quarter of 2025,... Read more
ClassNK releases 'Guidelines for Onboard CO2 Capture and Storage Systems (Edition 2.0)'
(Posted on 04/11/25)ClassNK has released 'Guidelines for Onboard CO2 Capture and Storage Systems (Edition 2.0)' first in... Read more
InterManager urges Seafarer participation in Enclosed-Space Safety Survey
(Posted on 27/10/25)Following the International Maritime Organisation’s (IMO’s) newly tightened rules on enclosed... Read more
