Lloyd’s Register (LR) has reported that the maritime artificial intelligence (AI) industry is already worth $4.13 billion, with a 23 per cent compound annual growth rate expected over the next five years.
Thetius’ “Beyond the Horizon: Opportunities and Obstacles in the Maritime AI Boom” research highlights the rising use of AI technologies in the maritime sector, with a significant increase over last year’s $1.47 billion value.
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 per cent of AI technology suppliers, have played a pivotal role, alongside 18 per cent corporate entities and a rising 17 per cent of startups – a 5 per cent increase from 2022-2023.
The report highlights six key AI applications, including data-driven condition-based maintenance and port management. Case studies include LR’s collaboration with NYK and MTI on data-driven maintenance and SafetyTech Accelerator’s Awake.AI technology solution.
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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 and Thetius’ research on AI and autonomy in maritime, after the 2023 study “Out of the Box – Implementing Autonomy and Assuring AI” and the 2022 “Artificial Intelligence in Maritime – A Learning Curve.”
This research not only gives an annual update on the state of operational AI in maritime, including market size statistics, but it also makes practical suggestions for organisations considering investing in AI technology.
