Free translation by: Franyi Sarmiento, Ph.D., Inspenet, August 18, 2022
According to a recent report published by Lloyd’s Register in collaboration with Thetius, it is estimated that the maritime sector will invest $931 million in artificial intelligence (AI) solutions by 2022.
This figure is expected to more than double over the next five years to $2.7 billion by 2027, a compound annual growth rate of 23%.
This rapid growth is driven in part by investments in the sector. In the past 12 months, $331 million has been invested in startups and SMEs developing AI solutions for the maritime sector, and an additional $43 million in grants have been awarded to develop the technology for the maritime sector worldwide, according to the report.
The adoption of AI solutions in the maritime sector is still at a nascent stage, however, they have immense potential to unlock value in optimizing fleet efficiency.
There are a wide range of AI use cases in the maritime industry, including autonomous navigation support, voyage optimization, as well as ship maintenance support and monitoring systems.
The report shows that emerging use cases for the technology can be seen in digital twins, machine learning, knowledge-based AI, natural language processing (NLP), neural networks and sensor fusion.
AI technology for voyage optimization focuses primarily on reducing the fuel consumption of ships, resulting in reducedCO2 emissions and operating costs.
In addition to optimizing vessel speed, routing and performance, AI models can also be used to manage environmental factors such as hull fouling.
This material from the mfame.guru portal was edited for clarity, style and length.
Source: https://mfame.guru/maritime-industry-to-invest-931-million-in-ai-technologies/
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