by Lloyd's List

11 September (Lloyd's List) - THE maritime industry is rapidly adopting the use of artificial intelligence, with the maritime AI market seeing an explosive expansion in the past 12 months, according to the latest Thetius report, commissioned by Lloyd’s Register.

According to the Beyond the Horizon: Opportunities and Obstacles in the Maritime AI Boom report, the market is now valued at $4.13bn, nearly tripling in size from $1.5bn in 2023.

In addition, the projected five-year compound annual growth rate of 23% underscores the bright prospects and rapid adoption of AI technologies across the maritime sector. 

Beyond the Horizon is a continuation of Lloyd’s Register’s and Thetius’ research on AI and autonomy in maritime, following earlier studies in 2023 and 2022.

The report highlighted data-driven, condition-based maintenance and port management as prime among six critical areas AI was being applied to in the industry.

It found that just within the past year, 36 shipping companies are already implementing or plan to deploy AI-enabled technologies.

Among AI technology providers, small- and medium-sized entities (63%) dominate and have played a pivotal role.

Another notable trend in the market is the increase in the number of start-ups (17%) providing maritime AI services, which almost matches the number of corporate entities (18%) in the market.

LR communications director Mark Warner 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.”