Lloyd's Register: AI market now worth more than US$4Bn

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.

The research estimates the maritime artificial intelligence (AI) market is now valued at US$4.1Bn, with a projected five-year compound annual growth rate of 23%.

The figure is a substantial increase from last year’s valuation of US$1.5Bn, underscoring the rapid adoption of AI technologies across the sector, according to the Thetius report Beyond the Horizon: Opportunities and Obstacles in the Maritime AI Boom.

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, which make up 63% of AI technology suppliers, have played a pivotal role, alongside corporate entities (18%) and a rising 17% start-ups - a 5% increase from 2022-2023.

Six critical areas of AI application have been flagged, including data-driven condition-based maintenance and port management, with case studies such as Lloyd’s Register’s collaboration with MTI and NYK on adopting condition-based maintenance.

A spokesman from Lloyd’s Register said, “The findings of the report show 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.”