Maritime Industry To Invest $931 Million In AI Technologies

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According to a recent analysis released by Lloyd’s Register in collaboration with Thetius, the maritime industry is anticipated to spend $931 million on artificial intelligence (AI) solutions in 2022.

AI solutions 

By 2027, this amount is anticipated to have more than doubled, reaching $2.7 billion, a compound annual growth rate of 23%.

Investment in the sector is one of the factors fueling the expansion. According to research, $331 million has been invested in startups and SMEs creating AI solutions for the marine sector over the past 12 months, and another $43 million has been received in grant funding to develop the technology globally.

Although the deployment of AI solutions in the marine sector is still in its infancy, they have the potential to significantly improve fleet efficiency.

Boost performance

In the marine sector, artificial intelligence is used in a variety of applications, including systems that support autonomous navigation, journey optimization, and vessel maintenance and monitoring.

The paper highlights that the growing application cases for the technology may be observed in digital twins, machine learning, knowledge-driven AI, natural language processing (NLP), neural networks, and sensor fusion.

“Using AI to optimise vessels and eventually boost performance is one area in which Lloyd’s Register’s Maritime Performance Services, through our subsidiary i4 Insight, has established extensive experience. We have discovered, for instance, that traditional and legacy data analytics only look at 10% of vessel data, whereas our AI models can now look at close to 100% of vessel data and process this data instantly to create extremely accurate vessel performance insights around fuel consumption, speed, trim, hull fouling, and power consumption. Lloyd’s Register’s Andy McKeran is the director of Maritime Performance Services.

 

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Source: Offshore Energy

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