Application of autonomous vehicles in maritime industry

• Main Author: Yeo, Michelle Rui Xi
• Other Authors: Chiu Sai Hoi, Benson
• Format: Final Year Project
• Language: English
• Published: Nanyang Technological University 2021
• Subjects: Engineering::Maritime studies
• Online Access: https://hdl.handle.net/10356/149178
• Institution: Nanyang Technological University

The adoption of autonomous vehicles is often affected by economic factors, which I will explain in detail in this report. In a broader prospective, whether the environment for the adoption of autonomous vehicles in the maritime industry is nurturing or hostile may be influenced by the current global economic situation. In a micro perspective, the associated cost of adopting these autonomous vehicles may deter maritime-related companies from doing so. In this report, I have determined that the global economy has a weak relationship with the adoption of autonomous ships as it does not have a direct influence. The global economy can cause issues such as labour crunch by improving the standard of living of the general world population, making seafaring a less attractive occupation. I have also determined that there is an inconclusive relationship between the global economy and AGV. This can be explained by volume 1’s finding that AGV is at a saturation point. As such, the demand for AGV is dependent on the needs of the port operator. In general, however, for 2021 and beyond, the global economy will provide a nurturing environment for the adoption of AGV since the economy is expected to make a recovery from the recession in 2020. The recovery of the global economy will affect the amount of government subsidies set aside for the adoption of autonomous vehicles and company management’s mindset. Furthermore, I also explored some of the costs of adopting these autonomous vehicles to determine if costs deter adoption of autonomous vehicles in the maritime industry. From the findings, I concluded that cost will indeed be a major cause of consideration when businesses are deliberating the decision to adopt autonomous vehicles, but it will not be a major deterrence should there be clear obtainable benefits. With that, a tripartite solution involving three important parties is recommended – the government, companies and individual – to further provide a nurturing environment for the adoption of autonomous vehicles regardless of the global economic situation.