The global autonomous navigation market size was USD 2.46 billion in 2020. The market is projected to grow from USD 2.99 billion in 2021 to USD 9.32 billion by 2028 at a CAGR of 17.63% in the 2021-2028 period. This information is published by Fortune Business Insights™, in its report titled, “Autonomous Navigation Market, 2021-2028.”
As per our expert analysts, the autonomous navigation system is installed in vehicles such as drones, robots, cars, boats, and others. The navigation systems technology is conducted by utilizing advanced technologies and autonomous navigation algorithms for precise and secure navigation of vehicles. Therefore, such useful application of this technology is expected to bolster the market growth.
Pandemic Led to Reduction in Automobile Sales and Capitalization in AI-based Autonomous System
The current pandemic situation and its unfavorable impact on operations and supply chain management have obstructed the growth of the market. Additionally, the exponential decrease in the demand for automotive has limited car producers to innovate and create autonomous vehicles by mid-year of 2021. Nevertheless, the augmentation in the demand for autonomous navigation systems is perceived in the defense industry. The surging demand for robots for border surveillance and combat operations has empowered the market growth during the pandemic.
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Software System Segment to Dominate Backed by Rising Usage
On the basis of platform, the market is classified into airborne, land, marine, space, and weapons.
In terms of application, the market is categorized into commercial, military, and government.
In regards of system, the market is divided into sensing system, processing system, and software system. The software system segment is anticipated to show significant growth during the forecast period.
Geographically, the market is classified into North America, Europe, Asia Pacific, and the rest of the world.
The report presents a meticulous study of the market and a profound review of the prime segments of the market. It offers an extended examination of key players and their perceptive strategies to foster and bolster market growth for economic benefits. The report also mentions important visions that direct business owners with their spending perspective. The regional aspects and their role in conducting the market in an upward curve are described in the report. Additionally, COVID-19 influences have been mentioned for surplus information and its effect on the demand for the technology in future.
Increase in Utilization of Unmanned Vehicles in Military to Foster Growth
Adoption of unmanned vehicles such as Unmanned Aerial Vehicles (UAV), Unmanned Ground Vehicles (UGV), and others in military applications has augmented on account of the progressive technology and high investment from governments across the world. Due to amplification in the utilization of unmanned vehicles for military operations, it has become important to refine the communication and navigation system of a UAV to upgrade effectiveness and upsurge the range of the connection. Autonomous navigation carries out a crucial part in offering situational consciousness during surveillance applications.
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North America to Dominate Stoked by Surging Investment in Defense and Space Industry
North America is predicted to hold the biggest autonomous navigation market share and remain in a dominant position during the forecast period. Rising spending in the defense and space industry pooled with the surging number of companies will fuel the autonomous navigation market growth across the region.
The marker in Europe is expected to develop at a considerable CAGR during the forecast period on account of the growing number of autonomous cars, robots, and navigation systems used for surveillance.
Asia Pacific is anticipated to be the fastest-developing segment, owing to rising investment in the automotive and robotics sector.
Innovative Product Launch Declaration by Crucial Players to Boost Market Growth
The fundamental players adopt several tactics to boost their position in the market as dominating companies. One such essential strategy is procuring companies to thrust the brand value among users. Another effective strategy is occasionally unveiling inventive products with a methodical review of the market and its target audience.
Key Industry Development
November 2021: Honeywell International unveiled two novel resilient navigation systems known as the Honeywell Compact Inertial Navigation System and Honeywell Radar Velocity System. Honeywell engaged in a collaboration with the InfiniDome’s Anti-Jamming system, GPSdome, particularly designed for commercial as well as the military end-users.
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List of Key Players Covered in the Report
- ABB (Switzerland)
- Honeywell International (U.S.)
- Safran (France)
- General Dynamics (U.S.)
- Raytheon Technologies (U.S.)
- Thales Group (France)
- Trimble (U.S.)
- L3 Harris Technologies (U.S.)
- Moog Inc. (U.S.)
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