Pune, India, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The global autonomous navigation system market size was valued at USD 2.88 billion in 2022 and is set to expand from USD 3.17 billion in 2023 to USD 7.24 billion by 2030, exhibiting a CAGR of 12.5% over the estimated period. The surge in the demand for these systems is due to the growing product usage in a range of applications such as robots, self-driving cars, unmanned aerial vehicles, and others.
This information is provided by Fortune Business Insights™ in its research report, titled “Autonomous Vehicle Market, 2023-2030”.
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List of Key Players Mentioned in the Autonomous Vehicle Market Report are:
- Safran (France)
- ABB (Switzerland)
- L3Harris Technologies Inc. (U.S.)
- Moog Inc. (U.S.)
- Northrop Grumman Corporation (U.S.)
- Elbit Systems Ltd (Israel)
- BAE systems Plc. (U.S.)
- Lockheed Martin Corporation (U.S.)
- General Dynamics Corporation (U.S.)
- Raytheon Technologies Corporation (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 12.5% |
| 2030 Value Projection | USD 7.24 Billion |
| Market Size in 2023 | USD 3.17 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Autonomous Navigation System Market Growth Drivers | Rising Investments by Governments in Autonomous Navigation Systems to Propel Market Growth |
| Emergence of Improved Surveillance System Owing to Security Concerns to Catalyze the Global Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/autonomous-navigation-market-101796
COVID-19 Impact:
Rise in Industry Share Driven by Reduced Human Contact and Improved Safety
The coronavirus pandemic positively affected the market. The period recorded an increase in the demand for robots in healthcare and other sectors. Furthermore, there was an upsurge in autonomous delivery systems considering the increase in the number of people staying at home.
Segmentation:
Airborne Segment to Register Appreciable Growth Impelled by Rising Applications in UAVs
By platform, the market is fragmented into space, marine, land, airborne, and weapons. The airborne segment is anticipated to be the fastest growing part of the segment during the forecast period. The expansion is driven by the advantages of reduced fuel consumption and the optimization of flight paths.
Navigation Segment to Record Substantial Expansion Driven by Escalated Demand for Enhanced Accuracy
On the basis of system, the market for autonomous navigation systems is categorized into processing system, sensing system, software system, and navigation system. The navigation system segment is set to dominate the market over the estimated period. The rise can be credited to the growing demand for enhanced positioning and navigation used in autonomous robots and vehicles.
Military Segment to Gain Traction Considering the Escalated Need for Enhanced Intelligence
Based on application, the market is classified into government, commercial, and military. The military segment is slated to register remarkable expansion over the study period. The escalation is driven by the advantages of enhanced situational awareness.
By geography, the market for autonomous navigation systems has been analyzed across North America, Asia Pacific, Europe, and the rest of the world.
Report Coverage:
The report provides an analysis of the major trends propelling the global business scenario throughout the forecast period. It also presents an overview of the significant factors driving industry growth over the projected period. Some of the additional aspects comprise an increase in the adoption of merger agreements, partnerships, and the launch of new solutions by major industry participants.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Impact of COVID-19 Pandemic on Global Autonomous Navigation System Market
- Global Autonomous Navigation System Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Segmental Definitions
- Market Analysis, Insights and Forecast – By Platform
- Airborne
- Land
- Marine
- Space
- Weapons
- Market Analysis, Insights and Forecast – By System
- Sensing System
- Navigation System
- Processing System
- Software System
- Market Analysis, Insights and Forecast – By Application
- Commercial
- Military
- Government
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Autonomous Navigation System Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Platform
- Airborne
- Land
- Marine
- Space
- Weapons
- Market Analysis, Insights and Forecast – By System
- Sensing System
- Navigation System
- Processing System
- Software System
- Market Analysis, Insights and Forecast – By Application
- Commercial
- Military
- Government
- Market Analysis – By Country
- U.S.
- Market Analysis, Insights and Forecast – By Platform
- Airborne
- Land
- Marine
- Space
- Weapons
- Market Analysis, Insights and Forecast – By Platform
- Canada
- Market Analysis, Insights and Forecast – By Platform
- Airborne
- Land
- Marine
- Space
- Weapons
- Market Analysis, Insights and Forecast – By Platform
- U.S.
- Market Analysis, Insights and Forecast – By Platform
TOC Continued...!
Drivers and Restraints:
Market Share to Surge Considering an Increase in Investments by Government Bodies
Autonomous navigation system market growth is being propelled by the escalating product usage across an array of industries. These include military, robotics, automobile, and others. In addition, the governments of numerous economies are promoting the testing and development of these systems.
However, the industry expansion could be affected by an increase in data privacy and cybersecurity issues across various regions.
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Regional Insights:
Europe To Emerge As Leading Region Owing To Increasing Automated Transport Demand
Europe is expected to dominate the market for autonomous navigation systems is anticipated to record appreciable expansion over the forecast period. The rise is due to the increasing automated transport demand and strong research and development capabilities.
North America is set to hold the second largest part in the autonomous navigation system market share is set to expand at a considerable pace throughout the study period. The surge is impelled by a range of factors such as favorable government policies, rising consumer preference, and an escalation in technological advancements.
Competitive Landscape:
Leading Industry Participants to Strike Partnership Deals to Strengthen Market Presence
Major industry players are centered on the adoption of various initiatives for strengthening the positions of their businesses. These include the formation of alliances, partnership deals, mergers, and the rollout of new solutions. Some of the additional steps comprise an escalation in research activities. In November 2021, Honeywell International introduced Honeywell Compact Inertial Navigation System and Honeywell Radar Velocity System, a set of robust navigation systems. The new set comes after Honeywell collaborated with Infini Dome's GPS dom to cater to the requirements of commercial and military end users. These systems are tailor-made to provide optimal performance and reliability.
Key Industry Development:
- November 2021 – Honeywell International rolled out the Honeywell Radar Velocity System and Honeywell Compact Inertial Navigation System. The systems are tailor made to offer reliability and optimal performance.
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