Autonomous Navigation Market - Trends, Opportunities, Regional Analysis, Key Players Advance Technology Research, and Development Forecast till 2024

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Global Autonomous Navigation Market Size, Share, Segments Research Report: Information by Solution (Processing Unit, Sensing System, and Software), Platform (Airborne, Land, Marine, and Space), Application (Military & Government and Commercial) and Region—Forecast till 2024

Autonomous navigation systems offer numerous features such as GPS, 3D camera, and situational awareness that enable logistics companies to receive real-time location information about vehicles and assist in keeping track of the drivers. Hence, the growing demand for autonomous navigation systems in the logistics industry is bolstering market growth.

Autonomous navigation systems are systems that can change their behavior in real-time without manual intervention. Factors such as the growing adoption of autonomous robots for military and commercial purposes and increasing initiatives for the development of autonomous systems are propelling market growth.

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The global autonomous navigation market is estimated to register a CAGR of nearly 16.03% during the forecast period of 2019 to 2024.
The global autonomous navigation market is expected to register significant growth during the forecast period owing to various factors such as the increasing demand for autonomous robots in the logistics industry and rising adoption of autonomous navigation systems by the governments in various countries such as the US to offer enhanced security to citizens. However, the absence of required infrastructure in developing economies and vulnerability to cyber threats may hamper market growth.

Segmentation:

On the basis of solution, the market has been segmented into processing unit, sensing system, and software. In 2018, the sensing system segment dominated the global market. However, the software segment is expected to register the highest CAGR during the forecast period. Software assists in various functions such as health monitoring, data analysis, and collision avoidance.

Based on platform, the market has been divided into airborne, land, marine, and space. The airborne segment dominated the market in 2018 and is expected to exhibit the highest CAGR during the forecast period. Growing investments in autonomous aircraft are propelling segment growth. Based on application, the market has been segmented into military and government and commercial. The commercial segment dominated the market in 2018 and is expected to register the higher CAGR during the forecast period. Factors such as the growing demand for autonomous vehicles and autonomous robots for logistics are fueling market growth.

Regional Analysis:

Based on region, the global autonomous navigation market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to hold the largest market share during the forecast period. However, the market in Asia-Pacific is expected to register the highest CAGR during the review period. Factors such as increasing defense expenditure in developing economies such as China and India are boosting market growth. The increasing adoption of autonomous vehicles by governments in countries such as India are also driving market growth. For example, in 2019, AB Volvo unveiled autonomous electric buses in India. Additionally, increasing investments made in developing autonomous military robots by the Indian and Chinese governments are also propelling market growth in the region.

Key Players

The key players in the global autonomous navigation market are ABB (US), Honeywell International Inc. (US), Raytheon Company (US), Northrop Grumman Corporation (US), Thales Group (France), Moog Inc. (US), Rolls-Royce (UK), Kongsberg Group (Norway), Trimble Inc. (US), Furuno Electric Co., Ltd (Japan), RH Marine (Netherlands), Safran (France), General Dynamics Corporation (US), L3 Technologies, Inc. (US), and Collins Aerospace (US).

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