Autonomous Navigation Market Size Valued at USD 13.89 Billion, market Grow at a CAGR Of 16.59% by 2020 -2030
Autonomous navigation systems are helpful to change the system’s behavior in real-time without manual intervention. These autonomous navigation systems provide significant features like situational awareness, GPS, and 3D cameras. Thus, these features are helpful for logistics companies as they assist in keeping track of the drivers and enable them to receive real-time location information about the vehicles. Therefore, the Autonomous Navigation Market is fueled due to the increasing autonomous navigation systems demands among the logistics industry.
According to Autonomous Navigation Market Analysis, the global market is driving its growth due to the expanding interests in improving autonomous submerged vessels, autonomous surface vehicles, and autonomous vessels across the world. For instance, the global market is projected to boost up in the forecast period due to the expanding interest in autonomous robots among the business and military divisions to drive the autonomous navigation market in 2018.
The present Autonomous Navigation Market Trends is continuing the trending position over the years due to the continued support of the intended audiences such as government authorities, autonomous navigation system manufacturers, research institutes, law enforcement agencies, regulatory bodies, defense companies, and defense organizations. In November 2018, a joint agreement was signed between Baidu, a Swedish car manufacturer, a Chinese multinational technology company, and Volvo Cars to develop fully autonomous electric cars. This car has been proposed to be mass-produced in China. Overall, the Autonomous Navigation Market is projected to expand in China and increase investments in autonomous systems.
COVID-19 Impact Analysis
The coronavirus outbreak has negatively affected many countries' businesses and many marketing sectors. At this time, the economic downturn has been evident in many countries. The shutdown and lockdown of countries have disrupted the Autonomous Navigation Market’s supply and manufacturing chain because of the lack of transportations, workforce, raw materials, productivity, and others.
However, the Autonomous Navigation Market Analysis highlights that the global market is employing new vendors and market leaders to propel the market size. They are also adopting new tactics and safety measures to enhance the market growth.
The growth of the global Autonomous Navigation Market is boosting up due to the growing initiatives for autonomous systems development. Moreover, the increasing adoption of autonomous robots for commercial and military purposes is projected to drive market growth.
The government of India has proposed National Electric Mobility Mission Plan 2020 to bring a transformational paradigm shift in the transportation and automotive industry In India. It has aimed to ensure approximately 6-7 million hybrid or electric vehicles in the country by the end of the year 2020. This kind of initiative by the Government of India is fueling the demand for Autonomous Navigation Market in the forecast period.
The Autonomous Navigation Market Forecast report highlights that the key players and manufacturers have more opportunities due to the rising investment in commercial autonomous drones and autonomous cars.
Moreover, the Military and commercial sectors require autonomous robots and autonomous drones to detect the behavior in real-time without manual intervention. This led to significant opportunities for the Autonomous Navigation Market in the forecast period.
The global Autonomous Navigation Market Growthmight face restraints because of the absence of required autonomous frameworks foundation in creating nations.
Moreover, the high cost associated with autonomous navigation might hamper the growth of the global Autonomous Navigation Market during the assessment period.
The global Autonomous Navigation Market Growth might experiences challenges due to the increasing demands for autonomous robots and autonomous vehicles.
Moreover, the complexity of autonomous navigation requires more professionals to operate, bringing major challenges for the Autonomous Navigation Market.
A significant Autonomous Navigation Market Share has been evident in the past few years. Further, it is projected to continue the same during the forecast period.
Furthermore, the key players adopt new developmental tactics to enhance the Autonomous Navigation Market Value in the upcoming years. These market players are placed in different parts of the world, and they are trying to reach all the remote parts of the world by achieving their goals.
As per the Autonomous Navigation Market Outlook report, the global market has been segmented based on solution, application, and platform.
The global Autonomous Navigation Market has been categorized into sensing systems, processing units, and software based on the solution segment.
The sensing system segment is projected to dominate the global Autonomous Navigation Market in 2018. On the other hand, the software segment is predicted to create the highest CAGR in the research period. The software segment is expanding as it assists in different functions such as collision avoidance, health monitoring, and data analysis.
The global Autonomous Navigation Market has been categorized into government, military, and commercial in the application segment.
In 2018, the commercial segment was estimated to lead the global Autonomous Navigation Marketand is projected to hold the higher CAGR in the research timeframe. This commercial segment is growing due to the factors like increasing autonomous robots for logistics and rising demand for autonomous vehicles.
The global Autonomous Navigation Market has been classified into marine, land, airborne, and space-based on platform segments.
The airborne segment is projected to dominate the global Autonomous Navigation Market in 2018. Further, this segment is estimated to acquire the highest CAGR in the assessment period. In addition, the growth of the airborne segment is propelling due to the increasing investments in autonomous aircraft.
Based on regional segment, the Autonomous Navigation Market Trendshighlights some of the specific regions such as Asia Pacific, North America, Latin America, Europe, and the rest of the world.
In 2018, the North American region was projected to dominate the global Autonomous Navigation Market. Moreover, the Asia-Pacific regional market is anticipated to generate the fastest Autonomous Navigation Market Size for the analysis period.
The Asia Pacific region is propelling the market growth due to the growing investments by automobile manufacturers of India and China. Here, the Chinese market is projected to witness significant market growth in the demand and sales for high technology vehicles. It contributes to the largest Autonomous Navigation Market Share across the Asia Pacific region. The increasing disposable income and increasing investment of the major automotive OEMs in the country are responsible for the growth of the Chinese market. Moreover, this country’s market is surging demands for autonomous navigation because this country has lower vehicle penetration than other countries. The demand for vehicles has been increased due to the increasing automotive production levels in China.
Competitive Landscape Analysis
The Autonomous Navigation Market Outlook report highlights that key market player are the biggest strength of the market and effectively contribute to the market. These important key players include:
Thus, these market leaders are working effectively and implying new strategies to enhance the Autonomous Navigation Market Size in the upcoming years. These strategies include merging and acquisition, partnership, agreements, new product launches, and growing investment in research and development on Autonomous Navigation.
In May 2017, the US Navy signed a contract worth USD 28.0 million with the prominent market player Raytheon with an aim to supply variable depth sonars. It is especially proposed for its littoral combat ship class.
According to the Autonomous Navigation Market Forecast report, a brief analysis of the present market has been conducted through the use of qualitative and quantitative methods of research. This report has covered secondary and primary data collection methods to get significant information related to Autonomous Navigation.
Further, the Autonomous Navigation Marketreport has explained the market dynamics, including market drivers, restraints, challenges, opportunities, and cumulative growth.This report has also covered market overview, segments, covid-19 analysis, regional analysis, competitive analysis, and recent development.
Autonomous navigation market Grow at a CAGR Of 16.59% by 2020 -2030 read more
Collins Aerospace (US),,Thales Group (France),,Rolls-Royce (UK),,Honeywell International Inc. (US),,ABB (US),,Kongsberg Group (Norway),,Trimble Inc. (US),,Northrop Grumman Corporation (US),,L3 Technologies, Inc. (US),,General Dynamics Corporation (US),,Raytheon Company (US),,Moog Inc. (US),,Furuno Electric Co., Ltd (Japan),,Safran (France),,RH Marine (Netherlands)
North American region was projected to dominate the global Autonomous Navigation Market
The availability of numerous solutions can support the promotion of the autonomous navigation market.
Growing cases of cyber threats to restrain the autonomous navigation market.