CHICAGO, June 30, 2023 /PRNewswire/ — The Autonomous navigation market is estimated to be USD 6.0 billion in 2023 and is projected to reach USD 12.9 billion by 2028, at a CAGR of 16.4% during the forecast period according to a new report by MarketsandMarkets™. The rising adoption of autonomous robots for logistic operations and Growing efforts aimed at advancing autonomous systems are driving the growth of the autonomous navigation market.
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Browse in-depth TOC on “Autonomous Navigation Market”
213 – Tables
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220 – Pages
Autonomous Navigation Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$6.0 billion |
|
Estimated Value by 2030 |
$12.9 billion |
|
Growth Rate |
Poised to grow at a CAGR of 16.4% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2030 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Solution, Platform, Application and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Key Market Challenge |
Unclear regulatory framework for autonomous systems use |
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Key Market Opportunities |
Increasing adoption of 5G and AI |
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Key Market Drivers |
Improved safety and efficiency with autonomous navigation technology |
Based on the platform, the land segment is estimated to have the highest CAGR during the forecast period.
The land is projected to grow at the highest CAGR in the autonomous navigation market during the forecasted period. The land platform segment includes autonomous cars and autonomous trains. There are huge investments being made in commercial autonomous cars by major car manufacturers such as BMW, Ford, Tesla, and Google’s self-driving division Waymo. Autonomous military vehicles are expected to play a significant role in the land segment, as various countries are deploying efficient land robots for border security and battlefield engagements, as well as to tackle terrorist attacks. There is increased adoption of military robots, which can be attributed to the increased acts of terrorism, among other factors.
Based on the solution, the software segment is estimated to have the highest CAGR during the forecast period.
Based on the solution, the software segment is projected to have the highest CAGR in the autonomous navigation industry during the forecasted period. The field of autonomous navigation has witnessed remarkable software growth, reshaping industries like transportation, robotics, and drones. Cutting-edge algorithms for perception, planning, and control have unlocked precise localization, obstacle avoidance, and optimized route planning. Exciting prospects lie ahead as software-driven autonomous navigation systems pave the way for a transformative era of mobility.
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Based on region, the Middle East segment is estimated to have the second highest CAGR during the forecast period.
The Middle East region is projected to grow at the second highest CAGR during the forecast period. Autonomous navigation has experienced substantial growth in the Middle East, as the region has made notable strides in sectors like transportation, logistics, and defense. By investing in autonomous technologies, fostering research collaborations, and developing infrastructure, the Middle East has stimulated innovation and accelerated the utilization of self-driving vehicles and unmanned systems across diverse applications.
Major players operating in the autonomous navigation companies are Northrop Grumman Corporation (US), Raytheon Technologies Corporation (US), Thales Group (France), Safran SA (France), Honeywell International Inc. (US) among others. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, the Middle East, and Rest of the World.
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