The global market for autonomous navigation is expected to witness significant growth during the forecast period owing to various factors such as the increasing need for situational awareness and rising demand for enhanced surveillance systems. Furthermore, increasing investments in developing autonomous military robots are also boosting market growth.
Growing applications of sense and avoid systems is expected to fuel demand for autonomous navigation systems over the next couple of years. In a report offered by Market Research Future (MRFR), it has been assessed that the global autonomous navigation market is expected to thrive at a CAGR of 16.03% during the projection period of 2019 to 2024.
ABB (US), Raytheon Company (US), Honeywell International Inc. (US), Northrop Grumman Corporation (US), Moog Inc. (US), Thales Group (France), Rolls-Royce (UK), Trimble Inc. (US), Kongsberg Group (Norway), Furuno Electric Co., Ltd (Japan), Safran (France), RH Marine (Netherlands), L3 Technologies, Inc. (US), General Dynamics Corporation (US), and Collins Aerospace (US) are few of the noted players of the global autonomous navigation market profiled in this MRFR report. Technological advancements are the key area of focus of the market participants. Investments are being made into research & development for introducing advanced technologies and strengthening footholds in the global market place.
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These navigation systems are technologically equipped to sense and change their behavior in real-time without human intervention. The autonomous navigation technology is at its nascent stage and is expected to witness rapid developments in the years to come. These technological developments are expected to be capitalized on by the market players in the foreseeable future. This, in turn, is poised to catalyze growth rate of the autonomous navigation market across the forecast period.
Increasing demand for autonomous robots, especially in the defense sector, is anticipated to lead the growth pace pf the autonomous navigation market in the upcoming years. In addition, rising defense budget allocation is also anticipated to boost revenue creation in the market during the forecast period. The rising demand for autonomous vehicles has also unleashed developmental opportunities into the autonomous navigation market.
Based on solution, the global autonomous navigation market has been segmented into sensing system, processing unit, and software. The sensing system held the maximum share of the market in 2018 and is expected to retain a prominent market share during the assessment period. Meanwhile, the software segment is projected to exhibit rapid developments owing to rising demand for its assistance in different functions. The segment is anticipated to register the highest CAGR across the forecast period.
On the basis of platform, the autonomous navigation market has been segmented into land, airborne, marine, and space. Among these, the airborne segment dominated the market in 2018 and is prognosticated to emerge as the fastest growing segment in the foreseeable future. The growth of the segment can be accredited to the increasing investments in autonomous aircraft.
By application, the global autonomous navigation market has been bifurcated into military & government and commercial. The commercial segment held the largest share of the market in 2018 and is anticipated to mark a relatively higher CAGR over the projection period. The rising demand for autonomous robots and vehicles is anticipated to lead the expansion of the segment in the nearby future.
Based on region, the global autonomous navigation market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
In 2018, North America dominated the global market. The presence of advanced infrastructure required for autonomous systems is boosting market growth in the region. The North American market includes the US and Canada.
The US accounted for the majority of the North American autonomous navigation market in 2018 owing to the presence of prominent technology and defense companies such as Honeywell International, Inc. and Northrop Grumman Corporation. Additionally, the increased adoption of autonomous aircraft by the US Air Force is propelling market growth.
Europe is likely to offer lucrative growth opportunities during the forecast period. An in-depth analysis of the market in the UK, France, Italy, Germany, Russia, and the rest of Europe has been provided in this report. The UK accounts for the largest share of the European autonomous navigation market. Furthermore, investments made by defense companies such as Thales Group in the region are bolstering market growth. For example, in 2018, Thales Group inaugurated the Maritime Autonomous Systems Trials and Evaluation Centre in the UK.
The market in Asia-Pacific is expected to register the highest CAGR during the forecast period. An in-depth analysis of the market in China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific has been provided in this report. China accounted for the majority of the Asia-Pacific autonomous navigation market in 2018. Factors such as military modernization activities undertaken by the government and the availability of advanced technology are propelling market growth in China. Additionally, increasing investments by the Chinese government in developing autonomous cargo ships are boosting market growth.
The Middle East & Africa includes the UAE, Israel, Saudi Arabia, Africa, and the rest of the Middle East & Africa. The UAE is expected to be the largest market during the forecast period. Increasing investments by the government in developing autonomous robots are bolstering market growth. Additionally, the growing adoption of autonomous vehicles in the region are propelling product demand.
Latin America includes Brazil and the rest of Latin America. Brazil is expected to the largest market during the forecast period. Increasing adoption of defense and security robots are bolstering market growth in the region.
- In February 2019, Thales Group signed a five-year contract with the University of Southampton to develop autonomous maritime technology for the Royal Navy.
- In September 2018, L3 Technologies, Inc. acquired ASV Global, an unmanned surface vessel (USV) and autonomous vessel control systems provider.
- In March 2018, Northrop Grumman Corporation signed a contract with Space Systems Loral (SSL) to provide space navigation systems.
Table of Content:
1. Executive Summary
1.1. Market Attractiveness Analysis
1.1.1. Global Autonomous Navigation Market, By Solution
1.1.2. Global Autonomous Navigation Market, By Platform
1.1.3. Global Autonomous Navigation Market, By Application
1.1.4. Global Autonomous Navigation Market, By Region
2. Market Introduction
2.1. Market Definition
2.2. Scope of The Study
2.3. Market Structure
2.4. Key Buying Criteria
2.5. Market Factor Indicator Analysis
3. Research Methodology
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. Forecast Model
3.6. List of Assumptions
Continued. . .
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