Market Synopsis:

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.

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.

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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.

Market Segmentation:

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.

Regional Analysis:

The global autonomous navigation market, by region, has been segmented into Europe, the Middle East & Africa (MEA), Asia Pacific (APAC), North America, and Latin America. North America held the largest share of the market in 2018. It is expected to retain a significant share of the market through the forecast period. On the other hand, Asia Pacific is anticipated to register a relatively higher CAGR during the assessment period. Increasing investments in the manufacturing of automobiles are likely to drive the growth of autonomous navigation market in the region over the next few years. China and India are expected to play prominent roles in the development of the regional market in the nearby future.

Competitive Dashboard:

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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