USD 5.12 billion
Report ID:
SQMIG45H2022 |
Region:
Global |
Published Date: December, 2024
Pages:
163
|Tables:
91
|Figures:
76
Global Autonomous Navigation Market size was valued at USD 5.12 billion in 2022 and is poised to grow from USD 5.96 billion in 2023 to USD 20.24 billion by 2031, growing at a CAGR of 16.50% during the forecast period (2024-2031).
Autonomous navigation system is a collection of complex systems that assist in making decisions based on their surroundings and operating the vehicle accordingly without the need for human interaction. It can be found in drones, robots, cars, boats, and other vehicles. For accurate and safe vehicle navigation, modern technologies and autonomous navigation algorithms are used in navigation systems technology. For successful autonomous navigation based on a robot operating system, systems such as inertial navigation, global navigation satellite systems (GNSS), radars, LiDARs, cameras, odometers, barometers, ultrasonic sensors, and infrared sensors are used.
The development of sense and avoid systems in autonomous robots, the widespread deployment of autonomous robots for commercial and military purposes, and the demand for autonomous robots in logistics are all likely to drive market growth.
US Autonomous Navigation Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 5.12 billion
Largest Segment
Commercial
Fastest Growth
Military
Growth Rate
16.50% CAGR
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Global Autonomous Navigation Market is segmented by Platform, Solution, Application, and region. Based on Platform, the market is segmented into Airborne, Land, Marine, Space, and Weapons. Based on Solution, the market is segmented into Hardware, and Software. Based on Application, the market is segmented into Commercial, and Military & Government. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Autonomous Navigation Market Analysis by Solution
In 2021, the software segment of the market is projected to hold the most lucrative share of more than 20% in the global market. In autonomous vehicles, data analysis and management software is utilized to perform duties such as smooth mobility, health monitoring, and collision avoidance. The system's software is in charge of performing complex procedures as well as offering learning capabilities.
Autonomous Navigation Market Analysis by Application
In 2021, the commercial segment of the market is projected to hold the most lucrative share of more than 20% in the global market. Commercial includes all autonomous systems integrated into the aviation, automotive, logistics, and marine industries. Attributing to the various ongoing research and developments in robotics, computer vision, artificial intelligence, and edge computing capabilities, this market is likely to grow significantly in the future. The potential for improving output while lowering costs is projected to drive demand for autonomous systems in the future.
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Based on the geographical viewpoint, the global autonomous navigation market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the Asia-Pacific region is projected to hold the most substantial Global Autonomous Navigation Market share. This is attributed to the presence of the largest autonomous navigation market in China. With the country's expanding disposable wealth, China is one of the most important markets for high-tech automobiles. Almost every major automaker has made a bet on the Chinese market, which favors compact, low-cost passenger vehicles. As automobile penetration in developing countries is low compared to developed countries, a boom in demand is projected. The demand for automobiles has increased as China's automotive production levels have climbed. Baidu, a Chinese multinational technology corporation, and Volvo Cars, a Swedish automobile manufacturer, agreed in November 2018 to collaborate on the development of electric and completely autonomous cars that will be mass built in China. The market in China is likely to develop as investments in autonomous systems increase.
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Autonomous Navigation Market Drivers
Autonomous Navigation Market Restraint
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The market is consolidated in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Top Players in the Global Autonomous Navigation Market
Autonomous Navigation Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Autonomous Navigation Market analysis, among the platform, the land segment is projected to hold a dominating share during the period. While among the solution and applications the software and commercial segments hold a dominating market share respectively. Further, procurement of UAVs is revolutionizing the industry growth.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 5.12 billion |
Market size value in 2031 | USD 20.24 billion |
Growth Rate | 16.50% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Autonomous Navigation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Autonomous Navigation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Autonomous Navigation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Autonomous Navigation Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45H2022
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