Autonomous Navigation Market Analysis and Forecast Industry Trends by 2024
Research Reports
Jan 19, 2021
Market Insight
Global Autonomous Navigation Market is expected to register significant growth during the forecast period owing to various factors such as the increasing demand for autonomous robots in the logistics industry and rising adoption of autonomous navigation systems by the governments in various countries such as the US to offer enhanced security to citizens. However, the absence of required infrastructure in developing economies and vulnerability to cyber threats may hamper market growth.
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Key Players
The key players in the Global Autonomous Navigation Market are ABB (US), Honeywell International Inc. (US), Raytheon Company (US), Northrop Grumman Corporation (US), Thales Group (France), Moog Inc. (US), Rolls-Royce (UK), Kongsberg Group (Norway), Trimble Inc. (US), Furuno Electric Co., Ltd (Japan), RH Marine (Netherlands), Safran (France), General Dynamics Corporation (US), L3 Technologies, Inc. (US), and Collins Aerospace (US).
Market Segment
Global Autonomous Navigation Market has been segmented based on solution, platform, application, and region.
Based on platform, the market has been segmented into airborne, land, marine, and space. The airborne segment dominated the market in 2018 and is expected to exhibit the highest CAGR during the forecast period. The increased adoption of autonomous aircraft by the air force of various countries is propelling segment growth. For example, in 2019, Northrop Grumman Corporation signed a contract with the US Air Force for USD 59 million to provide autonomous systems.
Based on application, the global autonomous navigation market has been classified as military and government and commercial. The commercial segment dominated the market in 2018 and is expected to register the higher CAGR during the forecast period. Increasing manufacturing of autonomous vehicles and growing investments by prominent defense companies in developing autonomous marine systems are fueling market growth. For example, in 2019, Thales Group signed an agreement with the University of Southampton to develop autonomous marine systems.
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