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Autonomous Navigation Market Worth $13.5 Billion by 2030
March 12, 2019 | PRNewswireEstimated reading time: 1 minute
The autonomous navigation market is estimated at $2.2 billion in 2018 and is projected to reach $13.5 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 16.19% from 2018 to 2030. Factors such as the development of sense & avoid systems in autonomous systems, high adoption of autonomous systems for commercial and military purposes, and demand for autonomous robots in logistics are expected to fuel the growth of the autonomous navigation market.
Based on solution, the software segment is estimated to lead the autonomous navigation market during the forecast period. With advancements in technology, artificial intelligence has made most processes easy. Technologies like machine learning (ML) and computer vision are used to train computers to perform specific tasks by processing large volumes of data. AI is gaining momentum because of its ability to add intelligence to existing vehicles. Increasing demand for self-driving cars and autonomous drones is expected to drive the software segment in this market.
Based on platform, the airborne platform segment of the autonomous navigation market is estimated to have the highest CAGR during the forecast period. The advancements within the military & government sector have led to more contracts and partnerships with the manufacturers of airborne systems. This will help this sector procure and utilize autonomous aircraft, autonomous weapons, and autonomous drones for special missions.
The autonomous navigation market in the Asia Pacific region is expected to witness high growth during the forecast period. Increasing awareness about robotics is expected to drive the demand for autonomous systems in the Asia Pacific region. Price is a major factor restraining the adoption of autonomous systems. However, with the increase in demand and reduction in prices of major components such as sensors and processors, the market for autonomous navigation has a promising future in this region.
The major players in the autonomous navigation market include Raytheon (US), Thales (France), Northrop Grumman (US), Safran (France), and Honeywell International (US), among others. Raytheon is one of the key market players engaged in securing contracts to increase the sale of autonomous navigation by individual platform available.
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