Northbrook, IL 60062 -- (SBWIRE) -- 11/16/2023 -- Global Autonomous Navigation Market is estimated to be USD 6.0 billion in 2023 and is projected to reach USD 12.9 billion by 2028, at a CAGR of 16.4% during the forecast period. The Autonomous Navigation Industry is driven by factors such as growing efforts aimed at advancing autonomous systems and increasing the adoption of 5G and AI.
Autonomous navigation systems contribute to improved safety by reducing the risks associated with human error and enhancing the ability to respond to changing conditions. Human operators can make mistakes due to factors like fatigue, distraction, or limited situational awareness.
Get instant 5% discount: https://www.marketsandmarkets.com/discountreports.asp?id=206053964
Offer limited to November month only - Hurry up, secure your copy today
Based on solution, the hardware segment of the market is projected to grow at the second highest CAGR from 2023 to 2028.
Based on the solution, the autonomous navigation market has been segmented into hardware and software. Hardware advancements in autonomous navigation have revolutionized the field, with sensors, processors, and connectivity driving vehicles to perceive their surroundings, make swift decisions, and navigate securely. These technological strides have paved the way for the practical implementation of self-driving cars and other autonomous systems.
Based on platform, the airborne segment of the market is projected to grow at the second highest CAGR from 2023 to 2028.
Based on the platform, the autonomous navigation market has been segmented into airborne, land, marine space, and weapons. Increasing investments in the development of autonomous aircraft and UAVs are expected to drive the airborne segment's market. The market for autonomous aircraft is expected to commercialize by 2024 in a few countries, and this commercialization is anticipated to exponentially increase in other countries post-2026. Increasing demand for autonomous aircraft for passenger travel and freight transport is expected to drive the autonomous aircraft navigation market.
Asia Pacific is expected to account for the highest CAGR in the forecasted period.
Asia Pacific is estimated to account for the highest CAGR in the forecasted period. Asia Pacific, which comprises emerging economies, such as China and India, and developed nations, such as Japan, is the largest market for automobiles. In recent years, the region has also emerged as a hub for automobile production. Infrastructural developments and industrialization in emerging economies have opened new avenues, creating several opportunities for automotive OEMs. The growing purchasing capability of the population has triggered the demand for automobiles, thereby increasing the demand for the autonomous navigation market.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=206053964
Key Market Players
Key players covered in market scope such as Northrop Grumman Corporation (US), Raytheon Technologies Corporation (US), Thales Group (France), Safran SA (France), and Honeywell International Inc. (US). The report covers various industry trends and new technological innovations in the Autonomous Navigation Companies for the period 2020-2028.