Description
The global Autonomous Navigation Market has been segmented by component type, vessel type, application, and region. | Marine Electronics Market: Information by Component type Vessel Type, Application Region
Market Highlights
The 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.
The global autonomous navigation market has been segmented based on solution, platform, application, and region.
On the basis of solution, the global autonomous navigation market has been segmented into processing unit, sensing system, and software. The sensing system segment is expected to account for the largest market share during the forecast period of 2019 to 2024. However, the software segment is expected to register the highest CAGR during the forecast period. The software integrated with autonomous systems assists in combat operations as it offers dynamic route planning, autonomous search and rescue, and mine detection.
On the basis of 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.
On the basis of 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.
Based on region, the global autonomous navigation market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa. North America is expected to hold the largest market share during the forecast period. However, the market in Asia-Pacific is expected to register the highest CAGR during the review period. Factors such as increasing defense expenditure in developing economies such as China and India are boosting market growth. The increasing adoption of autonomous vehicles by governments in countries such as India are also driving market growth. For example, in 2019, AB Volvo unveiled autonomous electric buses in India. Additionally, increasing investments made in developing autonomous military robots by the Indian and Chinese governments are also propelling market growth in the region.
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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).
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