Portland, OR, Aug. 02, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global autonomous navigation market garnered $3.27 billion in 2021, and is estimated to generate $15.91 billion by 2031, manifesting a CAGR of 17.1% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
Autonomous Navigation Market Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $3.27 billion |
| Market Size in 2031 | $15.91 billion |
| CAGR | 17.1% |
| No. of Pages in Report | 392 |
| Segments covered | Application, System, Platform, and Region. |
| Drivers | Increase in demand for sense & avoid systems in autonomous system |
| Rise in adoption of autonomous robots in commercial & military applications | |
| Surge in demand for real-time data in military applications | |
| Opportunities | Increase in demand for improved surveillance |
| Proactive government initiatives & support | |
| Restraints | Lack of standard infrastructure for operation of autonomous systems in developing countries |
| Privacy & security concerns related to data |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic led to the implementation of the global lockdown, which hampered the growth of various industries. However, the pandemic led to have a positive impact on the growth of the global autonomous navigation market.
- The pandemic led to travel bans, import & export restrictions, and flight cancellations, which resulted in disruptions in the supply chain & logistics globally. Hence, the use of autonomous navigation systems for unmanned aerial vehicles increased, since it is the best replacement for reducing cross contamination.
- Governments across various economies started to use unmanned aerial vehicles or drones to transport medical supplies, food products, and other necessary requirements.
- In 2021, the Ministry of Civil Aviation & Directorate General of Civil Aviation granted a conditional exemption to the Government of Telangana, a state of India, for conducting experimental Beyond Visual Line of Sight drone flights by using autonomous navigation systems for the delivery of COVID-19 vaccines.
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The research provides a detailed segmentation of the global autonomous navigation market based on application, system, platform, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on application, the commercial segment held the highest share in 2021, accounting for nearly half of the global autonomous navigation market, and is expected to continue its leadership status during the forecast period. However, the government segment is expected to register the highest CAGR of 19.1% from 2022 to 2031. The report also analyzes the mid-range segment.
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Based on system, the sensing segment accounted for the highest share in 2021, contributing to nearly half of the global autonomous navigation market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the software segment is expected to manifest the highest CAGR of 18.8% from 2022 to 2031.
Based on platform, the marine segment accounted for the highest share in 2021, holding nearly half of the global market, and is expected to continue its leadership status during the forecast period. However, the weapons segment is estimated to grow at the highest CAGR of 21.2% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly two-fifths of the total market share. In addition, the North America region is expected to manifest the fastest CAGR of 19.9% during the forecast period.
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Leading market players of the global autonomous navigation market analyzed in the research include ABB, ENWAY, Fixposition AG, General Dynamics, Furuno, Honeywell International, Kongsberg Gruppen, Moog Inc., L3 Harris Technologies, NAVENTIK GmbH, Northrop Grumman, Raytheon Technologies, Rh Marine, Rolly Royce, Safran, Thales Group, and Trimble. The report provides a detailed analysis of these key players of the market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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