Autonomous Navigation Market Projected to reach $12.9 billion by 2028

The report provides an analysis of the autonomous navigation market from 2020 to 2028. It discusses various industry and technology trends currently prevailing in the market, along with the factors that drive, restrain, and challenge market growth globally. Autonomous navigation 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. Factors such as improved safety and efficiency with autonomous navigation technology and the rising adoption of autonomous robots for logistic operations.

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Based on the platform, the weapons segment is expected to lead the market in 2023. Autonomous navigation has revolutionized the field of weaponry, leading to remarkable advancements. Military systems now possess self-guided capabilities, enabling them to operate independently. Through sophisticated sensors, machine learning, and artificial intelligence, these weapons can identify targets, strategize routes, and carry out missions autonomously. While this progress offers great potential, it also raises ethical concerns and necessitates stringent regulation to ensure responsible use and mitigate potential risks associated with autonomous weapons.

Based on application, the military & government segment is expected to lead the market in 2023. The military and government sectors have witnessed a remarkable expansion in their adoption of autonomous navigation systems. This surge in technology employment has resulted in the deployment of autonomous vehicles, drones, and robots for tasks including surveillance, reconnaissance, logistics, and border control. By leveraging artificial intelligence and advanced sensor systems, these entities have bolstered their operational capabilities, optimizing efficiency and effectiveness in complex and demanding environments.

Based on the solution, the hardware segment is estimated to lead the market in 2023. The field of autonomous navigation has witnessed a significant surge in hardware advancements. Cutting-edge sensors like LiDAR and radar have revolutionized environmental perception with their high precision. The integration of robust onboard processors and GPUs facilitates real-time data processing and intelligent decision-making. Furthermore, the continuous progress in compact and efficient hardware components has led to the miniaturization of autonomous navigation systems, widening their scope of application across diverse industries and vehicles.

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Major players operating in the autonomous navigation market include Northrop Grumman Corporation (US), Raytheon Technologies Corporation (US), Thales Group (France), Safran SA (France), Honeywell International Inc. (US). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America and Europe. These companies have products with wider applications, a larger product footprint, significant market share, and broader geographical use cases. They have established a strong market presence and reputable products with strong business strategies.

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This release was published on openPR.