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Autonomous Navigation Global Market Report 2024 - By Trends, Size, Share, Demand, Outlook By 2033

05-03-2024 07:08 AM CET | Tourism, Cars, Traffic

Press release from: The Business research company

Autonomous Navigation Market

Autonomous Navigation Market

The autonomous navigation market size has grown rapidly in recent years. It will grow from $4.46 billion in 2023 to $5.33 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The growth in the historic period can be attributed to development of ai and machine learning, global positioning systems (gps) evolution, regulatory support and frameworks, automotive industry growth, rise in demand for automation.

The autonomous navigation market size is expected to see rapid growth in the next few years. It will grow to $10.89 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to safety and efficiency priorities, continued automotive industry innovation, regulatory and policy frameworks, enhanced positioning systems. Major trends in the forecast period include regulatory environment and standards, cost reduction strategies, safety and risk mitigation, industry-specific applications.

Market Overview -
Autonomous navigation means an ability of a vehicle or rover to design its route and execute it out without human involvement. The purpose of autonomous navigation or guidance is to regulate the vehicle trajectory to maintain it at a constant distance from the adjacent travel line or to arrange the strip side by side under conditions that do not overlap or have gaps.

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Driving The Future High Demand For Robots Fuels Growth In The Autonomous Navigation Market
High demand for robots is expected to propel the growth of the autonomous navigation market going forward. Robots refer to any autonomously run system that substitutes human effort. Robot helps workers from dangerous activities by allowing them to manoeuvre without clashing with impediments and remain focused on several interventions. Such benefits from robots have increased the demand for autonomous navigation system to attain such crucial functionalities. For instance, in October 2022, according to a report released by the International Federation of Robotics, industrial robot sales returned rapidly in 2021 with globally, 384000 units were shipped. The global robot installations are expected to rebound strongly and grow by 13% to 435, 000 units in 2021. Additionally, America's sales increased by 27% to 44, 300 units sold. Asia and Australia saw the most growth in demand, with installations climbing 33% to 354, 500 units. Therefore, the high demand for robots will drive the development of the autonomous navigation market.

Competitive Landscape -
Major companies operating in the autonomous navigation market report are Honeywell International Inc., Thales Group, Raytheon Company, Northrop Grumman Corporation, Furuno Electric Co Ltd., Moog Inc., Rolls-Royce Holdings plc, Kongsberg Group, Trimble Inc., ABB Ltd., RH Marine Group, Safran S.A, General Dynamics Corporation, L3 Technologies Inc., Collins Aerospace, Activ Surgical, Albora Technologies Limited, Starfish Space, Blickfeld, Caterpillar Inc., Charles River Analytics, Elbit Systems, Ghost Robotics, Fixposition AG, Xona Space Systems, Blue River Technology, Brain Corp., Clearpath Robotics, Embark Trucks, Fetch Robotics

Advancing Autonomy Technological Innovations Fueling Growth In The Autonomous Navigation Market
Technological advancement is a key trend gaining popularity in the autonomous navigation market. The autonomous navigation systems market is witnessing the implementation of advanced technologies such as deep learning, CNN algorithms for image processing, and pattern recognition. These systems often include a collection of sensors/detectors (such as radar, LIDAR, passive video cameras, and others) that provide input to CNNs. Major companies operating in the market are focused on advancing their technologies to sustain their position in the autonomous navigation market. For instance, in December 2021, Sea Machines Robotics Inc., a US-based autonomous control system company, launched JETsense, which uses autonomous navigation, multi-sensor fusion, and computer vision to propel waterjet watercraft to the forefront of navigation and usefulness. JETsense employs artificial intelligence (AI) and improved autonomy to perceive the domain and retain exact control of steering and speed during a journey, as well as re-route to avoid traffic and impediments, while also providing a new level of streaming data to optimize on-water operations.

Browse Full Report @
https://www.thebusinessresearchcompany.com/report/autonomous-navigation-global-market-report

Key Segments -
The autonomous navigation market covered in this report is segmented -
1) By Solution: Sensing System, Software, Processing Unit
2) By Platform: Airborne, Land, Space, Marine, Weapon
3) By Application: Commercial, Military and Government

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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