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Autonomous Navigation Market Soars to $10.89 Billion by 2028 with 19.6% CAGR, Fueled by Robotics Demand

06-13-2024 04:03 PM CET | Aerospace & Defense

Press release from: The Business Research Company

Autonomous Navigation Market Report

Autonomous Navigation Market Report

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Autonomous Navigation Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $15.75 billion In 2028 At A CAGR Of 4.3%:

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.

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Autonomous Navigation Market Major 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 Driver - 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.

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Prominent Trend - 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.

Autonomous Navigation Market Players
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

View The Full Report Here - https://www.thebusinessresearchcompany.com/report/autonomous-navigation-global-market-report

Largest And Fastest Growing Region In The Market
North America was the largest region in the autonomous navigation market share in 2023. The regions covered in the autonomous navigation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Autonomous Navigation Market Report Structure
3. Autonomous Navigation Market Trends And Strategies
4. Autonomous Navigation Market - Macro Economic Scenario
5. Autonomous Navigation Market Size And Growth
…..
27. Autonomous Navigation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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The Business Research Company
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Email: info@tbrc.info

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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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