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Autonomous Navigation Market 2024-2033 - Trends, Insights & Growth Potential
Autonomous Navigation Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
The increasing demand for autonomous vehicles is expected to propel the growth of the autonomous navigation market in the coming years. Autonomous cars are self-driving or driverless vehicles that can navigate and function without direct human input or control. Autonomous transportation can operate safely and efficiently because of the incorporation of autonomous navigation technologies, which allow vehicles to travel through dynamic and complicated situations. For instance, in January 2023, according to an article published by McKinsey & Company, a US-based management consulting firm, by 2035, autonomous driving could create $300 to $400 billion in revenue. Therefore, the increasing demand for autonomous vehicles is driving 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.
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Major Key Players of the Market:
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
Autonomous Navigation Market 2024 Key Insights:
• 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%.
• Driving The Future High Demand For Robots Fuels Growth In The Autonomous Navigation Market
• Advancing Autonomy Technological Innovations Fueling Growth In The Autonomous Navigation Market
• North America was the largest region in the autonomous navigation market share in 2023
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