The autonomous navigation market is estimated at USD 2.2 billion in 2018 and is projected to reach USD 13.5 billion by 2030, at a CAGR of 16.19% from 2018 to 2030. Factors that are expected to fuel the growth of the autonomous navigation market are the development of sense & avoid systems in autonomous robots, the high adoption of autonomous robots for commercial and military purposes, and demand for autonomous robots in logistics.
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By solution, the software segment is expected to grow at the highest CAGR during the forecast period.
Based on solution, the software segment of the autonomous navigation market is projected to grow at the highest CAGR during the forecast period. Data analysis and management software are used in autonomous vehicles to carry out various functions such as smooth mobility, health monitoring, and collision avoidance. The software integrated into the system is responsible for carrying out complex operations and providing learning capabilities.
Increasing investment in the development of commercial autonomous cars and autonomous drones is expected to drive the market for commercial autonomous navigation market during the forecast period.
Based on application, the commercial segment is expected to grow at the highest CAGR during the forecast period. The commercial segment includes all autonomous systems used in the aviation, automotive, logistics, and marine sectors. This segment is expected to grow tremendously in the future owing to the continuous research & development in robotics, computer vision, artificial intelligence, and edge computing capabilities. The demand for autonomous systems is expected to grow in the future due to the potential for increasing output with reduced costs.
The Asia Pacific region is expected to lead the autonomous navigation market from 2018 to 2030
The Asia Pacific autonomous navigation market is projected to grow at the highest CAGR during the forecast period. The Chinese autonomous navigation market is the largest in the Asia Pacific region and is witnessing significant growth in sales and the demand for high technology vehicles. China is one of the key markets for high technology vehicles, given the rising disposable income in the country. Nearly all major automotive OEMs have invested in the Chinese market, which is inclined toward small and affordable passenger vehicles. A surge in demand is expected as the current vehicle penetration is low as compared to that of developed countries. The growing automotive production levels in China have increased the demand for vehicles. In November 2018, Chinese multinational technology company, Baidu, and Swedish car manufacturer, Volvo Cars, agreed to jointly develop electric and fully autonomous cars, which will be mass produced in China. With growing investments in autonomous systems, the market for autonomous navigation is expected to grow in the China.
Key Market Players
The major players in the autonomous navigation market include Raytheon (US), Thales (France), Northrop Grumman (US), Safran (France), and Honeywell International (US), among others. Raytheon is one of the key market players engaged in securing contracts to increase the sale of autonomous navigation by individual platform available.