Jan 23, 2021   SOURCE: BusinessWire

Global Autonomous Navigation Market Forecast to 2027 - COVID-19 Impact and Analysis - ResearchAndMarkets.com

The "Autonomous Navigation Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Solution, Application, Vehicle Type, and Platform" report has been added to ResearchAndMarkets.com's offering.

According to this latest market study the market was valued at US$ 427.8 million in 2019 and is projected to reach US$ 796.0 million by 2027; it is expected to grow at a CAGR of 10.1% from 2020 to 2027.

The rapid change in modern warfare has been urging the governments to allocate higher amounts to respective military forces. The higher military budget allocation enables the military forces to purchase robust indigenous technologies, such as autonomous navigation technology, and various other technologies from international manufacturers. The military vehicle modernization practices are peaking in the current scenario among most military forces to keep the personnel and vehicles mission-ready. To modernize vehicles, the defense ministries across the world are investing substantial amounts in newer technologies - such as autonomous drones, AGVs, and UUVs. This factor is boosting the growth of the military autonomous navigation market.

Favorable economic conditions in North America bolster the growth of the startup hub. For example, Flyability (the Swiss creator of the groundbreaking Elios 2 drone for indoor inspections) opened its first US office in Denver, Colorado, in January 2020 to continue its rapid expansion into the US markets and offer robust customer and partner support. Such factors contribute to fair competition for employment in the various companies in North America.

The emerging autonomous navigation market players are gaining industry recognition as they are capable of offering sealing solutions at competitive prices. Due to the slow rate of the emergence of new players, the impact of threat to new entrants in the market is low in the present scenario. However, with the projected increase in the number of new market entrants offering cost-effective products, this threat to new entrants would also reach moderate levels.

Impact of COVID-19 Pandemic on Autonomous Navigation Market

According to the latest report from World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to the COVID-19 outbreak. The outbreak was first reported in Wuhan, China, in December 2019. The crisis is adversely affecting the industries worldwide. The global economy is witnessing the worst hit, and it is likely to continue in 2021 also.

The governments of countries are restricting the transportation of humans and goods owing to the continuous growth in the number of COVID-19 infected patients. The manufacturing and construction industries, warehouses, and coal-fired plants are experiencing a temporary shutdown in their activities. Therefore, the use of autonomous technologies in systems is interrupted. The procurement of new systems with autonomous technology was declined in the first quarter of 2020. In addition, the restrictions on supply chain activities are hindering the development cycle and testing of autonomous navigation.

Reasons to Buy:

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global autonomous navigation market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global aircraft seals market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

  • Rising use of AGVs in Logistics Industry
  • Broad Array of Applications of Mobile Robots

Restraints

  • Integration and installation time of technology

Opportunities

  • Integration of AI for Increasing Efficiency of Navigation

Future Trends

  • Advent of Autonomous Navigation Technology for Vessel Navigation and Unmanned Ship

Companies Mentioned

  • BlueBotics SA
  • YUJIN ROBOT Co., Ltd.
  • KONGSBERG
  • Trimble Inc.
  • Autonomous Solutions, Inc.
  • Collins Aerospace, a Raytheon Technologies Corporation Company
  • Kollmorgen
  • Brain Corporation
  • KINEXON
  • FURUNO ELECTRIC CO., LTD.

For more information about this report visit https://www.researchandmarkets.com/r/xqlwx2