The Autonomous Navigation market is expected to grow from US$ 427.8 million in 2019 to US$ 796.0 million by 2027; it is estimated to grow at a CAGR of 10.1% from 2020 to 2027. With growing industrial economies, the industries are integrating advanced technologies in their business process to optimize productivity. With a growing young and aging working population in industries, the need to incorporate autonomous technologies in the industrial sector is rising, intending to provide products on time. Therefore, industries—such as logistics—are inclined toward automation to develop automated guided vehicles (AVGs) for time management, accuracy, and productivity. With advancements in robotic technologies, the industrial sector, including logistics, is deploying automation to boost production quality with a better time management aspect. Earlier, AGVs were restricted to manufacturing systems; however, at present, with continuous technological developments, AGVs are getting used in the logistics industry for repeating transportation tasks in container terminals, warehouses, and underground transportation systems.The AGVs, robotic technologies, and automated technologies are heavily used in developed and developing countries where robotics applications are common.
Availability of laser-guided navigation, magnetic navigation, and optical navigation, AGV with natural navigation (SLAM or LiDAR NAVIGATION), wire navigation, and vision navigation is driving the use of AGVs as per the requirement of logistics and other industries. Moreover, presence of companies—such as BlueBotics— developing autonomous navigation technology that can be installed in all customizable AGVs drive the market growth. The governments of countries are putting restrictions on 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 temporary shutdown in their activities.
Due to temporary closure of these industries, 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, restrictions on supply chain activities are hindering the development cycle and testing of autonomous navigation. The overall autonomous navigation market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the autonomous navigation market with respect to all the segments pertaining to the region.Multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the autonomous navigation market. BlueBotics SA; Yujin Robot Co., Ltd.; Kongsberg; Autonomous Solutions, Inc.; Brain Corporation; and Kinexon are among the companies operating in the market.
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Gross Domestic Product
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