The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The navigation system market is expected to register a CAGR of 11.34% over the forecast period 2020-2025. Owing to the increasing demand for real-time information in a wide variety of applications ranging from the automotive segment to the autonomous robots, there is increasing adoption of navigation systems globally. With the advancement in technology, these systems have transformed and offered multiple services and facilities for navigating, thereby creating a considerable service ecosystem around the navigation technologies.
- The growth of the aviation industry and increasing defense budget across the globe are expected to drive the market positively during the forecast period. The importance of navigation with surgical precision is vital for the defense procurers; the feature is even more applicable for the automotive industry, which is moving towards the realization of commercially viable self-driven vehicles.
- Various GPS systems find application across mining, aviation, surveying, agriculture, marine, and military. Increase in world trade and growth in marine traffic has helped the market to grow significantly in the past few years. The concerned government authorities, across the world, have made considerable investments to implement navigation systems across different industry verticals.
- However, initialization costs, safety standards and directional accuracy of currently available systems are some of the restrains of the market. Nevertheless, focus on bringing new technological innovation is expected to mitigate such restraining factors.
Scope of the Report
The navigation system traditionally referred to the services aiding in route and path guidance. However, the present navigation system is much more than just that. It is a system which encompasses multiple services and facilities with various features and capabilities.
Key Market Trends
Increasing Security Concerns by the Governments to Boost the Navigation Demand
- A primary application of navigation systems is the defense industry. Navigation systems provide users with the ability to detect, locate, and characterize interference sources. Military forces use satellite navigation for ground navigation, aerial monitoring, and maritime navigation.
- Due to the increasing security concerns by the government of various countries, the navigation system has become an indispensable part of the defense sector. For instance, Britain is moving towards launching its satellite navigation system.
- According to a recent update in June 2019, China is building one of the most advanced naval warships for Pakistan as part of a major bilateral arms deal. It will be equipped with advanced detection and weapon systems, and it will be capable of anti-ship, anti-submarine, and air-defense operations.
North America Region Expected to Hold Significant Share
- The United States’ Global Positioning System (GPS) is composed of 24 satellites. The system provides critical competencies to the military, civil, and commercial users worldwide and is freely available to anyone with a GPS receiver.
- In October 2018, the US Federal Communications Commission said that it would vote in November to allow the US devices to access the European global navigation satellite system known as Galileo, a move that could improve the services Americans use.
- Moreover, the increasing demand for connected car devices, autonomous and self-driving cars depend on the synchronized interaction of radar, Lidar, GPS, other sensors, and technologies to ensure safe travel. The North America region is rapidly adopting automation in the automotive industry and, hence, spurring the navigation system market growth.
The competitive rivalry among the navigation systems market is high owing to the presence of some key players like Garmin Ltd, Honeywell International Inc., Collins Aerospace Inc., Safran Electronics & Defense Inc., and many more. Due to their ability to continually innovate their products by significant investments in research and development activities have helped them to achieve competitive advantage over other players.
- May 2019 - Honeywell International secured a contract from the US Department of Defense to provide high-speed connectivity for the US Air Force’s fleet of C-17 Globemaster III aircraft, as part of the Fixed Installation Satellite Antenna programme.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client’s requirements
- 3 months of analyst support