The Navigation system market is expected to grow at a CAGR of 1.7% and to reach a volume of $64.91 million units by 2023
By Application (Automotive [Personal Navigation Devices, In Car Navigation Systems], Aviation [VFR, IFR, Commercial Aviation], Geospatial [Marine Surveying, Land Surveying, Cadastral, Mapping, Construction, Mining], others); By Geography - (2018-2023)” published by IndustryARC, the market will be driven by advancement in Micro-electro mechanical systems (MEMS) and low cost navigation systems.
Navigation Systems Market (2018 - 2023)”
Asia-Pacific dominates with major share and growth in the Navigation Systems Market
Asia-Pacific is the dominating region for Navigation system market, accounting for 43% of the total market share in terms of value and 51% in terms of volume in 2017. Asia-Pacific is foreseen to reach a volume of $24.94 million from $27.84 million in 2017. Growing demand for automotive vehicles along with huge growth of the geospatial market will brace the navigation systems market in the region. American regions are projected to witness a stable growth rate of CAGR 0.9% during the forecast. America is expected to reach a volume of $19.04 million by 2023 from $14 million in 2017. The American market is driven by its huge application in commercial aviation, automotive and others.
Selected Sensing Technology and Application Analysis done in the full Report:
Automotive is the dominant application for navigation system market. The automotive market generated a value of $24.92 billion 2017. Comparing past three years of forecast, a downfall has been observed. The automotive market is expected to reach value of $22.22 billion by 2023. Car Navigation systems segment held major share and volume with 38.09 million units in 2017, and is projected to grow at a CAGR of 4.4%, to reach 49.40 million units by 2023. Geospatial is the fastest growing application for navigation systems in both terms of value and volume. The market for geospatial will grow at a CAGR of 4% and 8.4% respectively. The market is projected to grow to $3794 million and $0.39 million by 2023.
Excerpts on Market Growth Factors
Automotive industry in the future will involve a distance measurement sensor to measure its distance from its obstacles. This involvement of sensor will help to save you from any accidental occurrence. Use of distance sensor in self-driving vehicles will dominate the automotive industry in near future.
Mobile automated objects like Robotics industry are presently using distance measurement sensor at a great demand. This helps to enable effective automation, and is expected to grow at a rapid pace.
Aviation segment is one of the promising markets, in terms of growth in the navigation systems market. Growing demand for aircrafts and fighter planes, and increasing production in drones and other aircrafts ensure ample of opportunities for theses navigation systems.
Key players of the Navigation Systems Market
Baumer, SICK AG and Pepperl & Fuchs GmbH were dominating the market, with combined revenue share of nearly 25% in 2017. Patents such as Micro lenses, readout circuits, illuminated imager structures ad MOS imagers are selected trending domains from 2013-2017. There are few more major applicants who are playing a key role in the development of new measurement sensors which include Canon KK, Samsung Electronics Co Ltd., Omnivision Tech Inc., Taiwan Semiconductor Mfg, Sony Corp., Pixart imaging Inc., and others.
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