Yahoo Finance Navigation Satellite System Market was worth USD 226 billion in 2021 & it will grow at a CAGR of 9% till 2029 : GreyViews
Navigation Satellite System Market Size By Type (Regional Constellations, Satellite-based Augmentation Systems, and Global Constellations), By Application (Rail, Aviation, Consumer Solutions, Road, Agriculture, Surveying, and Other), Regions, Segmentation, and forecast till 2029.
Pune India, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below-mentioned segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the navigation satellite system market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the navigation satellite system treatment market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as type, application, and others. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Navigation Satellite System market are Hexagon, Navtech GPS, L3 Harris Corporation, Furuno Electric, Hemisphere GNSS, Topcon Corporation, Trimble Inc., Laird Plc, SkyTraq Technology. Inc., Texas Instruments, Qualcomm Inc, Garmin Ltd, Raytheon Technologies Corp., STMicroelectronics, Broadcom Inc., among others. To achieve a substantial market share in the worldwide Navigation Satellite System market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
People use global navigation satellite systems (GNSS) every day without knowing it. GNSS are tiny bits of technology. GNSS has an impact on a variety of systems, including communications and mobile navigation tools like Google Maps. A network of satellites known as the global navigation satellite system (GNSS) broadcasts timing and orbital data that is utilized for navigation and location measures. More than just the Earth-orbiting satellites make up GNSS. The GNSS constellations that orbit between 20,000 and 37,000 kilometers above the planet are described in the space segment. These satellites send out signals indicating which one is broadcasting, as well as the time, orbit, and condition of the satellite. There are two regional systems, QZSS and IRNSS, as well as the four primary constellations in orbit: GPS, GLONASS, Galileo, and BeiDou. Each of these constellations is run by a different nation. The various constellations of satellites provide signals to GNSS users and master control centers all around the world. All three of these components—space, control, and user—are seen as being a part of GNSS. However, the term "GNSS" is most usually used to refer to space satellites. Satellite signals are necessary for GNSS applications to operate effectively and precisely. These applications span a wide range of industries, including agriculture, automotive, and defense. Vehicles, for instance, use GNSS for location and navigation in the automobile industry. Tracking becomes much more crucial to continuously check potential environmental threats if the vehicle is autonomous.
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Scope of Navigation Satellite System Market Report
Report Metric | Information |
Study Period | 2021-2029 |
Base Year | 2021 |
Forecast Period | 2022-2029 |
Market Share Unit | USD Billion |
Segments Covered | By type, By Application, By Region |
Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
Major Players | Hexagon, Navtech GPS, L3 Harris Corporation, Furuno Electric, Hemisphere GNSS, Topcon Corporation, Trimble Inc., Laird Plc, SkyTraq Technology. Inc., Texas Instruments, Qualcomm Inc, Garmin Ltd, Raytheon Technologies Corp., STMicroelectronics, Broadcom Inc., among others |
Segmentation Analysis
The satellite-based augmentation systems segment is expected to be the fastest-growing segment in 2021.
The type include regional constellations, satellite-based augmentation systems, and global constellations. During the forecast period, the satellite-based augmentation systems segment is anticipated to grow at the fastest rate. The satellite-based augmentations (SBAS) market is expected to expand throughout the course of the projection period as a result of the technology's delayed realization as a disruptive breakthrough until mid-2020. Various SBAS (Satellite-based Augmentation Systems) and its solution providers were expected to support the market expansion for the category over the projection period, according to American Surveyor in June 2021. EGNOS (European Geostationary Navigation Overlay Service), WAAS (Wide Area Augmentation System), MSAS (MTSAT Satellite Augmentation System), and GAGAN are among the public SBAS systems that are available (GPS-aided GEO Augmented Navigation).
Road segment is expected to be the fastest-growing segment in 2021.
The application segment is rail, aviation, consumer solutions, road, agriculture, surveying, and other. The road segment is expected to witness the highest CAGR during the forecast period. This is due to the wide variety of apps available to meet various usage scenarios and requirements. Numerous types of linked devices, including smartphones, tablets, wearables, digital cameras, and portable computers, as well as personal tracking devices, are capable of supporting these applications. The road & automobile segment is also mentioned in the report.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the Navigation Satellite System include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
North America region witnessed a major share. This is probably because the multi-sensor data capture technology for track mapping is so widely used throughout the nation. Additionally, the market is expanding as a result of the region's extensive use of multi-sensor data collecting systems for track mapping. Additionally, PTC is being implemented in the US. PTC integrates communication, control, security, accuracy, efficiency, information system safety, and GNSS as a technology for train movements. Also, due to the high adoption of Driver Advisory Systems (DAS) in Mexico and Canada, which improve traffic flow, use less energy, and are less expensive, it is anticipated that the North American market for these systems would experience significant expansion.
Country Analysis
Germany
Germany's Navigation Satellite System market size was valued at USD 14.12 billion in 2021 and is expected to reach USD 24.26 billion by 2029, at a CAGR of 7% from 2022 to 2029. Germany's automotive industry is constantly evolving, which fuels the regional market. For instance, the German-based Audi AG has stated that it will invest USD 163 billion by 2023 in self-driving and other related technologies.
China
China Navigation Satellite System’ market size was valued at USD 18 billion in 2021 and is expected to reach USD 34.82 billion by 2029, at a CAGR of 8.6% from 2022 to 2029. China is becoming more and more dependent on the global navigation satellite system as a standard navigation system that provides global location for cellphones and motor vehicles, among other things. There has been a sharp increase in the number of applications in the region that leverage PVT (Position, Velocity, and Time) services provided by space-based navigation systems as a result of information and mobile phone technological improvements.
India
India's Navigation Satellite System market size was valued at USD 16.6 billion in 2021 and is expected to reach USD 30.72 billion by 2029, at a CAGR of 8% from 2022 to 2029. The government's initiatives to improve and increase the use of satellite-based navigation systems are essential to the market's expansion. For instance, to support the government's aim of Atmanirbhar Bharat, the Government of India has built independent satellite-based augmentation systems for the Indian airspace: Navigation with Indian Constellation (NavIC) and GPS Aided Geo Augmented Navigation (GAGAN).
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as consumer goods, telecommunication, healthcare, automobiles, etc. However, several companies operating in the telecommunication sector have seen increased revenue due to significant usage of navigation system around the world.
Furthermore, the growth of this market is mainly driven owing to the development and advancement in the developing regions.
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