WASHINGTON, Nov. 14, 2021 (GLOBE NEWSWIRE) -- According to a new report by Vantage Market Research, the high-precision GNSS receiver market is expected to reach USD 5.54 Billion by 2028, growing at a CAGR of 7.2% from 2021 to 2028. The market for high precision GNSS receiver is believed to rise due to the demand in the GNSS infrastructure globally and increasing use in construction, agriculture, mining, and various other applications. Majority of the large-scale companies are investing on the GNSS receiver needed for manufacturing and service industry, this rise is due to the demand in the technology up gradation and safety. The growing demand for technology and R&D in is fuelling the high-precision GNSS receiver market.
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Key Findings:
- Under the industry segment, construction industry sub segment is projected to grow at a CAGR of over 8.2% over the forecast period owing to the increasing demand for construction activities and safety of workers; it also helps in timely delivery of raw materials and helps tracking vehicles.
- Under the type segment, survey grade sub- segment held a market share of around 36.26% in 2020. The share is due to high precision in the survey grade GNSS system, the receivers are designed to achieve high frequency for better service and accuracy.
- Asia Pacific is expected to expand at a CAGR over 8.3% from 2021 to 2028. This surge is attributed to the increasing use of GNSS system and upcoming industrialization and urbanization. The growing economy in this region and need for faster data transfer and higher surveying capacity is increasing the demand for the high precision GNSS receiver market.
Some of key players in high-precision GNSS receiver market include: -
Trimble, Inc., Topcon Positioning Systems, Inc., Hexagon AB, Javad GNSS, Inc., Hemisphere GNSS, Inc., Septentrio N.V., Geneq Inc. and among others.
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GNSS receivers are broadly taken on by businesses like development, agribusiness, mining, avionics, and sea, and among others. These receivers help in search and salvage, shipping and transportation, education and planning, and space investigation. Progressions in the GNSS infrastructure are relied upon to improve dependability and inclusion for these activities. With more dependability, users can get considerably more precise and steady estimations; troublesome inshore route on streams and waterways would be more secure and more reliable; and take-off and landing procedures are easy and would have far more noteworthy developments. This, thus, would fuel the development for end-market infrastructure and increase the market infiltration for GNSS innovation.
The development of the high-precision GNSS market in APAC can be attributed to the developing horticulture (accuracy cultivating) industry just as rising infrastructure improvements. GNSS beneficiaries are profoundly utilized in both development and cultivating activities. Nonetheless, the COVID-19 pandemic has brought about disruption in supply chain activities, revenue loss, and slowdown in production activities which have affected the development of the market, at last affecting the economy. These problems might increase the demand for the market in agricultural countries such as China and India.
The high-precision GNSS receiver market is segmented as follows:
By Frequency Type (Revenue: USD Billion, 2016 - 2028)
- Single Frequency
- Dual Frequency
By Type (Revenue: USD Billion, 2016 - 2028)
- Differential Grade
- Survey Grade
By Industry (Revenue: USD Billion, 2016 - 2028)
- Agriculture
- Mining
- Construction
- Oil & Gas
- Others
By Region (USD Billion, 2016 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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