Pune, India, July 19, 2023 (GLOBE NEWSWIRE) -- The global satellite-based augmentation system market size was valued at USD 1.28 billion in 2022 and is projected to grow from USD 1.54 billion in 2023 to USD 2.13 billion by 2030, exhibiting a CAGR of 4.74% over the forecast timeframe. Satellite-based augmentation systems operate by gathering positioning data from a network of ground-based reference stations, which is then sent to a central processing facility for generating corrections and integrity information for the signals received from GPS or other GNSS satellites. This information is then broadcasted to users on the ground via a geostationary satellite. The surging demand for reliable and accurate information for landing and positioning aircrafts in the aviation industry is a key factor aiding market proliferation. This information is provided by Fortune Business Insights™, in its report titled, “Satellite Based Augmentation System Market, 2023-2030.”
The Satellite Based Augmentation System (SBAS) market refers to the market for systems that use satellite-based augmentation to enhance the accuracy, integrity, and availability of Global Navigation Satellite System (GNSS) signals. SBAS is used to provide real-time corrections and integrity monitoring for GNSS signals, primarily for aviation, maritime, and land-based applications.
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List of Key Players Profiled in the Satellite Based Augmentation System Market Report:
- Thales Group (France)
- Raytheon Technologies Corporation (U.S.)
- Airbus S.E (Netherlands)
- Lockheed Martin Corporation (U.S.)
- Northrop Grumman (U.S)
- Leidos Holdings, Inc. (U.S.)
- Honeywell International Inc. (U.S.)
- L3Harris Technologies Inc. (U.S.)
- Universal Avionics Systems Corporation (U.S.)
- Grintex India Limited (India)
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 4.74% |
| 2030 Value Projection | USD 2.13 Billion |
| Market Size in 2023 | USD 1.54 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 150 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Satellite Based Augmentation System Market Growth Drivers | Rising Applications of Localizer Performance with Vertical Guidance (LPV) by Airport Authorities Across the Globe to Catalyze Market Growth |
| Increasing Need for Reliable and Accurate Operations in the Aviation Industry to Propel Market Augmentation |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/satellite-based-augmentation-system-market-107490
SBAS has significant applications in aviation, where precise positioning and navigation are critical for safe takeoff, landing, and en-route operations. SBAS systems like the Wide Area Augmentation System (WAAS) in the United States, the European Geostationary Navigation Overlay Service (EGNOS) in Europe, and the GPS Aided Geo Augmented Navigation (GAGAN) in India provide enhanced navigation capabilities for aircraft.
Segments:
BDSBAS Segment to Dominate Due to Rising Investment by Chinese Private Companies
Based on platform, the market is split into WAAS, EGNOS, BDSBAS, and others. Among these, the BDSBAS segment held the largest market share in 2022 and is projected to expand significantly owing to growing investment activities by the Chinese government and private companies. Chinese startups such as Weilai Daohang and Geespace are focused on manufacturing GNSS-enhancing satellite constellations to meet rising consumer demand.
Development of New SBAS Payloads to Aid Segment Proliferation
As per solution, the market is divided into SBAS payload, reference stations, uplink station, and others. Among these, the SBAS payload segment captured a significant market share in 2022 and is anticipated to record the highest CAGR during the forecast period. The development of SBAS payloads such as BDSBAS, southpan, EGNOS, GAGAN, and others can be credited for this expansion.
Road & Rail Segment to Hold Major Share Backed by Rising Application of SBAS in Signaling
By application, the market is segregated into aviation, maritime, road & rail, and others. Among these, the road & rail segment dominated the market due to increasing satellite-based augmentation system application in industry sectors such as transportation, rail signaling, signaling, and others. The development of advanced rail signaling infrastructure using satellite communication is projected to aid market expansion.
Geographically, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.
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Report Coverage:
The report covers:
- Drivers and opportunities contributing to market proliferation
- Challenges and threats hindering market growth
- List of key players and strategic moves undertaken by them
- COVID-19 impact analysis
- Growth rate, market share, and valuation estimates for each region and segment.
This report provides a detailed analysis of the Satellite Based Augmentation System Market, highlighting its current state, key industry players, emerging trends, and future growth prospects.
Drivers and Restraints:
Growing Application of Localizer Performance with Vertical Guidance (LPV) by Airport Authorities to Drive Market Augmentation
Localizer Performance with Vertical Guidance (LPV) is an approach procedure used by aircraft to land at airports. It uses a combination of ground-based navigation aids and satellite-based navigation technology to provide the aircraft with both vertical and lateral guidance during the final stages of the approach. For example, as per the Federal Aviation Administration (FAA), in December 2021, there were 4,099 published LPVs serving 1,979 airports.
Furthermore, enhancements in air travel infrastructure and rising air traffic will increase LPV usage by airport authorities. The rise in the number of people travelling by air will further contribute to the satellite-based augmentation system market growth. On the other hand, the lack of skilled labor, shortage of raw materials, and technical errors will act as challenges for businesses operating in this domain.
Regional Insights:
North America to Lead Owing to Growing R&D Spending for WAAS System Development
North America held majority of the satellite-based augmentation system market share in 2021 due to increasing R&D spending for WAAS system development. Moreover, in September 2022, Federal Aviation Administration (FAA) awarded a contract to Raytheon intelligence o provide technical refresh and Dual Frequency Operation (DFO) upgrades to the FAA's Wide-Area Augmentation System, or WAAS, for 10 years.
The Europe market is slated to expand significantly during the forecast period backed by a rise in geostationary satellite launches during the study period, which will stimulate the market for SBAS, thus driving market expansion.
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Competitive Landscape:
Partnerships and Agreements Between Key Companies to Drive Market Augmentation
Industry leaders often make tactical decisions to gain larger profits and revenues and strengthen their positioning in the market. Mergers & acquisitions, partnerships, and product launches also help companies to improve their geographical reach and enhance their product portfolio. For example, in June 2022, Thales Alenia Space, a joint venture between Leonardo (33%) and Thales Group (67%), signed a new contract with the EU Agency for the Space Programme (EUSPA) to develop and deploy the new European Geostationary Navigation Overlay Service (EGNOS) version.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Key Insights
- Key Industry Developments - Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights - Impact of COVID-19 Pandemic on Global Satellite Based Augmentation System Market
- Global Satellite Based Augmentation System Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast - By Platform
- WAAS
- EGNOS
- BDSBAS
- Others
- Market Analysis, Insights and Forecast - By Solution
- SBAS Payload
- Reference Station
- Uplink Station
- Others
- Market Analysis, Insights and Forecast - By Application
- Aviation
- Maritime
- Rail & Road
- Others
- Market Analysis, Insights and Forecast - By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued...!
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Key Industry Development:
December 2022: GMV Innovative Solutions Limited, a Spanish satellite company partnered with Lockheed Martin Corporation to develop the processing and control centers for the Southern Positioning Augmentation Network system (SouthPAN). A joint initiative by the New Zealand and Australia governments, this project aims to provide a satellite-based augmentation system for Precise Point Positioning (PPP) and navigation services.
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