Pune, India, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The global navigation satellite system market size is expected to reach USD 160.69 billion in 2020 and is projected to grow from USD 175.19 billion in 2021 to USD 320.73 billion in 2028 at a CAGR of 9.02% in 2020-2028.
The progression in smartphone technologies and digitalization can be vital factors augmenting the growth of the global market during the forecast period, states Fortune Business Insights in a report, titled “Global Navigation Satellite System Market Size, Share & Industry Analysis, and Regional Forecast by 2023-2028.
Get a Sample Research PDF:
List of Key Players Profiled in the GNSS Market Report:
- Qualcomm Inc. (U.S.)
- Texas Instrument Inc. (U.S.)
- Trimble Inc. (U.S.)
- Rockwell Collins (U.S.)
- Broadcom Inc. (U.S.)
- Hexagon AB (Sweden)
- Furuno Electric Co. Ltd. (Japan)
- Laird Plc. (U.K.)
- Cobham Plc. (U.K.)
- L3Harris Corporation (U.S.)
- Topcon Corporation (Japan)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 9.02% |
| 2028 Value Projection | USD 320.73 Billion |
| Market Size in 2021 | USD 175.19 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 226 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Global Navigation Satellite System Market Growth Drivers | Emerging Applications of GNSS to Augment Market Growth |
| Growing Adoption of Unmanned Vehicles/Autonomous Vehicles for Various Applications to Boost Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/global-navigation-satellite-system-gnss-market-103433
Segments:
On the basis of type, the GNSS market is classified into global constellations, regional constellations, and satellite-based augmentations.
The global constellation segment possessed a leading share in 2020. The global constellations type segment includes satellite constellations that provide global coverage for navigation services such as Global Positioning System (GPS), Global Navigation Satellite System (GLONASS), and Galileo.
In terms of application, the market is categorized into rail, surveying, agriculture, LBS, timing synch, road, maritime, aviation, and others.
Geographically, the market is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
COVID-19 Impact:
The coronavirus catastrophe has caused the world’s economy to tumble down. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
We are making endless efforts to uplift businesses in this crucial need of the hour. Our expertise and experience can offer enormous benefits to help regain during this global pandemic.
Inquire Before Buying This Research Report:
Report Coverage:
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes delivering precise material. Our scholars have applied a data triangulation method which further assists us in offering trustworthy estimations and testing the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing up-to-date material so that the stakeholders and business professionals invest only in essential zones.
Drivers and Restraints:
Wide-ranging Commercial Applications of GNSS to Propel Growth
The growing adoption of GNSS in precision agriculture for enhanced agriculture production, better crop yield, and low emission effect will have a tremendous impact on the global market during the forecast period. The utilization of GPS in GNSS in several sectors such as maritime, military, geometrics, railways, and aviation will further incite the development of the industry in the foreseeable future. The growing cognizance about GNSS in agriculture and farming owing to its benefits such as assistance with optimal paths and digital displays for reducing risks of overlapping will create lucrative opportunities. Moreover, the utilization of GNSS in automatic steering and biomass monitoring, soil condition monitoring, forest management, virtual fencing, and livestock tracking will fuel its demand in agriculture. Furthermore, the increasing application of GNSS in aircraft performance-based navigation for safety, efficiency, and reliable operation will further enable speedy expansion of the market in the forthcoming years. In addition, the increasing implementation of 5G, IoT, artificial intelligence (AI) and industrial automation will enhance the growth of the market. Likewise, the high adoption of consumer electronic devices will accelerate the demand of GNSS in the foreseeable future.
Regional Analysis:
Presence of Major OEMs to Aid Expansion in Europe
The market in North America is expected to witness a high growth rate during the forecast period owing to the increasing adoption of the driver advisory system (DAS) in rail applications to optimize traffic flow, less energy, and low cost. The growing implementation of (PTC)positive train control in the US will promote the healthy growth of the market in the forthcoming years. Europe is expected to grow rapidly during the forecast period. The growth in the region is attributed to the presence of major components manufacturers in the region. The increasing adoption of GNSS in the road, Surveying, and maritime applications will further enhance the development of the market in Europe. The market in Asia Pacific is predicted to flourish during the forecast period owing to the growing demand for electronic devices, smartphones, and positioning devices. The growing focus on robust navigation satellites by India will propel the market in Asia Pacific.
Competitive Landscape:
Robust Portfolio of Key Players Set to Dominate Global Market
The market is segmented owing to the sturdy product collection of principal companies in established and emerging nations. Nevertheless, reasonable entry obstacles are estimated to augment regional players arriving in the global market and observe a greatly split market by 2028. The market has numerous production companies functioning across the world.
Ask for Customization:
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- 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 Navigation Satellite System Market
- Impact of COVID-19 Pandemic on Global Navigation Satellite System Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Potential Opportunities due to COVID-19 Outbreak
- Global Navigation Satellite System Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Type
- Global Constellations
- Regional Constellations
- Satellite-based Augmentation
- Market Analysis, Insights and Forecast – By Application
- Rail
- Aviation
- Maritime
- Surveying
- Time Synch
- Agriculture
- LBS
- Road
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
- North America Navigation Satellite System Market Analysis, Insights and Forecast, 2017-2028
- Market Analysis, Insights and Forecast – By Type
- Global Constellations
- Regional Constellations
- Satellite-based Augmentation
- Market Analysis, Insights and Forecast – By Application
- Rail
- Aviation
- Maritime
- Surveying
- Time Synch
- Agriculture
- LBS
- Road
- Others
- Market Analysis – By Country
- U.S.
- Market Analysis, Insights and Forecast – By Type
- Global Constellations
- Regional Constellations
- Satellite-based Augmentation
- Market Analysis, Insights and Forecast – By Type
- Canada
- Market Analysis, Insights and Forecast – By Type
- Global Constellations
- Regional Constellations
- Satellite-based Augmentation
- Market Analysis, Insights and Forecast – By Type
- U.S.
- Market Analysis, Insights and Forecast – By Type
TOC Continued...!
Speak to Our Expert:
Key Development:
October 2019: Texas Instruments, U.S. U.S.-based company registered a patent for the GNSS signal tracking receiver. A GNSS receiver is developed to track low power GNSS satellite signals, which includes a frequency-locked loop (FLL) to measure the current doppler frequency of the satellite signal.
Read Related Insights:
Small Satellite Market Size to Hit USD 12.02 Billion by 2029 | Small Satellite Industry CAGR 11.53%
Satellite Communication (SATCOM) Market to Worth USD 56.74 Billion by 2029 | With 9.54% CAGR
5G in Aviation Market to Worth USD 9.92 Billion by (2021-2028) | 5G in Aviation Industry Registering CAGR of 47.03%
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner,
Mahalunge Road, Baner, Pune - 411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Follow Us: LinkedIn | Facebook | Twitter
