The global navigation satellite system market is expected to reach $3,80,322.0 million by 2032. The market for satellite navigation systems is rapidly expanding. The global navigation satellite system market is expected to be valued at US$ 1,75,344.0 Million by 2022, according to FMI analysts. Interest in navigation satellite systems is expected to grow at an 8.1% CAGR through 2032, given the development energy.
The Global Navigation Satellite System (GNSS) is a satellite-based arrangement that is used to determine the geographic location of a client's portable receiving device anywhere on the planet. Currently, three GNSS systems are in operation: the Russian Federation's Worldwide Orbiting Navigation Satellite System (GLONASS), the European Union's Galileo, and the United States' Global Positioning System (GPS).
The Global Navigation Satellite System (GNSS) arrangements have a significant impact on nations' ability to choose the position, local time, and speed of satellites in space. The organisations that build navigation satellites and hardware have observed a rapid increase in the acceptance of GNSS business applications in recent years.
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Drivers and Challenges in the Global Navigation Satellite System Technology Market
The growing importance of positioning, navigation, and timing (PNT) tools in industrial, military, commercial, and government applications is driving the market for global navigation satellite systems. Uninterrupted technological advancement is resulting in the unveiling of superior and highly efficient GNSS devices.
Many small and large players entering the market and offering competitively priced products is resulting in competitively priced GNSS/GPS receiver devices. These factors are expected to propel the global navigation satellite system technology market forward.
The ease of access that leads to cyber threats, as well as the difficulty of storing unstructured data, are some of the constraints that limit the growth of the global navigation satellite system technology market.
Regional Outlook for the Global Navigation Satellite System Technology Market
North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and the Middle East and Africa are the regions that make up the global Navigation Satellite System Technology Market.
The advancement of technology and growing interest in positioning techniques based on Global Navigation Satellite Systems (GNSS) such as Global Positioning System (GPS), cellular network infrastructure, or the integration of the two technologies for applications such as tracking systems, Automatic Vehicle Location (AVL), navigation has led to development in the navigation systems of various countries such as the United States, India, and China.
Competition in the Global Navigation Satellite System Technology Market
A significant number of vendors providing global navigation satellite system technology solutions dominate the market. The competition among leading vendors is fierce in terms of quality, security, and solutions.
Qualcomm, Broadcom, MediaTek, SkyTraq, Intel, STMicroelectronics, FURUNO, Raytheon Company, Rockwell Collins, TomTom NV, Topcon Corporation, Trimble Navigation Ltd., and u-blox are some of the key players in the navigation satellite system technology market.
The research report provides an in-depth analysis of the market and includes thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also includes projections based on an appropriate set of assumptions and methodologies. The research report analyses and provides information based on market segments such as geography, application, and industry.
What is the state of the start-up ecosystem in the market for navigation satellite systems?
Qualcomm, Broadcom, MediaTek, SkyTraq, Intel, STMicroelectronics, FURUNO, Raytheon Company, Rockwell Collins, TomTom NV, Topcon Corporation, Trimble Navigation Ltd., and u-blox are among the leading companies in the global navigation satellite system market.
Sygic has been experimenting with technologies to develop smartphones equipped with Bluetooth and GNSS sensors, which aid in tracing suspected infection contacts in order to combat the spread of the COVID-19 pandemic.
The improved reflectometry measurement quality has been attributed to road restrictions and a reduction in the number of cars parked near ground stations in September 2020. This has significantly reduced signal scattering and improved measurement quality.
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Global Navigation Satellite System Technology Market: Segmentation
- Location-Based Services (Lbs)
- Timing And Synchronization
By Satellite Technology:
- Satellite-Based Augmentation Systems (SBAS)
- North America
- Latin America
- Asia Pacific
- Middle East and Africa