New York, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The global satellite-based GNSS augmentation system market size is projected to expand at ~7% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 30 billion by the end of 2035, up from a revenue of ~USD 10 billion in the year 2022.GNSS or Global Navigation Satellite System provides location, navigation and timing services on a worldwide or regional basis. Market growth is mainly backed by the constant breakthroughs and advancements in technologies such as GPS systems. Moreover, increasing investment by states and private agencies in developing advanced satellite-based services is estimated to further drive the market growth.
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According to the United Nations Office for Outer Space Affairs (UNOOSA), the International Commission on Global Navigation Systems (ICG) is working to establish interoperability between global systems. It allows GNSS users to receive signals from multiple satellites for navigation and positioning. In addition to this, rising safety concerns related to civil aviation may also boost the market growth.
Satellite-Based GNSS Augmentation System Market: Key Takeaways
- Market in Europe to propel highest growth
- The aviation segment to garner the highest growth
- Market in North America to grow at a highest rate
Spiking Digitization in Various Organizations across the World to Boost Market Growth
Rising demand for increased productivity in various companies across the globe and increasing demands to ensure regulatory compliance and avoid compliance errors are expected to be factors driving the growth of the satellite-based GNSS augmentation system market. For enterprises, digital services provide the enhanced visibility and control they need to manage changes associated with the risks of high volumes of traffic that have increased over the years. Therefore, it is expected to be another important factor driving the growth of the market. Additionally, cloud-based digital services have grown worldwide over the years. For instance, cloud-based services are expected to grow by 30% in 2023 and are estimated to grow even more during the forecast period. Hence, it is also estimated to boost the market growth significantly during the forecast period. It is a method of improving navigation system characteristics such as accuracy, reliability, and availability by integrating extended external information from the Global Navigation Satellite System (GNSS) into the calculation process. There are many such systems, and they are commonly named or described based on how the GNSS sensors receive external information. Some systems transmit additional information about the error source (clock drift, ephemeris, ionospheric delay, and others), others provide a direct measure of how strong the signal has failed in the past, and a third group provides additional vehicle information that is integrated into the calculation process.
Satellite-Based GNSS Augmentation System Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Acceptance of Advanced Technology to Drive the Market Growth in Europe Region
The satellite-based GNSS augmentation system market in Europe region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to the growing acceptance of advanced technology in the region, which has increased the demand for air transportation. European Global Navigation Satellite System "EGNSS" This comprises the Global Navigation Satellite System set up under the Galileo Program and the European Geostationary Overlay Service (EGNOS). Galileo entered the Initial Operational Capability (IOC) phase in the year 2016. Since then, anyone with a Galileo-enabled device can use that signal for positioning, navigation, and timing. There are currently over 200 Galileo-enabled smartphones and tablets on the market, contributing to an installed base of over 1 billion. Galileo is also employed in other user domains such as transportation and specialized areas (such as surveying and agricultural applications). According to The World Bank, 87% of the population in the Europe region, used internet as of the year 2021. Hence, increasing governmental initiatives and growing penetration of smart devices and internet are estimated to add to the regional market growth over the forecast period.
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Escalating Technological Advancements to Propel the Regional Market Growth in North America Region
The satellite-based GNSS augmentation system market in the North America region is estimated to garner the highest CAGR by the end of 2035. The market growth is mainly driven by the escalating technological advancements in the industrial sector and massive deployment of advanced satellite-based GNSS augmentation system for industrial automation. According to data released by the Census Bureau as part of the 2018 Annual Survey of Manufacturing, more than 30% of workers in the North American region require technical assistance for a variety of purposes, including transportation equipment, primary metals, plastics and rubber products, and used robots. Additionally, the presence of multiple key players in the region and increasing investment in the huge escalation of digitalization process automation are other key factors expected to fuel the market growth during the forecast period. Additionally, with the introduction of satellite-based services such as GPS throughout the regional sectors, the growing aviation industry is expected to further drive the growth of the regional market. For instance, the commercial aviation industry accounts for over 5% of US GDP annually.
Satellite-Based GNSS Augmentation System, Segmentation by Applications
- Aviation
- Maritime
- Road & Rail
- Others
Amongst these four segments, the aviation segment in satellite-based GNSS augmentation system market is anticipated to hold the largest share over the forecast period. The growth of the segment can be accredited to the application of GNSS for inter-aircraft navigation combined with high efficiency of GNSS system across the world. Moreover, increasing frequency of air travel, fueled by increasing number of passengers traveling by air transport, is estimated to further drive the segmental growth. There were 2,315,000 international scheduled passengers in November 2022. International passenger transport continues to be severely impacted by the COVID-19 pandemic. The number of passengers in November 2021 was 156,211 and the number of passengers in November 2019 was 3.426 million. Passenger numbers for the year ending November 2022 were 16.681 million, down 60.7% from the year ending November 2019 (42.42 million). The number of passengers in November 2021 was 1.234 million. A total of 2,795,000 seats are now available on scheduled international flights to and from Australia in November 2022. This is a 36.0% decrease compared to November 2019. Overall seat occupancy was 80.6% in November 2019 and 24.9% in November 2019. By November 2022, it has risen to 85.5%.
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Satellite-Based GNSS Augmentation System, Segmentation by Platform
- Wide Area Augmentation System (WAAS)
- European Geostationary Navigation Overlay Service (EGNOS)
- Others
Amongst these three segments, the Wide Area Augmentation System (WAAS) segment is anticipated to hold a significant share over the forecast period. The main advantage of WAAS is that it greatly improves accuracy. Conventional GPS is accurate to within 15 meters (about 50 feet). A WAAS-enabled GPS has an accuracy of less than 3 meters 95% of the time. WAAS serves all aircraft classes during all phases of flight, including in-flight navigation, departure and airport arrival. This includes a vertical guided landing approach under instrument weather conditions at all certified locations throughout NAS. WAAS is a highly accurate navigation system developed for civil aviation. Before WAAS, it was the United States. The National Airspace System (NAS) never had the potential to provide horizontal and vertical navigation for approach operations to all users in all locations. WAAS provides this functionality. Increasing number of artificial satellites is estimated to influence the segmental growth. As of January 1, 2022, 2,944 of the 4,852 active artificial satellites orbiting the Earth belong to the United States. This is by far the largest number among individual countries, with closest competitor China accounting for just 499. A satellite is an artificial object that is intentionally placed into orbit.
Few of the well-known industry leaders in the satellite-based GNSS augmentation system market that are profiled by Research Nester are Airbus SE, Thales Group, Raytheon Company, Loral Space & Communications, Mitsubishi Motors Corporation, SkyTraq Technology, Inc., Honeywell International Inc., Universal Avionics Systems Corporation, and other key market players.
Recent Development in Satellite-Based GNSS Augmentation System Market
- Launched by Airbus SE and ESA, the Space Data Highway will provide broadband connectivity services between the International Space Station (ISS) and Earth.
- SES collaborated with Honeywell and Hughes to develop multi-network, multi-orbital, high-speed aircraft connectivity for military customers.
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