Pune, Aug. 11, 2020 (GLOBE NEWSWIRE) -- The global navigation satellite system market size is expected to reach USD 386.78 billion by 2027, exhibiting a CAGR of 12.83% during the forecast period. 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 & COVID-19 Impact Analysis, By Type (Global Constellations, Regional Constellations, Satellite-Based Augmentations), By Application (Rail, Road, Aviation, Maritime, LBS, Time Synch, Agriculture, Surveying and Others), and Regional Forecast, 2020-2027” the market size stood at USD 161.27 billion in 2019.
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The report on the global navigation satellite system (GNSS) market covers:
- Extensivestudy of all the sections in the market
- Illuminatingfacts and figures
- Growth exhibitors and inhibitors
- Information about key players
Market Driver:
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 path 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 aircraftperformance-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 towards robust navigation satellites by India will propel the market in Asia Pacific.
Key Development:
October 2019: Texas Instruments, 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 measures a current doppler frequency of the satellite signal.
List of the Leading Companies Operating in the Navigation Satellite System Market are:
- Qualcomm Inc. (The U.S.)
- Texas Instrument (The U.S.)
- Trimble Inc. (The U.S.)
- Rockwell Collins (The U.S.)
- Broadcom Inc. (The U.S.)
- Hexagon (Sweden)
- Furuno Electric (Japan)
- Laird Plc. (The UK)
- Cobham Plc. (The UK)
- Harris Corporation (The U.S.)
- Topcon Corporation (Japan)
- Other Players
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Table of Content
- 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 –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 COVIC-19 Pandemic on the Global Navigation Satellite System Market
- Steps Taken by the Industry/Companies/Government to Overcome the Impact
- Key Development in the Industry in Response to COVID-19 Impact
- Global Navigation Satellite System Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Global Constellations
- Regional Constellations
- Satellite-based Augmentation
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