Pune,India, March 22, 2022 (GLOBE NEWSWIRE) -- The global navigation satellite system market size was USD 160.69 billion in 2020. The market 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 2021-2028.
This information is provided by Fortune Business Insights™, in its report titled, “Global Navigation Satellite System Market, 2021-2028.”
According to our analysts, the growth of the market is accredited to the factor that the global navigation satellite system (GNSS) has numerous applications in various fields and sectors such as defense, agriculture, aviation, logistics, and transportation, among others.
Moreover, the principal utilization of satellite navigation was primarily presented and structured for military executions in order to permit the accuracy target delivery and to attain the greatest precision in vital missions. These fundamental improvements are estimated to promote demand for GNSS in the foreseeable future.
COVID-19 Pandemic: Affirmative Effect on GNSS Market Backed by Boosted Supply Demand
The enduring COVID-19 pandemic has majorly influenced numerous market industries, either affirmatively or adversely. All high development regions have considerably affected various industry functioning, such as industrial production, novel product delivery, as well as raw material delivery.
Therefore, the global navigation satellite system market has been estimated to grow at a stunning growth rate regardless of the existing pandemic situation.
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Fortune Business Insights™ lists out all the global navigation satellite system market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Qualcomm Inc. (U.S.)
- Texas Instrument (U.S.)
- Trimble Inc. (U.S.)
- Rockwell Collins (U.S.)
- Broadcom Inc. (U.S.)
- Hexagon (Sweden)
- Furuno Electric (Japan)
- Laird Plc. (U.K.)
- Cobham Plc. (U.K.)
- Harris Corporation (U.S.)
- Topcon Corporation (Japan)
Report Coverage
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
Segmentation
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.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/global-navigation-satellite-system-gnss-market-103433
Drivers and Restraints
Rising Acceptance of Autonomous Vehicles to Propel Market Growth
Over the last few years, unmanned robotic vehicles (URV) have surged across the globe. This demand is essentially mounting owing to the improved competences of several industry fragments such as automotive, agriculture, aviation, military, transportation & logistics, and maritime among others.
The unmanned vehicle, comprising autonomous underwater vehicles (AUV), unmanned aerial vehicles (UAV), as well as unmanned ground vehicles (UGV), necessitate amalgamation of navigation satellite system receivers in order to register accurate real-time locating evidence. This information is essential in numerous uses such as surveying, search and saving, plotting, independent delivery, as well as military warfare operations. These applications are projected to sustain the global navigation satellite system market growth during the forecast years
Regional Insights
North America held the maximum global navigation satellite system market share and is estimated to inflate at a considerable CAGR during the forecast period. The domination of the U.S. is accredited to the multi-sensor data procurement system for trajectory charting that is majorly utilized in the country.
Europe held the second-largest market shares and is expected to grow at a reasonable CAGR owing to the robust existence of machinery manufacturers.
Asia Pacific is expected to witness stellar growth in the market and is projected to be the fastest-growing region in terms of CAGR during the mentioned period. The prime revenue growth is sustained by nations such as India, Japan, Australia, and China.
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.
Detailed 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 – 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
TOC Continued...!
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Key Industry Development
October 2019: Texas Instruments, which is a U.S.-situated company, listed a GNSS signal tracking receiver. The GNSS receiver is created to trace low-power GNSS satellite motions, comprising of a Frequency Locked Loop (FLL) that counts the present Doppler frequency of the satellite indicator.
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