Portland, OR, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Navigation Satellite Systems Market by Component (Devices, Services), by Type (Global Constellations, Regional Constellations, Satellite-based Augmentation Systems), by Application (Consumer and Health Solutions, Road and Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global navigation satellite systems industry generated $225.30 billion in 2021, and is anticipated to generate $552.20 billion by 2031, witnessing a CAGR of 9.5% from 2022 to 2031.
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Prime determinants of growth
Increase in the adoption of autonomous vehicles for several applications and growth in dependence on location-based services drive the growth of the global navigation satellite systems market. However, cyber-attacks impacting navigation satellite systems and inaccuracy in global navigation satellite system (GNSS) data are the factors that hamper the market growth. Moreover, fusion of 5G and GNSS is expected to offer new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a positive impact on the global navigation satellite systems market.
- Global navigation satellite system (GNSS) has been used for quarantine monitoring and enforcement. It was utilized to set up a virtual perimeter for those people who are in self-quarantine through a process known as geofencing. For instance, in South Korea, government made it mandatory for anyone entering the country to download “Self-Quarantine Safety Protection Application” for their 14-day self-quarantine.
- GNSS-based applications have also been used to support precautionary measures. Location measures gained through use of GNSS have helped identify, map, and tag congested places and locations where individuals who have tested positive or have recently travelled. This data enabled the authorities to provide information about the places which need to be avoided.
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The services segment to maintain its leadership status throughout the forecast period
Based on component, the services segment held the highest market share in 2021, accounting for around three-fourths of the global navigation satellite systems market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 10.4% from 2022 to 2031. The services provided by global navigation satellite system have applications in several sectors such as agriculture, fleet management, consumer electronics, and others, which drives the segment. The report also identifies the devices segment.
The global constellations segment to maintain its leadership status throughout the forecast period
Based on type, the global constellations segment held the highest market share in 2021, accounting for more than three-fifths of the global navigation satellite systems market, and is estimated to maintain its leadership status throughout the forecast period. These systems provide global coverage for navigation services, and are operated by international consortia. It includes global navigation satellite systems such as global positioning system (GPS), GALILEO, GLONASS and BEIDOU. However, the satellite-based augmentation systems segment is projected to manifest the highest CAGR of 11.1% from 2022 to 2031, as they provide extra navigation data to enhance the accuracy of positioning signals for vessels, land vehicles, and aircrafts.
The consumer and health solutions segment to maintain its lead position during the forecast period
Based on application, the consumer and health solutions segment accounted for the largest share in 2021, contributing to nearly two-thirds of the global navigation satellite systems market, and is projected to maintain its lead position during the forecast period. This is attributed to multitude of applications to satisfy different usage conditions and needs. These applications are supported by several categories of connected devices such as smartphones and tablets, personal tracking devices, wearables, digital cameras and portable computers. The report also identifies the road & automotive segment.
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Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global navigation satellite systems market, owing to rise in development of cost-effective navigation satellite system and high investment in defense, retail, military, and public transportation sectors. However, the LAMEA region is expected to witness the fastest CAGR of 12.3% from 2022 to 2031. This is due to surge in foreign investments coupled with government investments.
Leading Market Players: -
- Furuno Electric
- Hemisphere GNSS
- Hexagon
- L3 Harris Corporation
- Laird Plc
- Navtech GPS
- Qualcomm Inc
- Texas Instruments
- Topcon Corporation
- Trimble Inc.
- Garmin Ltd,
- Raytheon Technologies Corp.
- SkyTraq Technology. Inc.
- STMicroelectronics
- Broadcom Inc.
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The report provides a detailed analysis of these key players of the market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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