Portland, OR, May 04, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global satellite-based augmentation systems market generated $559.1 million in 2022, and is estimated to reach $906 million by 2032, witnessing a CAGR of 5.1% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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SBAS Industry Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023 - 2032 |
| Base Year | 2022 |
| Market Size in 2022 | $559.1 Million |
| Market Size in 2032 | $906 Million |
| CAGR | 5.1% |
| No. of Pages in Report | 241 |
| Segments Covered | Type, Application, and Region |
| Drivers | An increase in demand for precise positioning and navigation solutions across various industries |
| Surge in adoption of unmanned aerial vehicles (UAVs) and autonomous vehicles | |
| The rise in investments by governments and private companies in the development of SBAS infrastructure | |
| Opportunities | Improved navigation accuracy |
| Increased safety across a range of applications | |
Restraints | High cost of implementation and maintenance |
| Potential for service disruptions caused by satellite failures or system maintenance |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had a mixed impact on the global satellite-based augmentation systems market. While some segments of the market were negatively impacted by the pandemic, it also presented growth opportunities for others.
- On the negative side, the pandemic caused disruptions in the supply chain that slowed down the delivery of SBAS systems and components. The development and implementation of SBAS infrastructure was delayed as a result of travel restrictions and the closure of manufacturing facilities in many countries.
- In some countries, budget cuts as a result of the pandemic's economic slowdown affected funding for the creation and use of SBAS. This situation led to delay in the launch of new SBAS systems and the expansion of existing SBAS systems. However, the pandemic has given the SBAS market steady future growth.
The report offers a detailed segmentation of the global satellite-based augmentation systems market based on type, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped into to achieve growth in the coming years.
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By type, the WAAS segment held the largest share in 2022, garnering more than one-fourth of the global satellite-based augmentation systems market revenue, and is expected to maintain its dominance by 2032. The MSAS segment, on the other hand, would display the fastest CAGR of 6.38% during the forecast period. The EGNOS, GAGAN, SDCM, and others segments are also analyzed in the report.
By application, the aviation segment held the largest share in 2022, contributing to around two-fifths of the global satellite-based augmentation systems market revenue, and is projected to rule the roost by 2032. Furthermore, the maritime segment would showcase the fastest CAGR of 6.28% during the forecast period. The road & rail and others segments are also discussed in the report.
By region, North America held the major share in 2022, accounting for around two-fifths of the global satellite-based augmentation systems market revenue, and is expected to continue its leadership status throughout the forecast period. However, the Asia-Pacific region would portray the fastest CAGR of 7.34% from 2023 to 2032. The other provinces studied in the report include Europe and LAMEA.
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The prominent players analyzed in the global satellite-based augmentation systems market report include SkyTraq Technology, Inc., Raytheon Technologies Corporation, Thales Group, Garmin Ltd., Broadcom, Federal Aviation Administration, GMV Innovating Solutions S.L., Honeywell International Inc., Airbus, and Hexagon AB. These market players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry.
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