Chicago, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The Satellite Navigation System Market by Constellation (Global Navigation Satellite, Regional Navigation Satellite, and Augmented Satellite), Solution (Service and System) and Orbit (Geostationary Earth Orbit, Medium Earth Orbit) and Global Forecast to 2028", The rigorous development of Satellite Navigation System equipment and the increased scope of satellite navigation across homeland security, defense, marine, and search & rescue, among other sectors, are primarily responsible for the rapid growth of the Satellite Navigation System market.
Satellite Navigation System Market Report Scope:
| Report Matrics | Details |
| Market size available for years | 2019-2022 |
| Projected Value | $61.1 billion in 2023 |
| Expected Value | $75.5 billion by 2028 |
| Growth Rate | 4.4% |
| Base year considered | 2022 |
| Forecast period | 2023-2028 |
| Forecast units | Value (USD Million/Billion) |
| Segments Covered | By Solution, By Constellation, By Orbit |
| Geographies Covered | North America, Europe, Asia-Pacific, Rest of the World |
| Companies Covered | Raytheon Technologies Corporation (US), Northrop Grumman Corporation (US), QualComm Technologies, Inc (US), Lockheed Martin Corporation (US), and L3Harris Technologies Inc. (US) and among others. |
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Satellite Navigation System Market Dynamics
Driver: Technological advancements in navigation satellite and ground stations
The development of navigation satellites and satellite ground stations has benefited greatly from technological advancements, which have improved their functionality and performance in the field of satellite navigation systems. These developments have led to increased precision in locating, navigation, and timing data, as well as increased accuracy, dependability, and functionality. Technological developments have resulted in the deployment of next-generation satellite constellations with increased features and capabilities in the field of navigation satellites. For instance, the number of Global Navigation Satellite Systems (GNSS) that have been developed and put into use has increased the alternatives for satellite navigation. With more satellites in orbit, systems like GPS, Galileo, GLONASS, and BeiDou offer better coverage, signal availability, and redundancy. This makes it possible for users to simultaneously receive signals from several satellites, improving location accuracy and dependability.
Key Market Players in Satellite Navigation System Market
- Raytheon Technologies (US),
- Northrop Grumman Corporation (US),
- QualComm Technologies, Inc (US),
- Lockheed Martin Corporation (US),
- L3Harris Technologies (US)
“Browse in-depth TOC on "Satellite Navigation System Market Trends, Market Value, Market Forecast, Market Growth"
224 – Tables
59 – Figures
242 – Pages
Driver: Technological advancements in navigation satellite and ground stations
The development of navigation satellites and satellite ground stations has benefited greatly from technological advancements, which have improved their functionality and performance in the field of satellite navigation systems. These developments have led to increased precision in locating, navigation, and timing data, as well as increased accuracy, dependability, and functionality. Technological developments have resulted in the deployment of next-generation satellite constellations with increased features and capabilities in the field of navigation satellites. For instance, the number of Global Navigation Satellite Systems (GNSS) that have been developed and put into use has increased the alternatives for satellite navigation. With more satellites in orbit, systems like GPS, Galileo, GLONASS, and BeiDou offer better coverage, signal availability, and redundancy. This makes it possible for users to simultaneously receive signals from several satellites, improving location accuracy and dependability.
Restraints: Regulatory challenges related to frequency allocation and spectrum management for satellite navigation signals
The market for satellite navigation systems must take into account regulatory issues with frequency distribution and spectrum management. These issues come from the necessity for effective and interference-free transmission of satellite navigation signals and the constrained availability of the radio frequency spectrum. The practice of allocating particular frequency bands to various services and applications, such as satellite navigation systems, is known as frequency allocation. Coordination and control of spectrum utilization are required for satellite navigation systems to operate optimally and without interference.
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Opportunities: Exploration of new business models and revenue streams through value-added services and customized solution
Businesses in the satellite navigation system market have made it a strategic priority to investigate new business models and income streams through value-added services and customized solutions. By utilizing extra services and customized solutions, this strategy seeks to go above and beyond the conventional delivery of satellite location and navigation data. Companies may stand out in the market, increase their client base, and generate more income by providing value-added services and tailored solutions. A variety of services are categorized as value-added services because they improve the fundamental capabilities of satellite navigation systems. Real-time traffic updates, weather reports, places of interest, and location-based advertising are a few examples of these services.
Challenges: Challenges associated with rapid change/deployment of new technologies in satellites.
Technology degradation is the process by which a piece of technology ages and becomes no longer relevant or competitive in a certain market. Technological obsolescence may be quite difficult for satellite navigation system operators in the satellite sector since it forces them to constantly invest in new tools and technology to stay competitive and relevant. Rapid technological development is a hallmark of the satellite industry, which is fuelled by a variety of causes, including rising demand for high-speed connectivity, developing satellite data applications, and changing consumer needs. In order to stay competitive, ground station operators must keep up with these developments by putting money into new technologies and improving their current infrastructure.
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Small Satellite Market by Mass (Small Satellite, CubeSat), Application, Subsystems (Satellite Bus, Payload, Solar Panel, Satellite Antenna), Frequency, End-use (Commercial, Government & Defence, Dual-use), Orbit and Region - Global Forecast to 2028
https://www.marketsandmarkets.com/Market-Reports/small-satellite-market-150947396.html
