New York, United States, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The Global Navigation Satellite System (GNSS) Market Size is to Grow from USD 223.64 Billion in 2022 to USD 541.78 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 9.25% during the projected period.
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The Global navigation satellite system (GNSS) is a constellation of multiple spacecraft that provide signals from space to the GNSS receiver, assisting in location determination. With the growing popularity of cell phones, camera phones, mobile devices smart watches, and other based on location devices, there has been a significant increase in demand for applications that use services based on location. In addition, increased air travel around worldwide has resulted in a greater focus on air fleet adoption by commercial airline companies. GNSS satellite navigation systems include GPS, GLONASS, Beidou, and Galileo. There are currently three fully operational GNSS systems in operation worldwide. The first is the Global Positioning System (NAVSTAR) of the United States, followed by the Russian Federation's Global Orbiting Navigation Satellite System (GLONASS), and finally by the European Union's Galileo. It can also be used for road and rail navigation, location-based services, maritime navigation, agriculture, and other purposes. Furthermore, the most recent market trend is the use of a navigation satellite system to provide services to multiple users. Global navigation services are provided by the global satellite navigation constellation. Users can gain access to satellite communications services by owning a specific frequency band from the system of the service provider.
COVID 19 Impact
The ongoing COVID-19 pandemic has had a significant positive or negative impact on the various market industries. High-growth areas have had a significant impact on a variety of industry operations, including product manufacturing, new product supply, and raw material supply. High-growth areas have had a significant impact on several industry operations, including product manufacturing, new product supply, and raw material supply. Despite the current pandemic, the global market has accelerated to a stellar growth rate.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Navigation Satellite System (GNSS) Market Size, Share, and COVID-19 Impact Analysis, By Type (Satellite-based Augmentation Systems, Global Constellations, Regional Constellations), By Solution (Service, System), By Application (Rail, Surveying, Agriculture, LBS, Timing synch, Road Maritime, Aviation, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The global constellations segment dominates the market with the largest revenue share over the forecast period
Based on the type, the global navigation satellite system (GNSS) market is segmented into satellite-based augmentation systems, global constellations, regional constellations. Among these, the global constellations segment is dominating the market with the largest revenue share over the forecast period. Many devices are set up to access navigation services globally, as a result of the availability of global satellite constellations like the Global Positioning Systems (GPS). Global constellation has amassed a sizable market share in the global GNSS market as a result of the widespread adoption of GPS-enabled services.
The service segment is witnessing significant CAGR growth over the forecast period.
On the basis of solution, the global navigation satellite system (GNSS) market is segmented into service and system. Among these, the service segment is witnessing significant growth over the forecast period. Services are a promising development in the space industry, and their popularity is expected to rise as more organisations seek to benefit from satellite navigation without investing in their own ground station infrastructure.
The LBS segment is expected to hold the largest share of the global Navigation Satellite System (GNSS) market during the forecast period.
Based on application, the global navigation satellite system (GNSS) market is classified into rail, surveying, agriculture, LBS, timing synch, road maritime, aviation and others. Among these, the LBS segment is expected to hold the largest share of the tea extract market during the forecast period. Navigation satellites are used in a wide range of LBS applications, including navigation, mapping, and geographic information systems (GIS). Navigation, route planning, real-time road navigation, and pedestrian assistance are all available. It is used in advertising and geo-marketing because it enables customers to receive tailored offers based on their preferences and data positioning. Enterprise applications, safety and emergency, sports, games, and augmented reality, personal tracking, and social networking are also available in LBS.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The primary revenue contributors to the market's growth in North America are the United States, Canada, and Mexico. These countries have advanced infrastructure and are involved in a number of space exploration programmes. In the United States, commercial demand for global positioning satellite systems is increasing. Various developments, investments, and satellite programmes in the United States have resulted in year-over-year (YoY) growth and consistent market progress. Satellites are becoming more popular in the region for commercial and civil applications. As a result, many small and private technology firms are investing in the development and launch of navigation satellite systems. Such developments are expected to drive demand for navigation satellite systems during the forecast period.
Asia Pacific is expected to grow the fastest during the forecast period. The presence of leading consumer electronics manufacturers such as Navika Electronics and Quectel Wireless, as well as various ongoing technological innovations in real-time data tracking and recording, such as wearable devices, smartphones, and others, are driving the growth of the GNSS market in this region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
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Recent Developments
- In January 2023, The Strategic planning Investment from GM Ventures and Collaboration with General Motors on Next Generation GPS Technology Integration is introduced by Focal Point.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global navigation satellite system (GNSS) market based on the below-mentioned segments:
Navigation Satellite System (GNSS) Market, Type Analysis
- Satellite-based Augmentation Systems
- Global Constellations
- Regional Constellations
Navigation Satellite System (GNSS) Market, Solution Analysis
- Services
- System
Navigation Satellite System (GNSS) Market, Application Analysis
- Rail
- Surveying
- Agriculture
- LBS
- Timing Synch
- Road
- Maritime
- Aviation
- Others
Navigation Satellite System (GNSS) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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