Detroit, Oct. 29, 2024 (GLOBE NEWSWIRE) -- The global military GPS receiver market is projected to witness a growth rate of 5.1% annually from 2024 to 2030, with an anticipated size of US$ 875.3 million by 2030, according to an analysis by Stratview Research.
Stratview Research, a global market research firm has launched a report on the global military GPS receiver market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Report Highlights
| Market Size in 2030 (million US$) | 875.3 |
| Growth (CAGR) | 5.1% during 2024-2030 |
| Forecast Period | 2024-2030 |
| Trend Period | 2018-2022 |
| Base Year | 2023 |
| Number of Segments Covered | 4 |
| Number of Tables & Graphs | 100+ |
| Country-Level Market Assessment | 20 |
Segment Insights on the Military GPS Receiver Market:
The global military GPS receiver market is segmented based on product type, frequency type, application type, and region.
Based on product type - The market is segmented into P(Y) Code GPS receivers and M-code GPS receivers. Between these sub-segments, the M-Code GPS receivers are likely to dethrone the P(Y) code receivers during the forecast period and become the major market category. Ever since the commencement of the sales of M-Code GPS receivers, their sales have been increasing exponentially, eroding the market share of the traditionally used P(Y) Code receivers.
Based on the frequency type - The market is segmented into single-frequency GPS receivers and dual-frequency GPS receivers. Between these frequency types, Dual-frequency GPS receiver is predicted to remain the larger and faster-growing segment of the market in the coming years. Dual-frequency GPS receivers are preferred over their single-frequency counterparts due to their greater accuracy and resistance to multipath errors, which are common for the latter.
Based on the application type – The market is segmented into aviation-based GPS receivers, ground-based GPS receivers, PGM-based GPS receivers, handheld GPS receivers, and maritime equipment-based GPS receivers.
Among these application types, the PGM-based application is estimated to remain the market leader for military GPS receivers in the coming years, as these GPS systems form an essential component in the PGMs (such as missiles, bombs, and projectiles). Moreover, with the increasing hostilities across the globe, the demand for PGMs has been increasing manifold, thereby, fueling the market growth.
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that North America is expected to remain the largest market for military GPS receivers during the forecast period. This growth outlook is majorly attributed to the following–
- The country has been extensively investing in military GPS receivers to enhance the overall capabilities of its armed forces
- Furthermore, market-leading companies, such as BAE Systems, L3Harris Technologies, Inc., and RTX Corporation, are present in the region, giving North America an unrivaled advantage over other regions.
Likewise, the Asia-Pacific region is expected to witness the fastest market growth, during the forecast period.
Military GPS Receiver Market Drivers:
Some of the key drivers listed in the report are given below.
- The usage of military GPS receivers is expanding around the world as several military missions and operations rely heavily on the transmission of real-time data, thereby, augmenting the growth of the overall industry.
- The rising military expenditure in recent times along with the continued emphasis on the deployment of advanced M-Code GPS receivers by the different military forces around the globe.
- The global rise in border disputes and terrorist threats, many countries are focusing on improving the capabilities of their military forces, which has resulted in a significant increase in the overall deployment of military GPS receivers in recent years.
Top 10 Companies in the Military GPS Receiver Market:
The market is highly concentrated with top companies capturing a lion’s market share. The growth of companies in this market is widely influenced by their financial position, technological expertise, and government support. Most of the players engage in the provision of both P(Y) Code and M-Code GPS receivers. Some of the companies also manufacture ASIC chips for their GPS receiver cards and some of them also supply them to their customers as well. Stratview Research has identified the following companies as the top market players (arranged alphabetically).
- BAE Systems
- General Dynamics Corporation
- Hertz Systems
- Israel Aerospace Industries
- Juniper Systems, Inc.
- L3Harris Technologies, Inc.
- Mayflower Communications
- RTX Corporation (Raytheon)
- Thales Group
- Trimble Inc.
What Deliverables Will You Get in this Report?
| Key questions this report answers | Relevant contents in the report |
| How big is the sales opportunity? | In-depth analysis of the Military GPS Receiver Market |
| How lucrative is the future? | Market forecast and trend data and emerging trends |
| Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
| Which are the most attractive market segments? | Market segment analysis and forecast |
| Who are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
| How complex is the business environment? | Porter’s five forces analysis, PEST analysis, Life cycle analysis |
| What are the factors affecting the market? | Drivers & challenges |
| Will I get the information on my specific requirements? | 10% free customization |
For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com
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