Navigation Satellite System Market is projected to grow at a CAGR of 12.89% during the forecast period 2024-2032

Market Research Future (MRFR) has published on the “Navigation Satellite System Market”

Navigation Satellite System Market Overview

The Navigation Satellite System Market is predicted to reach USD 640.1 Billion by 2032, registering a 12.89% CAGR during the forecast period, 2024–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. Increasing Application of GNSS Chip in In-Vehicle Systems and Integration of IoT in Consumer Electronics, are some of the factors driving the growth of the Navigation Satellite System market.

With the advent of automated driving systems in the automotive sector, the demand for GNSS navigation systems is increasing significantly. A variety of GNSS receivers, also known as satellite navigation (Sat Nav) systems, are used in vehicles for private and recreational purposes, as well as in commercial and public transport. Also, electric cars require precise knowledge of its velocity and slip angle to achieve maximum performance in terms of acceleration, handling, and agility in every situation, the GNSS module helps in extracting this information. Moreover, the GPS-enabled communications control unit enables drivers to capture ride data and download them into their smartphones and tablet applications over Wi-Fi.

The influx of IoT and connected devices in consumer electronics has increased the need for real-time location analytics. Position tracking has extended its reach to consumer electronics owing to the widespread use of connected devices such as smartphones, tablets, tracking devices, digital cameras, portable computers, fitness gears, and other wearable devices. This results in the increasing demand for IoT sensors to provide precise and real-time locations. The chips used in GNSS are equipped with various features for providing accessibility, reliability, and better coverage area for positioning, which drives the growth of the GNSS market. Companies such as Furuno Electric Co. Ltd and NovAtel Inc., are manufacturing GNSS chips for consumer electronics devices for providing location-based data and services to the devices. Hence, the increasing adoption of connected devices increases the demand for GNSS chips and its services, thereby contributing to the market growth.

Segmental Analysis

The scope of the global Navigation Satellite System market has been segmented based on Type and Application.

Based on Type, the global Navigation Satellite System market is segmented into Devices and Value Added Services. The Value-Added Services captured the biggest market share by solution in 2022 and is likely to maintain its dominance in the future years.

Based on Application, the global Navigation Satellite System market is segmented into Location Based Services (LBS), Automotive/Road, Surveying, Rail, Aviation, Others, and Agriculture. The Location Based Services (LBS)segment captured the biggest market share by solution in 2022 and is likely to maintain its dominance in the future years.

Regional Analysis

Geographically, the global Navigation Satellite System market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Asia-Pacific dominated the global Navigation Satellite System market with a share of 36.2% of the total market in 2022. Asia-Pacific accounted for the largest share in the global navigation satellite system market due to the increasing adoption of smartphones wearable devices, and e-commerce. Moreover, the rising adoption of GNSS systems by the transportation companies in the region is also one of the major factors which are driving the market. Advancements in technology, rising penetration of connected cars, increasing investments for surveillance by the governments in the region are also factors driving the market. Based on country, the region has been segmented into China, Japan, India, and the rest of Asia-Pacific.

North America held the second-largest share in the GNSS market; this is due to the rapid advancements in technology, installation of connected devices, and increasing number of applications of GNSS in railways, transportation, and drone services, among others, which is leading the growth of the market. Additionally, the presence of various companies, such as Qualcomm Technologies and Trimble Inc., which are developing advance systems and components associated with GNSS, is also driving the market. In January 2018, Trimble Inc. launched its next-generation GNSS reference receiver named Trimble Alloy GNSS reference receiver for real-time network applications.

Europe holds the third-largest share and is expected to register significant growth in the GNSS market during the forecast period owing to the rising adoption of navigation systems across industries, including automotive and aerospace and defense.

Key Players

Some of the prime market players profiled by MRFR that are operating in the global Navigation Satellite System market are Qualcomm Technologies Inc, Hexagon AB, Trimble Inc, Septentrio N.V, U-Blox Holding AG, Quectel Wireless Solutions Co., Ltd., Topcon Corporation, NavCom Technology Inc, ST Microelectronics NV, Spaceopal Gmbh, and others. The players in the global Navigation Satellite System market are undertaking various strategic initiatives such as increased investments for business expansion, carrying out mergers and acquisitions and others in order to sustain the competition in the global Navigation Satellite System market.