Navigation Satellite System Market Demand is expected to rise at a healthy CAGR of 8.1% by 2032

According to FMI analysts, the global navigation satellite system market is expected to be valued at US$ 1,75,344.0 million by 2022. Given the development energy, the demand for navigation satellite systems is expected to rise at an 8.1% CAGR through 2032.

The global market for navigation satellite systems is expected to reach $3,80,322.0 billion by 2032. The market for navigation satellite systems is rapidly expanding.

The Global Navigation Satellite System (GNSS) is a satellite-based arrangement that is used to determine the geographic location of a client's portable receiving device anywhere on the planet. Currently, three GNSS systems are in operation: the Russian Federation's Worldwide Orbiting Navigation Satellite System (GLONASS), the European Union's Galileo, and the United States' Global Positioning System (GPS).

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The Global Navigation Satellite System (GNSS) arrangements have crucial impact in the ability of the nations to choose the position, neighborhood time, and speed from satellites in space. Throughout the course of recent years, a quick development in the reception of GNSS business applications has been recognized by the organizations which construct navigation satellites and hardware.

Global Navigation Satellite System Technology Market: Drivers and Challenges

The increasing emphasis on positioning, navigation and timing (PNT) tools in industrial, military applications, commercial, and government is driving the market for Global navigation satellite systems. Uninterrupted advancement in technology is resulting to the unveiling of superior and highly efficient GNSS devices.

Many small and large players entering into the market and offering products at a competitive pricing is causing competitively priced GNSS/GPS receiver devices. These factors are expected to drive the growth of global navigation satellite system technology market.

Ease of accessibility leading to cyber threats, challenge to store unstructured data are a few limitations which restrict the growth of global navigation satellite system technology market.

Global Navigation Satellite System Technology Market: Regional Outlook

On the basis of regions, global Navigation Satellite System Technology Market can be segmented across North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa.

The technological advancement and rising interest in positioning techniques based on Global Navigation Satellite Systems (GNSS) such as Global Positioning System (GPS), cellular network infrastructure or on the integration of the two technologies for applications such as, tracking systems, Automatic Vehicle Location (AVL), navigation has led to development in the navigation system of various countries such as US, India, China etc.

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Global Navigation Satellite System Technology Market: Competition Landscape

The market is dominated by a significant number of vendors that offer global navigation satellite systems technology solutions. The competition is tough among leading vendors on the basis of aspects such as quality, security and solutions.

Some of the key players for navigation satellite system technology market include Qualcomm, Broadcom, MediaTek, SkyTraq, Intel, STMicroelectronics, FURUNO, Raytheon Company, Rockwell Collins, TomTom NV, Topcon Corporation, Trimble Navigation Ltd. and u-blox.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.

How is the Start-up Ecosystem in the Navigation satellite system Market?

Some of the leading companies operating in the global navigation satellite system market include Qualcomm, Broadcom, MediaTek, SkyTraq, Intel, STMicroelectronics, FURUNO, Raytheon Company, Rockwell Collins, TomTom NV, Topcon Corporation, Trimble Navigation Ltd., and u-blox.

To combat the spread of the COVID-19 pandemic, Sygic has been experimenting with the technologies to develop smartphones equipped with Bluetooth and GNSS sensors, which aid in tracing suspected infection contacts.

The improvement in the quality of improvised reflectometry measurements have been attributed to road restrictions and a reduction in the number of cars parked near ground stations in September 2020. This has significantly reduced the signal scattering and improved the quality of measurements.

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Global Navigation Satellite System Technology Market: Segmentation

By Application:

Agriculture
Aviation
Location-Based Services (Lbs)
Maritime
Road
Rail
Surveying
Timing And Synchronization

By Satellite Technology:

Constellations
Satellite-Based Augmentation Systems (SBAS)
GPS
GLONASS
Galileo
BeiDou

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.