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Satellite-based Augmentation System Market Trends, Size, Top Major Players And Forecast To 2032
Satellite-based Augmentation System Market Analysis
The Business Research Company's Satellite-Based Augmentation System Global Market Report 2023 identifies growing air traffic as the major driver for the satellite-based augmentation system market's growth in the forecast period. Air traffic refers to the movement and management of airplanes in the airspace, controlled by air traffic control (ATC) services to ensure safe and effective operations. Aircraft operations and air traffic provide real-world validation, data gathering, and user input that improve the accuracy, dependability, and performance of satellite-based augmentation systems (SBAS), strengthening aviation safety and effectiveness.
The global satellite-based augmentation system market is expected to grow from $1.16 billion in 2022 to $1.29 billion in 2023 at a compound annual growth rate (CAGR) of 10.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The satellite-based augmentation system market is expected to reach $1.84 billion in 2027 at a CAGR of 9.3%.
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Major competitors in the satellite-based augmentation system market are RTX Corporation (Raytheon Technologies Corporation), Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Honeywell International Inc., Broadcom Corporation, Safran Group, Federal Aviation Administration (FAA).
A key trend in the satellite-based augmentation system market includes product innovation. Major companies operating in the satellite-based augmentation system market are concentrating on creating innovative products to strengthen their position in the market. For instance, in July 2021, U-blox, a Switzerland-based technology company, launched the PointPerfect location service, which delivers advanced global navigation satellite system (GNSS) augmentation for applications requiring ultra-accurate and ultra-reliable positionings, such as unmanned aerial vehicles (UAVs) and other autonomous vehicles. PointPerfect delivers uniform coverage in Europe and the contiguous United States, including up to 12 nautical miles (about 22 kilometers) off coastlines via mobile internet or L-band satellite transmissions.
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The satellite-based augmentation system market is segmented -
1) By Type: Wide Area Augmentation System (WAAS), European Geostationary Navigation Overlay Service (EGNOS), Multi-functional Satellite Augmentation System (MSAS), GPS Aided GEO Augmented Navigation (GAGAN), System For Differential Corrections And Monitoring (SDCM), Other Types
2) By Component: Satellites, Ground Stations, Receivers, Other Components
3) By Application: Aviation, Maritime, Road And Rail, Surveying, Timing And Synchronization, Agriculture, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the satellite-based augmentation system market.
The Business Research Company's "Global Satellite-Based Augmentation System Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Satellite-Based Augmentation System Market Include:
1. Executive Summary
2. Satellite-based Augmentation System Market Characteristics
3. Satellite-based Augmentation System Market Trends And Strategies
4. Satellite-based Augmentation System Market - Macro Economic Scenario
…….
32. Global Satellite-based Augmentation System Market Competitive Benchmarking
33. Global Satellite-based Augmentation System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Satellite-based Augmentation System Market
35. Satellite-based Augmentation System Market Future Outlook and Potential Analysis
36. Appendix
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