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Satellite-based Augmentation System Market Competitive And Growth Analysis 2024 - Major Players, High Growth Strategies And Opportunities | RTX Corporation (Raytheon Technologies Corporation), Lockheed Martin Corporation, Airbus SE
Satellite-based Augmentation System Global Market Report
The Business Research Company offers in-depth market insights through Satellite-based Augmentation System Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The satellite-based augmentation system market size has grown rapidly in recent years. It will grow from $1.29 billion in 2023 to $1.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to aviation safety regulations, growing air traffic, maritime navigation requirements, surveying and mapping applications, precision agriculture.
The satellite-based augmentation system market size is expected to see strong growth in the next few years. It will grow to $2 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to global navigation satellite system (gnss) market growth, emergence of unmanned aerial vehicles (uavs), expansion of location-based services (lbs), infrastructure development, increased demand for autonomous vehicles. Major trends in the forecast period include global expansion of sbas networks, enhanced disaster management and emergency response, integration into surveying and geomatics, development of next-generation sbas, partnerships and collaborations for sbas implementation.
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Market Segmentation:
The satellite-based augmentation system market covered in this report 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
Major Driver - The Rising Tide Of Air Traffic Propels Sbas Market Growth
The growing air traffic is expected to propel the growth of the satellite-based augmentation system market going forward. 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. For instance, in March 2023, according to a report published by the Bureau of Transportation Statistics, a US-based government agency, in 2022, US airlines transported 194 million more passengers than in 2021, a 30% increase year on year. Additionally, from January to December 2022, airlines in the United States carried 853 million passengers, up from 658 million in 2021 and 388 million in 2020. Therefore, the growing air traffic is driving the growth of the satellite-based augmentation system market
Competitive Landscape:
Major companies operating in the satellite-based augmentation system market report 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), Thales Group, L3Harris Technologies Inc., STMicroelectronics N.V., Elbit Systems Ltd., Rockwell Collins Inc., Garmin Ltd., Trimble Inc., Collins Aerospace, Topcon Corporation, Inmarsat Global Limited, u-Blox Holding AG, Spirent Communications Plc, GMV Innovating Solutions S.L., NovAtel Inc., Universal Avionics Systems Corporation, Accord Software & Systems Pvt. Ltd., Swift Navigation Inc., Hemisphere GNSS, Grintex India Limited, Septentrio NV, Locosys Technology Inc., NexNav Inc., NavatechGPS.
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Top Trend - The Surging Trend Of Product Innovation
Product innovation has emerged as a key trend gaining popularity in the satellite-based augmentation system market. 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.
The Table Of Content For The Market Report 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
5. Satellite-based Augmentation System Market Size And Growth
…..
27. Satellite-based Augmentation System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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