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Global Navigation Satellite System Market Comprehensive Study: Forecasted Market Size And Growth Rate | RTX Corporation, Qualcomm Technologies Inc., General Dynamics Corporation, Texas Instruments Inc
Navigation Satellite System Market Characteristics
The Business Research Company offers in-depth market insights through Navigation Satellite 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 navigation satellite system market size has grown rapidly in recent years. It will grow from $216.95 billion in 2023 to $243.44 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to military applications, global positioning system (gps) proliferation, aviation and maritime navigation, transportation and logistics, precision agriculture.
The navigation satellite system market size is expected to see rapid growth in the next few years. It will grow to $364.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to rise of autonomous vehicles, emergence of next-generation satellites, expansion of 5g networks, global connectivity initiatives, disaster management and emergency response. Major trends in the forecast period include scientific research and exploration, telecommunications infrastructure, integration with emerging technologies, expansion of global navigation satellite systems, advancements in satellite technology.
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Market Segmentation:
The main components of the navigation satellite system are devices and services. Devices refer to physical or electronic instruments, tools, machines, or gadgets designed and used for specific purposes. The various satellite technologies include constellations, satellite-based augmentation systems (Sbas), global positioning system (GPS), global navigation satellite system (GLONASS), Galileo, and Beidou, which are used in various applications such as location-based services (lbs), automotive and road, surveying, rail, aviation, agriculture, and others.
Major Driver - Autonomous Vehicle Adoption Driving Growth In Navigation Satellite System Market
The adoption of autonomous vehicles is expected to propel the growth of the navigation satellite system market going forward. Autonomous vehicles also referred to as self-driving or driverless vehicles, are automobiles equipped with advanced technology and systems that enable them to operate and navigate without direct human input or intervention. Navigation satellite systems are helpful for autonomous vehicles by providing accurate and reliable positioning, navigation, and timing information, which can improve safety and efficiency and reduce environmental impact. For instance, in December 2022, according to the National Association of Insurance Commissioners, a US-based non-profit organization, by 2025, it is expected that there will be 3.5 million autonomous vehicles on American roads, and by 2030, the number is expected to increase to 4.5 million. Additionally, according to the Institute of Electrical and Electronics Engineers, a US-based professional organizations company, by 2040, 75% of all vehicles on the planet's highways are going to be autonomous. Therefore, the adoption of autonomous vehicles is driving the growth of the navigation satellite system market.
Competitive Landscape:
Major companies operating in the navigation satellite system market report are RTX Corporation, Qualcomm Technologies Inc., General Dynamics Corporation, Texas Instruments Inc., Intel Corporation, MediaTek Inc., L3Harris Technologies Inc., STMicroelectronics N.V., Hexagon AB, Garmin Ltd., Trimble Inc., Quectel Wireless Solutions Co. Ltd., Viasat Inc., Topcon Corporation, Iridium Communications Inc., u-blox, Furuno Electric Co. Ltd., Spirent Communications plc, TomTom N.V., SkyTraq Technology Inc., Globalstar Inc., Thuraya Telecommunications Company, Javad GNSS Inc., Tersus GNSS Inc., ComNav Technology Ltd., Hemisphere GNSS
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Top Trend - Innovative Products and Advancements in Navigation Satellite Systems Market
Major companies operating in the navigation satellite system market are developing innovative products such as the Global Positioning System GPS III-6 Space Vehicle (SV06) navigation satellite to gain a competitive edge in the market. The Global Positioning System (GPS) III Space Vehicle 06 (SV06) navigation satellite is a new generation of global navigation satellite systems. For instance, in January 2023, SpaceX, a US-based spacecraft manufacturer and satellite communications company, launched the sixth spacecraft, the Global Positioning System (GPS) III Space Vehicle 06 (SV06) navigation satellite. The latest generation of GPS satellites is the most powerful, resilient GPS satellite ever built, with three times improved accuracy and eight times better jam-proofing. It also has a military channel that is more dependable and jam-proof, as well as improved civilian transmissions, compatibility with other navigation systems, and stronger search and rescue capabilities.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Navigation Satellite System Market Characteristics
3. Navigation Satellite System Market Trends And Strategies
4. Navigation Satellite System Market - Macro Economic Scenario
5. Navigation Satellite System Market Size And Growth
…..
27. Navigation Satellite System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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