High-Precision GNSS Receiver Global Market Worth $1.95 Billion By 2028 Rapid Growth Predicted CAGR of 8.3% | Broadcom Inc., Thales Group, Hexagon AB, Trimble Inc., Cobham PLC

The high-precision GNSS receiver market size has grown strongly in recent years. It will grow from $1.29 billion in 2023 to $1.42 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to increasing demand in robotics, high use in urban planning requirements, use in scientific research applications, construction industry demand, and increasing use in surveying and mapping applications.

The high-precision GNSS receiver market size is expected to see strong growth in the next few years. It will grow to $1.95 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to the growing demand for autonomous vehicles, growing usage in marine navigation, increasing demand for environmental monitoring solutions, demand for satellite-based positioning services, regulatory support and integration. Major trends in the forecast period include rise in autonomous vehicles and drones, expansion in precision agriculture, advancements in real-time kinematic (RTK) technology, growing demand for smart infrastructure, and integration with 5G networks.

Market Overview -
A high-precision GNSS (Global Navigation Satellite System) receiver is a device designed to receive signals from satellites. These receivers utilize advanced algorithms and technologies to achieve centimeter-level or even millimeter-level accuracy in positioning.

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Growing Mining Industry Fueling Expansion Of High-Precision GNSS Receiver Market
The growing mining industry is expected to propel the growth of the high-precision GNSS receiver market going forward. The mining industry refers to the sector encompassing activities related to the exploration, extraction, processing, and transportation of valuable minerals, metals, and other geological materials from the earth's crust. The shift towards renewable energy sources, such as solar panels, wind turbines, and electric vehicles, requires significant amounts of minerals and metals. High-precision GNSS receivers are used in the mining sector to enhance operational efficiency, safety, and productivity by providing accurate positioning and geospatial data for various applications and enabling better decision-making. For instance, in February 2023, according to a report published by the United States Geological Survey, a US-based government agency, US mines generated roughly $98.2 billion in nonfuel mineral commodities in 2022, up $3.6 billion (3.8%) from the projected total of $94.6 billion for 2021. Therefore, the growing mining industry is driving the growth of the high-precision global navigation satellite system receiver market.

Competitive Landscape -
Major companies operating in the high-precision gnss receiver market are Raytheon Technologies Corporation, Qualcomm Incorporated, Broadcom Inc., Texas Instruments Incorporated, Thales Group, Hexagon AB, Trimble Inc., Cobham PLC, MiTAC Holdings Corp., Topcon Positioning Systems Inc., Hi-Target Surveying Instrument Co. Ltd., Raven Industries Inc., CHC Navigation Technology Ltd., Beijing UniStrong Science And Technology Co. Ltd., Carlson Systems Holdings Inc., Swift Navigation Inc., Septentrio N.V., Javad GNSS Inc., Unicore Communications Inc., NavCom Technology Inc., Tersus GNSS Inc., AG Leader Technology Inc., Geneq Inc., ComNav Technology Ltd., Hemisphere GNSS Inc.

Technological Innovations Propel High-Precision GNSS Receiver Market Leadership
Major companies operating in the high-precision GNSS receiver market are focusing on the development of innovative technological advancements, such as the SE868SY-D, a high-precision GNSS receiver, to meet the increasing demand for advanced positioning and navigation solutions in various industries. SE868SY-D is a high-precision GNSS receiver module designed for multi-frequency and multi-constellation applications. For instance, in February 2021, Telit Communications, a US-based communication device company, launched SE868SY-D, a high-precision GNSS receiver module. It combines GPS/QZSS and Galileo in the L1/E1 and L5/E5 bands, GLONASS in the L1, BeiDou in the B1 and B2 bands, IRNSS in the L5 band, and SBAS to provide improved performance for position reporting and navigation solutions. Additionally, it use of two frequencies (L1/E1 and L5/E5) improves location accuracy and reduces multipath effects in urban areas. The module is designed for applications such as IoT trackers, wearables, and more. It also offers an evaluation kit (EVK) for testing the functionality of the module.

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Key Segments -
The high-precision GNSS receiver market covered in this report is segmented -
1) By Product: Core Satellite Navigation Systems, Regional Satellite Navigation Systems, Satellite - Based Augmentation Systems (SABS)
2) By Component: Devices, Services
3) By Application: Survey and Mapping, Astronomy, Military And Defense, Agriculture, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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