Mid-and High-Level Precision GPS Receiver Global Market Expected to Witness $5.46 Billion with Impressive Growth at a 11.1% CAGR By 2028 | Stonex Group Inc., CNH Industrial N.V., Hexagon AB, Garmin Ltd., Trimble Inc.

The mid-and high-level precision gps receiver market size has grown rapidly in recent years. It will grow from $3.19 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to environmental monitoring, space exploration advances, military applications, civilian navigation, surveying and mapping, precision agriculture.

The mid-and high-level precision gps receiver market size is expected to see rapid growth in the next few years. It will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to smart cities and infrastructure, telecommunications integration, internet of things adoption, rising autonomous vehicles. Major trends in the forecast period include technological advancements, real-time kinematics technology advancements, machine learning integration, integration of ai.

Market Overview -
A mid- and high-level precision GPS receiver, also known as a survey-grade GPS receiver, is an L-band radio processor capable of providing accurate position and timing information with a relatively high degree of precision. These receivers offer centimeter-level accuracy, making them suitable for applications that require precise measurements, such as differential GPS (DGPS) techniques, carrier phase processing, accurate orbit determination, and sophisticated error modelling.

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Construction Industry Surge Fuels Expansion Of Mid- And High-Level Precision Gps Receiver Market
The rise in the construction industry is expected to propel the growth of the mid-and high-level precision GPS receiver market going forward. The construction industry is an area of science and trade that deals with building, repairing, remodeling, and maintaining structures. It includes constructing buildings, engineering projects, roadways, utility systems, and other specialized facilities. The use of GPS technology for equipment tracking in large-scale construction projects, such as civil construction sites and mega-projects, has raised the demand for GPS devices in the construction sector. For instance, in June 2023, according to a study provided by the United States Census Bureau, a US-based federal statistical system organization, overall construction spending in April 2023 is expected to be $1,908.4 billion, up 7.2% or $1,780.9 billion in April 2022. Furthermore, 1,406,000 new dwelling units were built in January 2023, representing a 12.8% increase over January 2022. Therefore, the rise in the construction industry is driving the growth of the mid-and high-level precision GPS receiver market.

Competitive Landscape -
Major companies operating in the mid-and high-level precision gps receiver market report are Stonex Group Inc., CNH Industrial N.V., Raytheon Technologies Corporation, Hexagon AB, Garmin Ltd., Valmont Industries Inc., Trimble Inc., MiTAC Holdings Corp., Topcon Positioning Systems Inc., u-blox AG, Hi-Target Surveying Instrument Co. Ltd., Raven Industries Inc., CHC Navigation Technology Ltd., AG Leader Technology Inc., Carlson Systems Holdings Inc., Septentrio N.V., Hemisphere GNSS Inc., NVS Technologies Inc., Javad GNSS Inc., Unicore Communications Inc., Swift Navigation Inc., Thales Group, Syntony SAS, SkyTraq Technology Inc., Geneq Inc., South Surveying & Mapping Technology Co. Ltd., Tersus GNSS Inc., Eos Positioning Systems Inc., NavtechGPS Inc., Satlab Geosolutions AB, Tallysman Wireless Inc.

Product Innovation Revolutionizing Precision With Innovative Laser Integration
Product innovations are a key trend gaining popularity in the mid-and high-level precision GPS receiver market. Major companies operating in the mid-and high-level precision GPS receiver market are developing new products to sustain their position in the market. For instance, in December 2022, ComNav Technology Ltd., a China-based manufacturer of GNSS (Global Navigation Satellite System) OEM boards and receivers for high-precision positioning, launched the Universe Serie GNSS Receiver. This revolutionary and creative laser GNSS receiver offers a rod-less survey. The device integrated a millimeter-level laser distance meter onto Venus, which may be used in laser mode to replace the range pole, extending the capabilities of GNSS surveying beyond the norm. Even with minor operational variations, such as moderate shaking, it can fulfil jobs with 10 cm measurement criteria. This non-contact survey has the potential to significantly expand the operating area, increase efficiency, and assure the safety of the typical GNSS receiver.

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Key Segments -
The mid-and high-level precision gps receiver market covered in this report is segmented -
1) By Type: Differential Grade, Survey Grade
2) By Frequency Type: Single Frequency, Dual Frequency
3) By Industry: Agriculture, Mining, Construction, Oil And Gas, Other Industries

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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