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Satellite-based Augmentation System Global Market Worth $2 Billion By 2028 Rapid Growth Predicted CAGR of 8.8% | Airbus SE, Safran Group, Thales Group, Garmin Ltd., Trimble Inc.
Satellite-based Augmentation System Global Market
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.
Market Overview -
A satellite-based augmentation system is a prominent air navigation system that enhances the accuracy and integrity of a global navigation satellite system's (GNSS) navigation signal. A satellite-based augmentation system improves service availability over a large geographic area and delivers a more reliable navigation service than GNSS alone.
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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.
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.
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Key Segments -
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
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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