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BeiDou Navigation Satellite System Chips Global Market Size, Share Report, Growth Prospects, Developments Plans, Future Insights and Trends Analysis By 2033
BeiDou Navigation Satellite System Chips Market
According to The Business Research Company's, The BeiDou navigation satellite system chips market size has grown exponentially in recent years. It will grow from $0.47 billion in 2023 to $0.61 billion in 2024 at a compound annual growth rate (CAGR) of 28.6%. The growth in the historic period can be attributed to robust demand from defense sector, growing demand for navigation systems, rising demand for precision agriculture, increasing use in maritime navigation, expanding geospatial industry.
The BeiDou navigation satellite system chips market size is expected to see exponential growth in the next few years. It will grow to $1.67 billion in 2028 at a compound annual growth rate (CAGR) of 28.7%. The growth in the forecast period can be attributed to rising adoption of the navigation system in smartphones, expansion of beidou system, growth in autonomous vehicles, growth in consumer electronics, rise in wearable technology. Major trends in the forecast period include 5G infrastructure, integration with smart infrastructure, integration of BDS chips, integration into UAVs and drones, integration of smartphones and wearables.
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Market Drivers and Trends:
The rising demand for autonomous vehicles is expected to propel the growth of the BeiDou navigation satellite system chips market going forward. Autonomous vehicles are vehicles equipped with advanced sensors, control systems, and artificial intelligence (AI) algorithms that enable them to navigate and operate without human intervention. The demand for autonomous vehicles is increasing due to safety concerns, convenience, efficiency, accessibility, and environmental benefits. BeiDou navigation satellite system chips enable autonomous vehicles to navigate precisely and efficiently by receiving signals from BeiDou satellites, providing crucial positioning and timing information. For instance, in December 2022, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization, it is expected to have 3.5 million autonomous vehicles or self-driving cars on American roads by 2025 and 4.5 million autonomous vehicles by 2030. Therefore, the rising demand for autonomous vehicles is driving the growth of the BeiDou navigation satellite system chips market.
Robust demand from the defense sector is expected to propel the growth of the BeiDou navigation satellite system chip market going forward. The increasing demand from the defense sector is due to rising geopolitical tensions, modernization efforts, military conflicts, cyber threats, and collaborations, leading to higher investments in defense systems and equipment. The BeiDou navigation satellite system (BDS) chip helps defense by providing accurate and reliable positioning, navigation, and timing (PNT) information, enhancing situational awareness, command and control capabilities, and overall operational effectiveness in military operations. For example, in March 2022, according to the United States Department of Defense, a US-based government agency, the total requested budget authority for the financial year 2023 was $773 billion, an increase of $30.7 billion or 4.1% over the financial year 2022 enacted level. Therefore, robust demand from the defense sector is driving the growth of the BeiDou navigation satellite system chip market.
Expansion Strategies Of Major Companies In The BeiDou Navigation Satellite System Chip Market
Major companies operating in the BeiDou navigation satellite system chip market are expanding their business to mark a competitive edge in the market. Companies are expanding their business to diversify their product offerings and target new markets. Companies can reduce their dependence on a single market or customer segment by offering a broader range of products and services. For instance, in November 2022, China outlined plans to further expand the global reach of its home-grown Beidou satellite navigation system, with a specific focus on South Asia and Southeast Asia, which are key regions in the Belt and Road Initiative (BRI). This strategic move aims to enhance Beidou's presence in these regions by extending its coverage and services, aligning with China's broader efforts to strengthen regional cooperation and technological outreach through the Beidou system.
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Major Key Players of the Market:
RTX Corporation, China Electronics Technology Group Corporation (CETC), Thales Group, Beijing Enterprises Holdings, Trimble Inc, Kongsberg Gruppen, Topcon Corporation, Furuno Electric Co Ltd, U-blox Holding AG, BDStar Navigation Co Ltd, Shanghai Huace Navigation Technology Ltd, NovAtel Inc, South China University of Technology (SCUT), GNSS Technologies Inc, Unicore Communications Inc, SST Technology Corporation Limited, Wintec Industries Inc, RunXin Information Technology Co Ltd, Huatek Technology Corporation, Navisys Technology Corp, Raco Wireless LLC, NavtechGPS, Nevco Technology Co Ltd, Techtotop Co Ltd, Hwa Create Corporation Limited, ComNav Technology Ltd, Nanjing Veritas Electronic Technology Co Ltd, Changsha Zhongke Electric Co. Ltd.
BeiDou Navigation Satellite System Chips Market 2024 Key Insights:
• The BeiDou navigation satellite system chips market size is expected to see exponential growth in the next few years. It will grow to $1.67 billion in 2028 at a compound annual growth rate (CAGR) of 28.7%.
• Impact Of Rising Demand For Autonomous Vehicles On The BeiDou Navigation Satellite System Chips Market
• Defense Sector's Impact On The Growth Of Beidou Navigation Satellite System Chip Market
• Asia-Pacific was the largest region in the BeiDou navigation satellite system chips market in 2023
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