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Satellite-based Augmentation System Market: Anticipating Substantial Growth with Key Drivers and Trends
Satellite-based Augmentation System Market
• The satellite-based augmentation system market has seen strong progression in recent years, jumping from a value of $1.4 billion in 2024 to an anticipated $1.54 billion in 2025 with a solid CAGR of 10.2%.
• Market growth can be traced back to various factors such as rising air traffic, evolving navigation systems in maritime, significant role in surveying and mapping, and the utility in precision agriculture.
• The forecast estimates for the market suggest an upward trajectory, predicting a worth of $2.11 billion in 2029 at a CAGR of 8.2%.
• This impressive growth rate is likely to be driven by the booming global navigation satellite system (GNSS) market, the surge in unmanned aerial vehicles (UAVs), the expansion of location-based services (lbs), infrastructure development, and the increasing demand for autonomous vehicles.
What Is Driving The Growth In The Satellite-based Augmentation System Market?
The satellite-based augmentation system market is witnessing remarkable growth largely attributed to the surging air traffic. The Bureau of Transportation Statistics, a US-based government agency, reported that in 2022, airlines in the US transported around 194 million more passengers as compared to 2021, reflecting a significant year-on-year increase of 30%. Notably, this increase in air traffic aligns with the enhancement in aviation safety and efficiency supported by satellite-based augmentation systems (SBAS), thereby driving the market's expansion.
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Who Are the Key Players Driving Satellite-based Augmentation System Market Growth?
The satellite-based augmentation system market includes key players such as:
• 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.
What Are The Key Trends In The Satellite-based Augmentation System Market?
The key trends demonstrating growth in the satellite-based augmentation system market involve:
• The anticipated global expansion of SbAS networks
• Enhanced measures for disaster management and emergency response
• Integration of these systems into surveying and geomatics
• Development of next-generation SbAS
• Emerging partnerships and collaborations for implementing SbAS
What Are The Segments Of The Global Satellite-based Augmentation System Market?
The global satellite-based augmentation system market can be segmented by:
1) 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
Which Region Leads The Satellite-based Augmentation System Market?
In 2024, North America was the most dominant region in the satellite-based augmentation system market, while Asia-Pacific shows potential for significant growth in the forecasted period. The market report encompasses other regions as well including Western Europe, Eastern Europe, South America, Middle East, and Africa.
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The Satellite-based Augmentation System Market Global Market Report Covers
- Market Size Analysis: Analyze the Satellite-based Augmentation System Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Satellite-based Augmentation System Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Satellite-based Augmentation System Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Satellite-based Augmentation System Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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