Press release
Strong Growth Ahead: Navigation Satellite System Market Size To Grow At Arecord 10% Cagr By 2029
Navigation Satellite System
How Big Is the Navigation Satellite System Market Size Expected to Be by 2034?
There has been a swift expansion in the market size of the navigation satellite system in recent years. The market, which is expected to inflate from $243.44 billion in 2024 to $272.95 billion in 2025, will register a compound annual growth rate (CAGR) of 12.1%. The historic growth can be credited to its diverse applications ranging from military uses, widespread global positioning system (GPS), aviation and maritime navigation, to transportation, logistics, and precision agriculture.
The market size for the navigation satellite system is projected to experience a swift expansion in the forTH*Coming years. It is expected to reach $399.72 billion by 2029, growing at a compound annual growth rate (CAGR) of 10.0%. Reasons for the growth during this predicted period include the rise in autonomous vehicles, the introduction of next-generation satellites, the burgeoning of 5g networks, worldwide connectivity efforts, and enhancements in disaster management and emergency response. Some major trends identified for the forecast period are scientific study and investigation, advancements in telecommunications infrastructure, integration with new-age technologies, growth of global navigation satellite systems, and improvements in satellite technology.
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What Are the Emerging Segments Within the Navigation Satellite System Market?
The navigation satellite system market covered in this report is segmented -
1) By Component: Devices, Services
2) By Satellite Technology: Constellations, Satellite-Based Augmentation Systems (SBAS), GPS, GLONASS, Galileo, BeiDou
3) By Application: Location Based Services (LBS), Automotive And Road, Surveying, Rail, Aviation, Agriculture, Other Applications
Subsegments:
1) By Devices: GPS Receivers, GNSS Receivers, Navigation Instruments, Satellite Antennas, Onboard Navigation Systems
2) By Services: Positioning Services, Navigation Services, Timing Services, Location-Based Services (LBS), Satellite Communication Services
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What Long-Term Drivers Are Shaping Navigation Satellite System Market Trends?
The trajectory of the navigation satellite system market is expected to be positively influenced by the increasing acceptance of autonomous vehicles. These vehicles, often referred to as self-driving or driverless, are specially outfitted with advanced technology enabling them to navigate and function without human interference. By providing precise and reliable location, navigation, and timing data, navigation satellite systems offer significant advantages to autonomous vehicles, enhancing safety and efficiency while mitigating their environmental impact. As per reports from the National Association of Insurance Commissioners, a non-profit organization based in the US, the US alone is projected to have 3.5 million autonomous vehicles on the roads by 2025, a figure that's expected to increase to 4.5 million by 2030. Additionally, the Institute of Electrical and Electronics Engineers, a US-based professional organization, forecasts that by 2040, 75% of all vehicles in use globally will be autonomous. Thus, the rise in the adoption of autonomous vehicles is acting as a catalyst for the growth of the navigation satellite system market. Navigation Satellite System Market Driver: Smartphone Proliferation to Boost Navigation Satellite System Market
Who Are the Top Competitors in Key Navigation Satellite System Market Segments?
Major companies operating in the navigation satellite system market report are RTX Corporation, Qualcomm Technologies Inc., General Dynamics Corporation, Texas Instruments Inc., Intel Corporation, MediaTek Inc., L3Harris Technologies Inc., STMicroelectronics N.V., Hexagon AB, Garmin Ltd., Trimble Inc., Quectel Wireless Solutions Co. Ltd., Viasat Inc., Topcon Corporation, Iridium Communications Inc., u-blox, Furuno Electric Co. Ltd., Spirent Communications PLC, TomTom N.V., SkyTraq Technology Inc., Globalstar Inc., Thuraya Telecommunications Company, Javad GNSS Inc., Tersus GNSS Inc., ComNav Technology Ltd., Hemisphere GNSS
What Navigation Satellite System Market Trends Are Gaining Traction Across Different Segments?
Leading organizations in the navigation satellite system market, such as SpaceX, are introducing novel products like the Global Positioning System GPS III-6 Space Vehicle (SV06) satellite to secure a competitive advantage. This GPS III Space Vehicle 06 (SV06) satellite represents a fresh generation of global navigation satellite systems. For example, in January 2023, SpaceX, an American space vehicle manufacturing and satellite communications firm, launched the sixth spacecraft, the Global Positioning System (GPS) III Space Vehicle 06 (SV06) navigation satellite. This newest generation of GPS satellites is the most technologically advanced and robust version yet, boasting tripled accuracy and an eightfold improvement in resistance to jamming. It offers a more dependable and jam-resistant military channel, enhanced transmissions for civilian use, compatibility with other navigation systems, and amplified search and rescue operations.
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Which Regions Are Becoming Hubs for Navigation Satellite System Market Innovation?
Asia-Pacific was the largest region in the navigation satellite system market in 2024. The regions covered in the navigation satellite system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Navigation Satellite System Market?
2. What is the CAGR expected in the Navigation Satellite System Market?
3. What Are the Key Innovations Transforming the Navigation Satellite System Industry?
4. Which Region Is Leading the Navigation Satellite System Market?
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