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Global Multi-Band Global Navigation Satellite System (GNSS) Receiver Market Expected to Achieve 14.6% CAGR by 2029: Growth Forecast Insights
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How Large Will the Multi-Band Global Navigation Satellite System (GNSS) Receiver Market Size By 2025?
In recent years, the market size for the multi-band global navigation satellite system (GNSS) receiver has seen rapid expansion. The market is predicted to increase from $2.54 billion in 2024 to $2.92 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 14.9%. This historical growth can be linked to various factors including increasing needs for improved geospatial mapping, the rising use of multi-band GNSS technology within smart city infrastructure, the growth of autonomous vehicles, the extension of satellite navigation systems, and an increase in governmental investment in GNSS infrastructure.
How Big Is the Multi-Band Global Navigation Satellite System (GNSS) Receiver Market Size Expected to Grow by 2029?
Anticipated to experience a swift expansion in the coming years, the market size for the multi-band global navigation satellite system (GNSS) receiver is predicted to reach $5.04 billion by 2029, with a compound annual growth rate (CAGR) of 14.6%. The surge during the forecast period is due to an increase in the need for accurate positioning in precision agriculture, the amplified demand for highly-accurate applications, the surge in urban air mobility, the escalated dependency on location-based services, and the demand for on-the-spot data processing. Key trends during this period feature the advancements in multi-band GNSS receivers, new developments in multi-band receiver technology, blends with 5G networks, collaborations and partnerships, and fusion of GPS into smart healare and tracking solutions.
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Which Key Market Drivers Powering Multi-Band Global Navigation Satellite System (GNSS) Receiver Market Expansion and Growth?
The multi-band global navigation satellite system (GNSS) receiver market is projected to grow, fueled by the increasing use of autonomous vehicles. These are self-navigating cars that utilize sensors and artificial intelligence to operate without the need for a human driver. The move towards these vehicles is primarily due to rising concerns about road safety, as they offer technology that minimizes accidents caused by human mistakes while also ensuring dependable and efficient transportation. Multi-band GNSS receivers aid these vehicles in offering precise real-time positioning through multiple satellite signals, promoting safer and more effective navigation. The Insurance Institute for Highway Safety, a non-profit based in the U.S., has projected that the number of autonomous vehicles on U.S. roads will hit 3.5 million by 2025 and 4.5 million by 2030. Consequently, the growing use of autonomous vehicles is spurring the expansion of the multi-band global navigation satellite system (GNSS) receiver market.
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Which Fast-Growing Trends Are Poised to Disrupt the Multi-Band Global Navigation Satellite System (GNSS) Receiver Market?
Leading firms in the multi-band global navigation satellite system (GNSS) receiver market are honing their focus on generating innovative solutions like multi-constellation navigation satellite system (GNSS) smart antenna receivers to bolster accuracy, dependability, and overall effectiveness across various navigation applications. These smart antenna receivers are sophisticated devices that simultaneously pick up signals from multiple satellite systems, employing smart antennas to boost the precision and reliability of positioning. For example, Quectel Wireless Solutions Co., Ltd., a company based in China delivering IoT solutions, introduced the QLM29H series in September 2024. This series is a dual-band, multi-constellation GNSS smart antenna receiver that merges the LC29H GNSS module with a built-in patch antenna. This advanced receiver allows for the simultaneous reception of global GNSS constellations such as GPS, GLONASS, Galileo, BDS, and NavIC on both L1 and L5 frequency bands. This system significantly heightens positioning accuracy and abates multipath interference, especially within challenging city landscapes. With a self-positioning accuracy of 1 meter and centimeter-scale precision in RTK versions, the system ensures sturdy performance even in areas with weak or missing GNSS signals.
What Are the Emerging Segments in the Multi-Band Global Navigation Satellite System (GNSS) Receiver Market?
The multi-band global navigation satellite system (GNSS) receiver market covered in this report is segmented as
1) By Product Type: Handheld Receivers, Fixed Receivers, Wearable Receivers, Other Product Types
2) By Frequency Band: Dual-Band, Triple-Band, Quad-Band, Other Frequency Bands
3) By Distribution Channel: Direct Sales, Distributors Or Resellers, Online Sales, Other Distribution Channels
4) By Application: Surveying And Mapping, Precision Agriculture, Marine, Aviation, Automotive, Military And Defense, Other Applications
5) By End-User: Commercial, Industrial, Government, Other End-Users
Subsegments:
1) By Handheld Receivers: Surveying, Mapping, Navigation, Geolocation
2) By Fixed Receivers: Base Stations, Reference Stations, Monitoring Stations, Infrastructure Receivers
3) By Wearable Receivers: Smart Watches, Fitness Trackers, Outdoor Activity Devices, Personal Navigation Devices
4) By Other Product Types: Vehicle-Mounted Receivers, Drone-Mounted Receivers, Marine Receivers, Aviation Receivers
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Who Are the Global Leaders in the Multi-Band Global Navigation Satellite System (GNSS) Receiver Market?
Major companies operating in the multi-band global navigation satellite system (gnss) receiver market are Raytheon Technologies Corporation, Broadcom Inc., Qualcomm Technologies Inc., STMicroelectronics, Garmin Ltd., Trimble Inc., Quectel Wireless Solutions Co. Ltd., Topcon Corporation, Hexagon AB, Furuno Electric Co. Ltd., u-blox AG, NovAtel Inc., Satlabs Geosolutions AB, Unicore Communications Inc., LOCOSYS Technology Inc., SkyTraq Technology Inc., Allystar Technology Co. Ltd., NavCom Technology Inc., ComNav Technology Ltd., Navika Electronics, Tersus GNSS Inc.
Which are the Top Profitable Regional Markets for the Multi-Band Global Navigation Satellite System (GNSS) Receiver Industry?
North America was the largest region in the multi-band global navigation satellite system (GNSS) receiver market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in multi-band global navigation satellite system (GNSS) receiver report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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