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Satellite-based Augmentation System Market Size Forecast: $2.07 Billion by 2029 | Global Outlook
Satellite-based Augmentation System
What Is the Projected Market Size Valuation of the Satellite-based Augmentation System Market by 2025?
In recent times, the market size of the satellite-based augmentation system has experienced a considerable increase. Its growth is set to continue, rising from $1.4 billion in 2024 to $1.53 billion in the following year, showcasing a compound annual growth rate (CAGR) of 9.2%. The notable growth witnessed in the historic period can be ascribed to factors such as regulations related to aviation safety, the expansion of air traffic, necessities of maritime navigation, applications in surveying and mapping, as well as precision agriculture.
What Is the Estimated Market Growth Value for the Satellite-based Augmentation System Industry in 2029?
Predictions indicate a substantial increase in the size of the satellite-based augmentation system market in the coming years, growing to a value of $2.07 billion by 2029. This translates to a compound annual growth rate (CAGR) of 7.9%. This projected expansion over the forecast period is linked to various factors such as the growth of global navigation satellite system (GNSS) market, the introduction of unmanned aerial vehicles (UAVs), the proliferation of location-based services (lbs), development in infrastructure and the rising demand for autonomous vehicles. Key trends expected during this forecast period comprise global augmentation of SbAS networks, improved disaster control and emergency response, integration with surveying and geomatics, the creation of next-generation SbAS, along with partnerships and collaborations aimed at SbAS implementation.
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What Are the Growth Drivers and Opportunities in the Satellite-based Augmentation System Market?
The satellite-based augmentation system market is anticipated to expand due to the increasing air traffic. Air traffic, which involves the movement and management of aircraft within airspace under the guidance of air traffic control services, plays a critical role in ensuring safe and effective aviation operations. The functioning and traffic of aircraft enable real-world validation, data collection, and user input that enhances the precision, reliability, and functionality of satellite-based augmentation systems (SBAS), thus boosting aviation safety and effectiveness. For example, a report published by the Bureau of Transportation Statistics, a US government agency, in March 2023 disclosed that US airlines carried 194 million more passengers in 2022 than in 2021, demonstrating a 30% annual growth. Consequently, the rise in air traffic is fueling the growth of the satellite-based augmentation system market.
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What Are the Primary Segments Covered in the Global Satellite-based Augmentation System Market Report?
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
Subsegments:
1) By Wide Area Augmentation System (WAAS): Aviation WAAS, Non-Aviation WAAS Applications
2) By European Geostationary Navigation Overlay Service (EGNOS): EGNOS For Aviation, EGNOS For Land And Sea Applications
3) By Multi-Functional Satellite Augmentation System (MSAS): MSAS For Aviation, MSAS For Land Applications
4) By GPS Aided Geo Augmented Navigation (GAGAN): GAGAN For Aviation, GAGAN For Maritime Applications
5) By System For Differential Corrections And Monitoring (SDCM): SDCM For Land Navigation, SDCM For Maritime Navigation
6) By Other Types: Regional Augmentation Systems, Future Augmentation Systems
What Are the Top Growth Trends in the Satellite-based Augmentation System Market?
Significant firms in the satellite-based augmentation system market are prioritizing strategic investments to boost the production of novel satellite-based augmentation systems. Initiatives like strategic investments in this market foster product innovation, improve production efficiency, minimize operational costs, and extend market reach. Taking such steps enables these companies to meet rising demand and strengthen their competitive standing. For instance, Lockheed Martin, an aerospace and defense organization based in the US, made an investment in Southern Positioning Augmentation Network (SouthPAN) in September 2022. This move underlines the escalating significance of satellite-based solutions across various sectors such as aviation, maritime, and agriculture.
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Which Companies Are Shaping the Future of the Satellite-based Augmentation System Market?
Major companies operating in the satellite-based augmentation system market include 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
Which Region Holds the Largest Market Share in the Satellite-based Augmentation System Industry?
North America was the largest region in the satellite-based augmentation system market in 2024. Asia-Pacific is expected to be the significant growing region in the forecast period. The regions covered in the satellite-based augmentation system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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