Press release
Global BeiDou Navigation Satellite System Chips Market Expansion at 27.1% CAGR, Valued at $2.03 Billion by 2029
BeiDou Navigation Satellite System Chips Market
What Are the BeiDou Navigation Satellite System Chips Market Size Forecast for 2025?
The market size for Beidou Navigation Satellite System chips has seen rapid expansion lately. The market, which will amplify from $0.61 billion in 2024 to $0.78 billion in 2025, is set to experience a Compound Annual Growth Rate (CAGR) of 28.2%. The remarkable growth in the recent past is due to factors such as the sturdy demand from the defense sector, the increasing need for navigation systems, a surge in demand for precision agriculture, more utilization in maritime navigation, and growth in the geospatial industry.
What Is the Market Size Outlook for BeiDou Navigation Satellite System Chips Until 2029?
In the coming years, the beidou navigation satellite system chips market is anticipated to undergo exponential expansion. The projected growth points towards a market valuation of $2.03 billion by 2029, calculating a compound annual growth rate (CAGR) of 27.1%. This predicted upsurge can be traced back to various factors such as increased use of navigation systems in smartphones, beidou system expansion, the emergence of autonomous vehicles, growth in consumer electronics sector, and the popularity of wearable technology. The horizon of growth extends to the proliferation of 5G infrastructure, smart infrastructure compatibility, incorporation of BDS chips, potential utility in UAVs and drones, and integration with smartphones and wearables in the forecasted period.
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What Are the Major Factors Driving Demand in the BeiDou Navigation Satellite System Chips Market?
The growth of the BeiDou navigation satellite system chips market is anticipated to be driven by the escalating demand for self-driving vehicles. These autonomous vehicles are fitted with innovative sensors, control systems, and artificial intelligence algorithms, allowing them to function without human assistance. The rise in autonomous vehicle demand is due to factors such as safety, convenience, efficiency, accessibility, and environmental advantages. Chips belonging to the BeiDou navigation satellite system assist these self-driving vehicles to travel precisely and productively by garnering signals from the BeiDou satellites which supply vital positioning and timing data. For example, a forecast by the Insurance Institute for Highway Safety, a non-profit organization based in the US, suggests that it anticipates the presence of 3.5 million autonomous or self-driven cars on the roads of America by 2025, and this number is projected to rise to 4.5 million by 2030. Therefore, the escalating demand for self-guided vehicles is propelling the BeiDou navigation satellite system chips market.
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How Are End-Use Segments Shaping the BeiDou Navigation Satellite System Chips Market Outlook?
The beidou navigation satellite system chips market covered in this report is segmented -
1) By Type: High Precision, Ordinary Precision
2) By Application: Special (Security) Applications, Civil Industrial, Mass Consumption
3) By End-User Industry: Automotive, Consumer Electronics
Subsegments:
1) By High Precision: Centimeter-Level Accuracy Chips, Millimeter-Level Accuracy Chips
2) By Ordinary Precision: Meter-Level Accuracy Chips, Sub-Meter Level Accuracy Chips
What Are the Strategic Trends Transforming the BeiDou Navigation Satellite System Chips Market Landscape?
Leading corporations in the BeiDou navigation satellite system chip market are broadening their operations to gain a competitive advantage. The expansion is targeted at diversifying their product range and venturing into new markets. By providing a more comprehensive array of products and services, these businesses can minimize their reliance on a solitary market or customer segment. For example, in November 2022, China announced plans to further broaden the international reach of its domestically produced Beidou satellite navigation system. This plan particularly focuses on South Asia and Southeast Asia, which are crucial areas in the Belt and Road Initiative (BRI). The goal of this strategic initiative is to boost Beidou's presence in these regions by improving its coverage and services. This lines up with China's wider plans to boost regional collaboration and technological expansion by using the BeiDou system.
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Who Are the Prominent Companies in the BeiDou Navigation Satellite System Chips Market by ?
Major companies operating in the beidou navigation satellite system chips market are 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.
Which Region Is Expected to See the Highest CAGR in the BeiDou Navigation Satellite System Chips Market?
Asia-Pacific was the largest region in the BeiDou navigation satellite system chips market in 2024. The regions covered in the beidou navigation satellite system chips market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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