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Global Satellite Navigation System Market Size, Share, and Forecast Analysis 2025-2029
Satellite Navigation System
What Are the Satellite Navigation System Market Size Forecast for 2025?
There has been a significant upsurge in the satellite navigation system market size over recent years. The growth forecast predicts an inflation from $163.21 billion in 2024 to $177.24 billion in 2025, with a compound annual growth rate (CAGR) of 8.6%. The historical growth is credited to areas such as military applications, the commercial advancement of space, an escalating demand for accurate positioning, and the expansion of both transportation and logistics sectors. Moreover, enhancements in accuracy and reliability of satellite signals also contributed significantly.
What Is the Market Size Outlook for Satellite Navigation System Until 2029?
Strong expansion is projected for the satellite navigation system market in the upcoming years, with its value slated to reach $237.42 billion by 2029, courtesy of a 7.6% compound annual growth rate (CAGR). This growth during the anticipated period can be accredited to an increased demand for unmanned aerial vehicles (UAVs) and drones, the amplifying application of satellite navigation in precision farming and agriculture, the use of satellite navigation in emergency response and disaster management, and the overall enlargement of satellite navigation. Noteworthy trends for the forecast period encompass the rising demand for real-time and high-accuracy positioning, the development of hybrid navigation systems that marry satellite with terrestrial technologies, the coalescing of satellite navigation with artificial intelligence (AI) and machine learning (ML) algorithms, and the broadening of satellite navigation services.
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What Are the Major Factors Driving Demand in the Satellite Navigation System Market?
The increasing demand for self-driving vehicles is anticipated to boost the satellite navigation system market's expansion in the future. Autonomous vehicles are types of vehicles fitted with advanced technology and sensors, allowing them to navigate their environment without the need for human assistance. These vehicles frequently employ satellite navigation systems to accurately pinpoint their location, reach their destination, and navigate securely and efficiently. For example, a report released by the US-based Insurance Institute for Highway Safety, a non-profit organization dedicated to road safety, in August 2022, projected that there would be approximately 3.5 million autonomous cars on US roads by 2025, with the figure expected to reach 4.5 million by 2030. As a result, the rising demand for autonomous vehicles is fueling the expansion of the satellite navigation system market.
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How Are End-Use Segments Shaping the Satellite Navigation System Market Outlook?
The satellite navigation system market covered in this report is segmented -
1) By Solution: System, Services
2) By Constellation: Global Navigation, Regional Navigation, Augmented
3) By Orbit: Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Other Orbits
4) By Application: Road And Automotive, Consumer And Health Solutions, Other Applications
Subsegments:
1) By System: Global Navigation Satellite Systems (GNSS), Ground Control Segment, User Segment Equipment
2) By Services: Positioning Services, Timing Services, Navigation Services
What Are the Strategic Trends Transforming the Satellite Navigation System Market Landscape?
Leading entities in the satellite navigation system market, such as Qualcomm, are focusing on creating state-of-the-art solutions like the integration of NavIC L1 signals into their chipset platforms. This is meant to cater to changing customer needs, stay competitive, and tap into new industry opportunities. This solution utilizes Qualcomm's location suite, accommodating up to seven satellite constellations. To illustrate, in December 2023, US-based multinational Qualcomm Technologies Inc., known for its telecommunication products and semiconductor supplies, declared its support for India's NavIC Satellite Navigation System L1 signals' integration into commercial chipset platforms. This occurred in cooperation with the Indian Space Research Organization (ISRO) and allowed the platform to incorporate seven satellite constellations, thereby promoting NavIC adoption. This expansion magnifies geolocation abilities for automotive and IoT applications. Moreover, it provides various attributes that augment location-based services and navigational precision in devices fitted with Qualcomm chips and other compatible systems, valuing NavIC L1 signals as a noteworthy enhancement in the global navigation satellite system, raising accuracy and interoperability for location-based services and applications.
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Who Are the Prominent Companies in the Satellite Navigation System Market by ?
Major companies operating in the satellite navigation system market are Furuno Electric Co. Ltd., RTX Corporation, Lockheed Martin Corporation, Stonex Srl, Airbus SE, QualComm Technologies Inc., General Dynamics Corp, Northrop Grumman Corporation, Honeywell International Inc., Broadcom Inc., Safran SA, Texas Instruments Inc., Thales Group, L3Harris Technologies Inc., STMicroelectronics, Teledyne Technologies Inc., Hexagon AB, Trimble Inc., Kongsberg Gruppen, Cobham Plc., Topcon Corporation, u-blox, TomTom International BV, Laird Plc. (Advent International), Surrey Satellite Technology Ltd., Swift Navigation, Septentrio, SkyTraq Technology Inc., ComNav Technology Ltd., Magellan Systems Japan Inc.
Which Region Is Expected to See the Highest CAGR in the Satellite Navigation System Market?
Asia-Pacific was the largest region in the satellite navigation system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite navigation system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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