Navigation Satellite Systems Market Research Report includes Size, Share, Emerging Trends, Historic Analysis, Industry Growth Factors, And Forecast 2031

Navigation satellite systems market size generated $225.30 billion in 2021, and is anticipated to generate $552.20 billion by 2031, witnessing a CAGR of 9.5% from 2022 to 2031.

Increase in the adoption of autonomous vehicles for several applications and growth in dependence on location-based services drive the growth of the global navigation satellite systems market. However, cyber-attacks impacting navigation satellite systems and inaccuracy in global navigation satellite system (GNSS) data are the factors that hamper the market growth. Moreover, fusion of 5G and GNSS is expected to offer new opportunities in the coming years.

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The growth of the global navigation satellite market is propelling due to increase in the adoption of autonomous vehicles for several applications and growth in dependence on location-based services. However, cyber-attacks impacting navigation satellite systems, and inaccuracy in GNSS data are the factors that hamper the growth of the GNSS market. Furthermore, fusion of 5G and GNSS is the factor expected to offer growth opportunities during the forecast period.

GNSS-based applications have also been used to support precautionary measures. Location measures gained through use of GNSS have helped identify, map, and tag congested places & locations where individuals who have tested positive or have recently travelled. This data enabled the authorities to provide information about the places which need to be avoided.

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The navigation satellite market is segmented on the basis of type, component, application, and region. On the basis of type, it is segmented into global constellations, regional constellations, and satellite-based augmentations. By component, it is classified into devices and services. By services, it is further bifurcated into added-value services and augmentation services. On the basis of application, it is fragmented into consumer and health solutions, road & automotive, and others.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a positive impact on the global navigation satellite systems market.
Global navigation satellite system (GNSS) has been used for quarantine monitoring and enforcement. It was utilized to set up a virtual perimeter for those people who are in self-quarantine through a process known as geofencing. For instance, in South Korea, government made it mandatory for anyone entering the country to download "Self-Quarantine Safety Protection Application" for their 14-day self-quarantine.
GNSS-based applications have also been used to support precautionary measures. Location measures gained through use of GNSS have helped identify, map, and tag congested places and locations where individuals who have tested positive or have recently travelled. This data enabled the authorities to provide information about the places which need to be avoided.

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Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global navigation satellite systems industry, owing to rise in development of cost-effective navigation satellite system and high investment in defense, retail, military, and public transportation sectors. However, the LAMEA region is expected to witness the fastest CAGR of 12.3% from 2022 to 2031. This is due to surge in foreign investments coupled with government investments.

Leading Market Players: -

Furuno Electric
Hemisphere GNSS
Hexagon
L3 Harris Corporation
Laird Plc
Navtech GPS
Qualcomm Inc
Texas Instruments
Topcon Corporation
Trimble Inc.
Garmin Ltd,
Raytheon Technologies Corp.
SkyTraq Technology. Inc.
STMicroelectronics
Broadcom Inc.

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