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The global navigation satellite system (GNSS) market size is expected to reach USD 386.78 billion by 2027. The rising inclination towards 5G technology for its faster internet connection and robust network will aid the adoption of GNSS in the forthcoming years, states Fortune Business Insights in a report, titled “Global Navigation Satellite System Market Size, Share & COVID-19 Impact Analysis, By Type (Global Constellations, Regional Constellations, Satellite-Based Augmentations), By Application (Rail, Road, Aviation, Maritime, LBS, Time Synch, Agriculture, Surveying and Others), and Regional Forecast, 2020-2027” the market size stood at USD 161.27 billion in 2019 and is expected to exhibit a CAGR of 12.83% between 2020 to 2027.
Introduction of Power-efficient NB2 IoT Chipset by Qualcomm to Encourage Growth
Qualcomm Technologies, an American public multinational corporation headquartered in San Diego, California announced that it has launched the world's most power-efficient single-mode NB2 (NB-IoT) chipset, Qualcomm® 212 LTE IoT Modem. The trailblazing power-efficient chipset of Qualcomm® 212 LTE IoT Modem offers extremely low average power consumption. The launch of Qualcomm’s chipset is expected to bolster healthy growth of the market during the forecast period owing to the ultra-low system-level cut-off voltage with adaptable power usage allowing end devices with power supply as low as 2.2 volts. Moreover, Qualcomm® 212 LTE IoT Modem will aid in the range of various IoT applications. The ultra-low power consumption will benefit OEMs. Furthermore, the Qualcomm® 212 LTE IoT Modem will back single-mode 3GPP Release 14 Cat. The integration of the RF front end, and power management units, and modules below 100 square millimeters will create surplus demand for the LTE IoT modem. In addition, the launch of SDK alongside Qualcomm 212 LTE IoT Modem with networking protocols will support developers in running custom software on integrated applications processor with pre-integrated support for cloud platforms. For example, Microsoft Azure IoT SDK.
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The advent of autonomous Cars to Accelerate Market Potential
The rising need for advanced navigation systems in vehicles for accurate positioning solutions will fuel demand for the market. The integration of the navigation satellite system in driverless cars for enhanced location tracker and real-time information will enable speedy expansion of the market in the forthcoming years. The real-time information helps in maintaining a secure distance from other automotive vehicles. The growing popularity of driverless cars is expected to have a tremendous impact on the market in the foreseeable future. Additionally, the advancement in autonomous driving technology by automobile manufacturers will boost the growth of the market. For instance, in 2019, Germany-based Daimler AG announced the technological collaboration with Bayerische Motoren Werke AG to work together on autonomous driving technology. Similarly, Audi AG, a German automobile manufacturer announced the investment of USD 163 billion in the development and procurement of driverless technologies by 2023.
Introduction of innovative Software and Services by Industry Players to Reinforce Business
The strong product portfolio of major companies in developed and developing countries can be an essential factor in encouraging the growth of the market. The emergence of domestic players is expected to promote industry proceedings in the near future. The presence of numerous manufacturers such as Qualcomm Plc., Texas Instrument, Trimble, Rockwell Collins will aid in the expansion of the industry. The robust portfolioof Harris Corporation, Cobham Plc., and Laird Plc consisting of products and services will consolidate its position in the market. Moreover, the introduction of innovative products, services, software, partnership, strategic acquisition, and collaboration by key players will further enhance the growth of the market in the forthcoming years.
The Report Lists the Main Companies in the Navigation Satellite System Market:
Further Report Findings:
The GNSS Market is Segmented into:
Value (USD billion)