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The global navigation satellite system market size was USD 160.69 billion in 2020. The market is predicted to grow from USD 175.19 billion in 2021 to USD 320.73 billion in 2028 at a CAGR of 9.02% in 2021-2028.
This information is provided by Fortune Business Insights™, in its 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, 2021-2028.”
According to our researchers, the progress in 5G technologies is likely to form substantial growth prospects in the forthcoming years. Furthermore, consumer electronics gadgets such as smartphones, digital cameras, smart wearable and tablets broadly utilize Global Navigation Satellite System (GNSS) technology for plotting, geo-marketing, and triangulation applications. This expansion has augmented the great adoption rate of several Location-Based Service (LBS) applications.
COVID-19 Pandemic: Affirmative Effect on GNSS Market Backed by Boosted Supply Demand
The enduring COVID-19 pandemic has majorly influenced numerous market industries, either affirmatively or adversely. All high development regions have considerably affected various industry functioning, such as industrial production, novel product delivery, as well as raw material delivery.
Therefore, the global navigation satellite system market has been predicted to grow at a spectacular growth rate irrespective of the prevailing pandemic condition.
Key players have documented several developments in the market in order to overcome the spreading of COVID-19 infection. Therefore, GNSS and Bluetooth sensors fortified smartphone application have been innovated to prevent the spread of the enduring COVID-19 pandemic by players such as Sygic and other technology corporations, which assists in assumed infection contamination locating.
Trimble Extends CenterPoint RTX Fast Correction Service
Trimble accomplished the development and extension of its CenterPoint RTX Fast correction service, with territory currently covering the adjoining U.S. as well as southern Canada. This enlargement is fundamental to the vision of Trimble in order to alter how and where operators can control accuracy and precision.
Moreover, it is perfect for self-sufficient applications in both on-road as well as off-road markets. The coverage and performance of the facility empowers industry experts to re-analyze the possibilities when utilizing amplified placing for refining security, performance, efficiency and functional proficiency.
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Unveiling of Innovative IoT Based Electronic Devices to Advocate Market Growth
The consumer electronic industry has perceived enormous development in emerging economies such as India and China. This development factor is accredited to the augmented implementation of customer electronic devices such as smartphones, tracking devices, tablets as well as digital cameras. These gadgets have an incorporated GNSS component that can empower the usage of inventive navigation aspects.
For example, India Brand Equity Foundation (IBEF) has declared that the Indian Appliance and Consumer Electronics (ACE) market has produced a revenue worth USD 10.93 billion in 2019. Moreover, GNSS chip incorporated smartphones are extensively utilized for numerous applications, involving geo-marketing, plotting, gaming, triangulation, as well as location-based services (LBS).
Key Players Constantly Develop Innovative Products to Secure Top Market Position
Few of the crucial players that are operating in the market are Qualcomm Plc., Texas Instrument, Trimble, Rockwell Collins are among others. Additional vital companies involve Harris Corporation, Laird Plc., Cobham Plc., and they have a robust existence through their products and services in the global navigation satellite system market. Moreover, unveiling of inventive and ground-breaking products, software, services, novel product introductions, tactical procurements, mergers, and collaborative partnerships are few of the fundamental approaches implemented by OEMs functioning in the GNSS market.
List of Key Players Covered in the GNSS Market Report
Table of Segmentation
Value (USD billion)