Navigation Satellite Systems Comprehensive Market: Segmented by Technology (Global Constellations and Satellite-Based Augmentation System); by Application (Location-based services, Transportation, Survey & Mapping, Consumer, Telematics and Others); by Industry (Automotive, Consumer Electronics, Industrial, Military &Defense, Travel & Tourism, Others); by Connectivity (Wired Receivers and Wireless Receivers); by Region (North America, Asia-pacific, Europe, Latin America and Middle-East and Africa)- Analysis of market share, size & trends for 2016-19
Navigation satellite system (GNSS) market is estimated to reach USD 567.4 billion by 2030 from USD 185.6 billion in 2019. The market is anticipated to grow at a CAGR of 10.7% during the forecast period, I.e., 2020-2030.
A navigation satellite system (GNSS) is a satellite-based system that enables its users to locate their positions, navigation, and time estimates. GNSS signals are provided by a variety of global and satellite-based systems. Satellite Navigation systems function autonomously of any telecom or internet transmission, although these advancements can strengthen the usefulness of the information produced about the positioning. Currently, there exist three GNSS, i.e., the Global Positioning System (GPS) of the US, the Global Orbiting Navigation Satellite System (GLONASS), and Galileo by the European Union. Over the past few years, there has been significant growth in the GNSS commercial applications due to increasing adoption by the firms engaged in navigation satellites and equipment. Advancements in technology and the growing curiosity in the positioning techniques based on Global Navigation Satellite Systems (GNSS) have led to the development of various co-navigation systems such as Global Positioning System (GPS), cellular network infrastructure, or the convergence of two technologies for applications such as Automatic Vehicle Location (AVL), Tracking Systems, and Navigation. Backed by such developments and advancements, the GNSS market is forecasted to grow at a CAGR of around XX.X% from 2020-to 30. Although in recent years, China and the European GNSS systems are likely to emerge as key regions, the United States’ GPS will remain the GNSS service in various corners of the globe.
Navigation satellite system (GNSS) market is expected to project a CAGR of 10.7% during the forecast period, 2020-2030
Some of the factors driving the growth of the market are increasing usage in multiple industries, mounting technological advancements, need for enhancing the performance in positioning solutions, especially in adverse environments. Minimal environmental impact, additional revenues from value-added services, and low transaction costs are likely to fuel the growth of the market. Additionally, many small and large players entering the market and offering products at competitive pricing are causing competitively priced GNSS/GPS receiver devices. However, the easy availability of data leading to cyber-attacks, and the difficulty of storing complex data are a few restraints that hinder the growth of the market for global navigation satellite systems.
GPS segment to drive the overall growth of the market
Based on the satellite technology, the global navigation satellite system comprehensive market can be segmented into Global Constellations and Satellite-Based Augmentation Systems (SBAS). The Global Constellations can be further segmented into GPS, GLONASS, Galileo, and BeiDou. The Global Positioning System (GPS) segment is leading the market and can be found in almost any industry sector. GPS is used for ascertaining the location, navigation, monitoring object or personal movement, creating maps of the world, and bringing precise timing to the world, these uses lead to the growth of the GNSS market. Moreover, GPS receivers are used in many commercial products, such as smartphones, exercise watches, automobiles, and GIS devices, which is expected to boost the market during the forecast period.
Location-based Services to grow at a CAGR of XX.X% during the forecast period, i.e., 2020-30
Based on application, the global navigation satellite system comprehensive market can be classified into Location-based services, Transportation, Survey & Mapping, Consumer, Telematics, and Others. By application, the location-based services segment is outperforming the other segments of the GNSS market. This service includes many types of equipment such as portable computers, digital cameras, and personal tracking devices for navigation, which are likely to propel the overall market growth. Moreover, applications like intelligent transportation, defense, and surveying are expected to grow the market during the forecast period. With the arrival of innovative services for transportation systems and the execution of autonomous vehicles, the design of accurate and reliable positioning, and navigation units is playing a significant role in the growth of the market.
Wireless receivers gaining popularity among the public
Based on connectivity, the global navigation satellite system market has been segmented into wired receivers and wireless receivers. Wireless receivers are more likely to propel the overall market growth due to advancements in technology and increasing consumer preference for the same.
Military and Defense Segment to boost the usage of Satellite Navigation Technology
Based on industry vertical, the market is segmented into consumer electronics, automotive, military and defense, travel and tourism, industrial, and others. The military & defense segment uses the Satellite Navigation technology to keep a check on the positioning, location, and time estimates of other neighboring and rival nations, for security purposes and other uses. The military segment is projected to grow at a CAGR of XX.X% during the forecast period.
Global satellite navigation system (GNSS) has been increasingly used, due to its success including precision, reliability, consistency, and availability, which fuel the market development. The development of smart transportation systems is the major driver of GNSS market growth. Growing emphasis on Positioning, Navigation, and Timing (PNT) systems in military and defense, government, and commercial applications are likely to boost the global satellite system navigation market.
Takes a longer time to respond
Global satellite navigation system receivers are also used in ships and boats to navigate the rivers, lakes, and oceans of all vessels around the world. However, the time taken by the global satellite navigation system receiver to locate and lock on the satellite signal can be considered a weakness and is one of the factors hampering the growth of the global satellite system receiver navigation market. Many companies are making every effort to upgrade their R&D activities to introduce innovations in this field.
Lack of Knowledge of the GNSS system
Lack of local knowledge is one of the factors that affect the growth of the market. Moreover, easy accessibility results in cyber threats and the challenge to store unstructured data are some restraining factors that restrict the growth of the GNSS market.
North America to hold the largest market share during the forecast period
Global Navigation Satellite Comprehensive Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and Middle-East & Africa. North America is expected to dominate the market for navigation for satellite systems in the forecast period. This market is growing very rapidly owing to advancements in technologies and increasing interest in positioning techniques based on GNSS. Also, the country has its own global navigation satellite system namely NAVSTAR GPS, which is highly used for military and civilian applications.
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