According to a new report published by Allied Market Research, titled, “Navigation Satellite Market,” The navigation satellite market was valued at $225.30 billion in 2021, and is estimated to reach $552.20 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031.
Asia-Pacific is expected to dominate the global navigation satellite market in 2031. The adoption of navigation satellite system is expected to increase in countries such as India, China, Japan, and others, owing to rise in development of cost-effective navigation satellite system, and high investment in defense, retail, military, and public transportation sectors. The market is driven by rise in commercial applications, increase in adoption of mobile devices; and greater need for high speed internet services.
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Key players operating in the global navigation satellite market include, Broadcom Inc., Furuno Electric, Garmin Ltd. Hexagon AB, L3Harris Corporation, Laired Connectivity, Navtech GPS, Qualcomm Technologies Inc., Raytheon Technologies Corporation, SkyTraq Technology, Inc., STMicroelectronics N.V., Texas Instrument, Topcon Corporation, Trimble Inc., and UniStrong (Hemispere GNSS).
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.
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KEY FINDINGS OF THE STUDY
- By component, the services segment is anticipated to exhibit significant growth in the near future.
- By type, the satellite-based augmentation systems segment is anticipated to exhibit significant growth in the near future.
- By application, the others segment is anticipated to exhibit significant growth in the near future.
- By region, LAMEA is anticipated to register the highest CAGR during the forecast period.
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.
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