The expansion of space programs and advancement in technology are aiding in the development of highly accurate satellite-based navigation solutions. Global navigation satellite system (GNSS) is one such solution that is used to locate any geographic location with the help of global positioning system. As per the report that has been published by Market Research Future (MRFR), the global navigation satellite system market is registered to expand at a noteworthy growth rate by the end of 2027.
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The major players profiled by MRFR in the report on the global navigation satellite system market are Rockwell Collins (the U.S.), Qualcomm Technologies International Ltd. (the U.S.), AgJunction, Inc. (the U.S.), Garmin Ltd. (Switzerland), Furuno Electric Co Ltd. (Japan), Hexagon (Sweden), Raytheon Company (the U.S.), Topcon Corporation (Japan), Trimble Navigation Ltd. (the U.S.), Rockwell Collins (the U.S.), TomTom NV (Netherlands) and others.
Market Drivers and Restraints:
The global coverage of satellite navigation system is acquired by a constellation of multiple medium east orbit satellites. With increasing launch of these satellites, various players are entering the global navigation satellites system market, leading to the expansion of the global navigation satellites system market on a global scale. Extensive use of navigation systems with the help of smartphones and increasing emphasis on accurate positioning, navigation and timing solutions for commercial, government, industrial and military applications are majorly driving the global navigation satellite system market.
The added features that provide real-time information regarding the driving directions, traffic conditions and ETA are inducing high demand for navigation systems, which in turn are propelling the growth of the global navigation satellite system market. However, cyber threats caused due to easy accessibility of the system, and challenges faced to manage and store the unstructured data are likely to create hindrance in the growth of the global navigation satellite system market during the forecast period.
The US Global Navigation Satellite System Market has been segmented on the basis of application and technology. Based on application, the global navigation satellite system market has been segmented into agriculture, aviation, location-based services (LBS), maritime, road, rail, surveying and timing and synchronization. The location-based services segment includes Smartphones, Tablets, Digital cameras, Portable computer, Sport & Wearable’s, Personal tracking devices, Search and Rescue (PLB). The maritime segment is sub-segmented into Search & Rescue (PLB), Search & Rescue (EPIRB), Traffic Management, Homeland Security, IWW Navigation, Merchant Navigation, Recreational Navigation, Ports, Traffic management, Marine Engineering and Fishing Vessels. the surveying segment is sub-segmented into Cadastral, Construction – Machine control, Construction – Person based Mapping, Mining and Marine Surveying. The timing and synchronization segment is sub-segmented into telecommunication, energy and finance.
Based on technology, the global navigation satellite system market has been segmented into global constellations and satellite-based augmentation systems (SBAS). The global constellations segment is sub-segmented into GPS, GLONASS, Galileo and BeiDou. The satellite-based augmentation systems segment is sub-segmented into EGNOS (Europe), WAAS (North America), GAGAN (India) and MSAS (Japan).
Geographically, the global navigation satellite system market has been segmented into four major regions such as North America, Europe, Asia Pacific and the rest of the world. Increasing dependency on online navigation systems in various fields of application and extensive use of smartphones are driving the global navigation satellite system market in the North America region. The global navigation satellite system market in the Europe region is majorly driven by the high demand of accurate navigation systems for maritime surveillance, transport and in military and defense sector in this region. The Asia Pacific region is projecting significant growth in the global navigation satellite system market owing to the increasing penetration of smartphones, rise in demand for real-time navigation solutions and incorporation of GNSS in agriculture, aviation and other sectors in this region.
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In September 2018, Polynesian Exploration Inc. has introduced high accuracy navigation solution for emerging applications such as UAVs and autonomous driving. The system is named as PolyNav 2000P.
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