Press Release Description
Growing Use of Location- & Navigation-based System Applications to Lead the Global Navigation Satellite System (GNSS) Market Growth
The Global Navigation Satellite System (GNSS) Market is projected to grow at a CAGR of around 7.23% in the forecast period of 2022-27, says MarkNtel Advisors in their recent research report. The global market experienced considerable growth during the historical period, owing to the growing requirement for navigation & tracking-based systems in different industries like e-commerce, delivery services, aviation, etc. The navigation & location services aid the companies to enhance their customer experience by providing quick deliveries & services to their customers.
Moreover, the increasing number of mobile phone users around the globe has also contributed to the market growth as mobile phones are equipped with a GPS that allows the user to operate numerous applications to require navigation & location. Along with these factors, the rising geopolitical tension around the world & initiatives by the government to modernize their aircraft & naval fleet are accelerating the demand for the Global Navigation Satellite Systems (GNSS) in the market.
Furthermore, to enhance border security, the nations are investing in the development of their Navigation Satellite System (GNNS). Some countries own their self-developed GNSS systems, for example for global coverage GPS of the US, GLONASS of Russia, Galileo of the European Union, and BeiDou of China, further states the research report, "Global Navigation Satellite System (GNSS) Market Analysis, 2022-2027."
Increasing Use of Navigation-based Applications to Lead the Growth of Global Constellation During the Forecast Period
Based on the type, the market bifurcates into Global Constellation, Regional Constellation, and Satellite-based Augmentation. Among them, Global Constellation accounted for a sizeable market share in the Global Navigation Satellite Systems market. The increasing use of GPS-enabled systems by various sectors like aviation, e-commerce, agriculture, automotive, etc., for location, navigation, & tracking purposes has accelerated the growth of the global constellation type in the Global GNSS market. The agriculture sector requires GPS-enabled devices to track their autonomous vehicles, the e-commerce uses the system to deliver their order to the customers without any hassle & in the automotive sector, vehicles are required to use the system for location & navigation to monitor the potential hazards in the environment.
Furthermore, with the onset of the COVID-19 pandemic in the year 2020, the home delivery services of the various FMCG products have extensively grown, due to which the demand for navigation-based tracking for triangulating the customer location has become paramount. Moreover, various other segments, such as rental cabs & cab-sharing companies, have also been extensively reliant on GPS-based services for path-tracking & also for reaching the customer pick-up location & reaching the destination without any interruptions.
Increased Use of GPS by Industries to Lead the Growth of the North America Market
Geographically, North America held a considerable market share in the Global Navigation Satellite Systems market during the historical period. The development of countries like the US, Canada, etc., in the North American region, has helped to hold a significant share in the Global Navigation Satellite System (GNNS) market. The US-owned GNSS system with global coverage, Global Positioning System (GPS), is used for tracking, navigating, mapping, timing, etc., in various countries of the world & is one of the most popular GNSS systems used worldwide.
Moreover, in the e-commerce sector, the Positive Train Control system (PTC) of the US & various other industries use GPS-based devices. The military is another sector that has been highly reliant on the usage of GPS-based services for assessing the real-time location as well as directing various land, sea, and airborne platforms to optimally utilize the military systems in peace & wartime. Hence, the increasing use of GPS-based systems in various economic sectors would lead the North American market in the forecast period as well, reveals MarkNtel Advisors in their research report, "Global Navigation Satellite System Market Analysis, 2022-2027."
According to MarkNtel Advisors, the leading players in the Global Navigation Satellite System Market are Qualcomm Inc., Texas Instruments, Trimble Inc., Broadcomm Inc., Hexagon, Furuno Electrics, Intel Inc., Cobham Limited, Rockwell Collins, Topcon Corporation, Garmin International Inc., L3 Harris, TomTom International BV, Raytheon Technologies.
Key Questions Answered in the Study
- What are the current & future trends in the Global Navigation Satellite System Market?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries, followed by their comparative landscape?
- What are the key growth drivers & challenges for the Global Navigation Satellite System Market?
- What are the customer orientation, purchase behavior, and expectations from product manufacturers across various regions?
- By Type (Global Constellation, Regional Constellations, Satellite-based Augmentation)
- By Application (Rail, Aviation, Maritime, Surveying, Time Synch, Agriculture, Location-Based Service (LBS), Road, Military)
- By Region (North America, South America, Europe, the Middle East & Africa, Asia-Pacific)
- By Competitors (Qualcomm Inc., Texas Instruments, Trimble Inc., Broadcomm Inc., Hexagon, Furuno Electrics, Intel Inc., Cobham Limited, Rockwell Collins, Topcon Corporation, Garmin International Inc., L3 Harris, TomTom International BV, Raytheon Technologies)
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