Navigation Satellite System Market – By Equipment, By Satellite System, By Application (Navigation, and Others), By End-Use Industry, By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030

Navigation Satellite System Market Overview:

Navigation Satellite System Market size is estimated to reach US$355.3 billion by 2030, growing at a CAGR of 9.6% during the forecast period 2024-2030. Increasing demand for location-based services and advancements in Navigation Satellite System technology are expected to propel the growth of Navigation Satellite System Market. The Navigation Satellite System market is evolving rapidly, driven by several major trends. A key trend is the increasing reliance on Global Navigation Satellite Systems (GNSS) for a wide range of applications beyond traditional navigation, such as autonomous vehicles, drones, and precision agriculture. The expansion of Navigation Satellite System constellations, including the European Galileo, China’s BeiDou, and Russia’s GLONASS, alongside the US GPS, is enhancing global coverage and positioning accuracy, enabling more reliable and precise services.
Additionally, Combining Navigation Satellite System with INS technology provides highly accurate and continuous positioning even in Navigation Satellite System signal outages. This is crucial for autonomous vehicles, drones, and other applications requiring uninterrupted navigation. Integrating Navigation Satellite System with cellular networks like 5G enables seamless positioning indoors and in urban areas where satellite signals are weak. This opens up new possibilities for location-based services and applications like indoor navigation and asset tracking. Advancements in microchip technology are leading to smaller, lower-power GNSS chips. This enables integration into a wider range of devices, from wearables and smartphones to drones and Internet of Things (IoT) sensors. The development of cost-effective Navigation Satellite System solutions makes the technology more accessible to a broader range of applications and user segments. This drives market expansion and innovation in various sectors, including agriculture, construction, and consumer electronics.

Market Snapshot: 

Navigation Satellite System Market - Report Coverage:

The “Navigation Satellite System Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Navigation Satellite System Market.

 
COVID-19 / Ukraine Crisis - Impact Analysis:  

• The COVID-19 pandemic has had a significant impact on the Navigation Satellite System Market in Ukraine. This led to delays in the deployment of GNSS infrastructure and the development of related technologies. However, as the pandemic progressed, there was a growing recognition of the importance of GNSS in enabling remote operations and facilitating the implementation of social distancing measures. This increased awareness has stimulated demand for GNSS solutions across various sectors, including transportation, agriculture, and logistics, as businesses seek to enhance efficiency and productivity while adapting to the new normal.
• In Ukraine specifically, the impact of COVID-19 on the Navigation Satellite System Market has been compounded by geopolitical tensions and economic challenges. Despite these obstacles, there is a growing emphasis on leveraging GNSS technology to drive innovation and foster economic growth. The Ukrainian government has recognized the strategic importance of GNSS and is investing in initiatives to strengthen the country's position in the global Navigation Satellite System Market. These efforts include fostering partnerships with international GNSS providers, supporting research and development activities, and promoting the adoption of GNSS-based applications in key sectors such as precision agriculture, transportation, and emergency response.

Key Takeaways:

●    APAC Dominated the Market

Geographically, in the Navigation Satellite System Market share, APAC region is analyzed to hold a dominant market share of 37% in 2023. The presence of the leading consumer electronics manufacturers, such as Quectel Wireless and Navika Electronics, and various on-going technological innovations, including wearable devices, smartphone and many more, in reference to real-time data for tracking as well as recording are estimated to drive market in this region. The 12th Multi-GNSS Asia Annual Conference will be taking place on 10 & 11 March 2022. GNSS.asia will be featured with its own session! This conference is organized by the MGA (Multi-GNSS Asia) organization, which comprises of international experts, and is focused on promoting the use of multi-GNSS in the Asia and Oceania regions as well as supporting service providers and user communities in the development of new applications and businesses.

●    Surveying & Mapping is the fastest growing segment

In the Navigation Satellite System Market forecast, Surveying & Mapping segment is estimated to grow with a CAGR of 10.1% during the forecast period, owing to the growing adoption of GNSS devices across the units such as traffic, road and maritime. Land surveying services will continue to register strong growth due to growing adoption of aerial surveying services, cartographic surveying services, and geodetic surveying services, among others. In May 2023, third edition of the use of GNSS in surveying and mapping has been prepared by RICS in partnership with Newcastle University, and with the help of an extensive expert peer review process. The standard supports those connected with the requesting, purchase and production of surveys and mapping data at all scales. The new global 3rd edition features fully revised and updated sections on GNSS survey methods, control and errors, coordinate reference systems and projections, and a strong emphasis on quality control and office/processing procedures.

●    GNSS Receivers to Hold Largest Market Share

According to the Navigation Satellite System Market analysis, GNSS Receivers segment is estimated to hold the largest market share of 33% in 2023. The constant enhancement of the entire GNSS infrastructure, along with the significant adoption of cost-effective and high reliability GNSS solutions to denote various services, including automotive navigation system and more are contributing to the growth of the market. In December 2023, Furuno Electric Co. has released its dual-band GNSS receiver chip, eRideOPUS 9, which can achieve 50cm position accuracy without correction data. The product is designed to provide absolute position information and can be used as a reference for lane identification, which is essential for services such as autonomous driving. The eRideOPUS 9 supports all navigation satellite systems currently in operation, including GPS, GLONASS, Galileo, BeiDou, QZSS and NavIC.

●    Increasing Demand for Location-Based Services

The growing demand for location-based services across various industries such as transportation, agriculture, construction, logistics, and emergency response is a significant driver of the Navigation Satellite System Market. GNSS technology enables precise positioning, navigation, and timing capabilities, which are essential for applications such as vehicle tracking, fleet management, precision agriculture, asset tracking, and geospatial mapping. As businesses and consumers increasingly rely on location-based services for improved efficiency, safety, and convenience, the demand for GNSS solutions continues to rise, driving market growth. The concept of location-based systems is not compliant with the standardized concept of real-time locating systems (RTLS) and related local services, as noted in ISO/IEC 19762-5 and ISO/IEC 24730-1. While networked computing devices generally do very well to inform consumers of days old data, the computing devices themselves can also be tracked, even in real-time.

●    Advancements in GNSS Technology

The evolution of standardized digital communications, such as the Highway Addressable Remote Transducer (HART) protocol, can provide reliable communication and safety alerts during gas leakages. Another significant trend is the integration of GNSS with other technologies, such as IoT and 5G. This convergence is creating new opportunities for real-time, high-precision location-based services and applications, particularly in urban environments where signal obstruction can be a challenge. The development of multi-frequency GNSS receivers is also improving resilience and accuracy, reducing the impact of signal interference and atmospheric conditions.
The rise of augmented GNSS solutions, like Real-Time Kinematic (RTK) and Precise Point Positioning (PPP), is further boosting the accuracy to centimeter-level precision, which is crucial for applications in surveying, construction, and autonomous systems. Additionally, advancements in chip technology are making GNSS receivers more power-efficient and affordable, facilitating their integration into a broader range of devices.

●    Expensive GNSS Components Hinders the Market Growth

The expense of GNSS components, including receivers, antennas, and related infrastructure, is primarily driven by factors such as advanced features, high-performance specifications, and the complexity of manufacturing processes. Additionally, the need for continual upgrades to keep pace with evolving GNSS standards and technologies further contributes to the overall cost. Addressing this challenge requires efforts to drive down the cost of GNSS components through economies of scale, advancements in manufacturing techniques, and increased competition among suppliers. Additionally, initiatives to promote interoperability and standardization can help reduce integration costs and enhance the affordability of Navigation Satellite System solutions.

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Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Navigation Satellite System Market. The top 10 companies in this industry are listed below:

1. Trimble Inc.
2. Hexagon AB
3. Topcon Positioning Systems, Inc.
4. CHCNAV
5. Garmin Ltd.
6. u-blox
7. Hemisphere GNSS
8. Septentrio N.V.
9. Furuno Electric Co., Ltd.
10. STMicroelectronics N.V.

Scope of Report: 

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