Assured Positioning, Navigation, And Timing (PNT) Market
The Business Research Company recently released a comprehensive report on the Global Assured Positioning, Navigation, And Timing (PNT) Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, the Assured Positioning, Navigation, and timing (PNT) market size has grown exponentially in recent years. It will grow from $0.81 billion in 2023 to $1.05 billion in 2024 at a compound annual growth rate (CAGR) of 30.0%. The growth in the historic period can be attributed to increasing in global demand for automotive products, high adoption of UAV and autonomous vehicles, growing use of PNT for commercial applications, growing demand in military applications, increasing demand for precise navigation solutions in civilian applications.
The Assured Positioning, Navigation, and timing (PNT) market size is expected to see exponential growth in the next few years. It will grow to $2.94 billion in 2028 at a compound annual growth rate (CAGR) of 29.2%. The growth in the forecast period can be attributed to increasing demand for security products, demand for improved infrastructure, growing adoption of integrated defense electronics technologies, rising need for modernization programs, rising use of advanced technologies to improve security. Major trends in the forecast period include integration of multiple technologies, 5G integration, augmented reality (AR) and virtual reality (VR) applications, resilience and anti-spoofing technologies, blockchain integration for secure positioning.
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Market Drivers and Trends:
The high adoption of unmanned aerial vehicles (UAVs) and autonomous vehicles is expected to propel the growth of the assured PNT market. Autonomous vehicles, referred to as self-driving or driverless vehicles, are vehicles equipped with advanced technologies that enable them to navigate, operate, and make decisions without direct human intervention. APNT systems provide precise positioning and navigation information, allowing UAVs to navigate accurately and safely, especially in complex or GPS-denied environments. For instance, according to the DefenseScoop, a US-based community-driven news source dedicated to the U.S. military’s acquisition, in 2022, the United States Department of Defense (DoD) requested over $1 billion for UAV procurement and $314 million for UAV research and development. Further, the U.S. government fiscal 2024 budget aimed to accelerate combat drone development and procurement, proposing a 3.2% boost in the DoD’s total discretionary budget authority to $842 billion. Therefore, the high adoption of unmanned aerial vehicles and autonomous vehicles is driving the growth of the assured PNT market.
Major companies operating in the Assured Positioning, Navigation, and timing (PNT) market are developing innovative products such as AC2ES to sustain their position in the market. AC2ES is an advanced Assured Position, Navigation, and Timing (A-PNT) solution designed to provide A-PNT information in GPS-threatened environments, offering schedule, cost, and capability advantages. For instance, in September 2021, Leonardo DRS, a US-based arms industry company, launched AC2ES (A-PNT Converged Computing-Embedded and Scalable), which offers a flexible and scalable capability that can be tailored to meet varying requirements, and it includes vision navigation technology. It is a scalable and tailorable A-PNT solution that integrates with advanced off-the-shelf systems. It provides a cost-effective and flexible approach to A-PNT capabilities for various vehicle platforms. This innovative solution converges best-of-breed A-PNT capabilities with cyber-hardened computing, offering flexible and tailorable options for A-PNT distribution and sharing with other on-platform systems.
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Major Key Players of the Market:
Northrop Grumman Corporation, Honeywell International Inc., BAE Systems plc, Collins Aerospace, Thales Group, L3Harris Technologies Inc., RTX Corporation, Leidos, Leica Geosystems AG, Hexagon AB, IAI Groups, Garmin Ltd., Curtiss-Wright Corporation, Topcon Positioning Systems, Advanced Navigation, Aevex Aerospace, Bliley Technologies Inc., Spirent Communications, KVH Industries, Inc., Swift Navigation, Septentrio N.V., SBG Systems, Tallysman Wireless Inc., Tersus GNSS Inc., Hemisphere GNSS
Assured Positioning, Navigation, And Timing (PNT) Market 2024 Key Insights:
• The assured positioning, navigation, and timing (pnt) market is expected to grow to $2.94 billion in 2028 at a compound annual growth rate (CAGR) of 29.2%.
• Unmanned Aerial Vehicles And Autonomous Vehicles Propel Assured PNT Market Growth
• Advanced Assured Position Navigation And Timing (A-PNT) Solution For Enhanced Warfighter Capabilities
• North America was the largest region in the Assured Positioning, Navigation, and timing (PNT) market in 2023
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