Satellite-Based Global Navigation Satellite System (GNSS) Augmentation System Market
The Business Research Company recently released a comprehensive report on the Global Satellite-Based Global Navigation Satellite System (GNSS) Augmentation System 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 satellite-based global navigation satellite system (GNSS) augmentation system market size has grown strongly in recent years. It will grow from $11.18 billion in 2023 to $12.25 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to growing aviation industry, growing demand for precise navigation, expansion of precision agriculture, increasing air traffic and aviation safety concerns, growing application.
The satellite-based global navigation satellite system (GNSS) augmentation system market size is expected to see strong growth in the next few years. It will grow to $17.46 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to increasing demand for GNSS systems, expansion of SBAS market, application of GNSS, increasing frequency of air travel. Major trends in the forecast period include product developments, technological advancements, integration of multiple GNSS constellations, rise of next-generation SBAS, advancements in integrity monitoring.
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Market Drivers and Trends:
The growing aviation industry is expected to propel the growth of the satellite-based global navigation satellite system (GNSS) augmentation system market going forward. The aviation industry refers to the collective business activities and infrastructure related to the design, manufacturing, operation, and maintenance of aircraft. The aviation industry is growing due to a combination of demographic, economic factors. Satellite navigation through augmentation systems will assist pilots in all flight phases, from taxing to take-off, en-route flying, and landing, as it improves the accuracy of position, velocity, and time information provided by satellite navigation signals. GNSS augmentation systems enhance the integrity of position information, reducing the risk of errors and providing pilots with more reliable navigation data. For instance, in September 2023, according to the International Air Transport Association, a Canada-based trade association, Asia-Pacific airlines saw a 105.8% increase in July 2023 traffic compared to July 2022. Therefore, the growing aviation industry is driving the growth of the satellite-based global navigation satellite system (GNSS) augmentation system market.
Major companies operating in the satellite-based global navigation satellite system (GNSS) augmentation system market are innovating new satellite positioning chip to increase their profitability in the market. A satellite positioning chip refers global navigation satellite system (GNSS) receiver, is an electronic component that receives and processes signals from satellite constellation. For instance, in January 2024, Airoha Technology Corp., a Taiwan-based technology company launched AG3335MA satellite positioning chip series. The chip series has a professional-grade GNSS receiver measurement engine with an ultra-low satellite tracking sensitivity of -167 dBm and a cold boot positioning time of just 25 seconds. It can operate reliably in extreme environments, ranging from -40 to 105 degrees Celsius. The AG3335MA series has been integrated with MediaTek’s dimensity auto platform, providing comprehensive solutions and technical testing services to automotive manufacturers worldwide. It has also completed the AEC-Q100 Grade 2 reliability qualification tests for automotive applications.
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Major Key Players of the Market:
Mitsubishi Corporation, Raytheon Technologies Corporation, Lockheed martin corporation, Airbus S.E, Northrop Grumman, Honeywell International Inc., BAE Systems plc, Boeing Satellite Systems International, Thales Group, L3Harris Technologies Inc., Leidos Holdings Inc., Space Exploration Technologies Corp. (SpaceX), Intelsat, SES S.A., Eutelsat Communications, Space Systems Loral, Telesat, cobham plc, Universal Avionics Systems Corporation, GeoOptics Inc., Deimos Imaging, Grintex India Limited, QinetiQ Group plc, Novatel Aerospace, Trust Precision Engineering Co Ltd.
Satellite-Based Global Navigation Satellite System (GNSS) Augmentation System Market 2024 Key Insights:
• The satellite-based global navigation satellite system (gnss) augmentation system market is expected to grow to $17.46 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Aviation Industry’s Surge Fuels Expansion of Satellite-Based GNSS Augmentation Systems Market
• Innovative Technologies Driving Growth in Satellite-Based GNSS Augmentation System Market
• North America was the largest region in the satellite-based global navigation satellite system (GNSS) augmentation system market in 2023
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