The global navigation satellite system (GNSS) market is projected to grow at a CAGR of 9.02% from 2021 to 2028, reaching a value of USD 320.73 billion. The market size is expected to increase from USD 175.19 billion in 2021 to USD 320.73 billion in 2028. The growth of the market is attributed to technological advancements in smartphone technologies and digitalization.
The key players in the GNSS market include Qualcomm Inc., Texas Instrument Inc., Trimble Inc., Rockwell Collins, Broadcom Inc., Hexagon AB, Furuno Electric Co. Ltd., Laird Plc., Cobham Plc., L3Harris Corporation, and Topcon Corporation.
The market is segmented based on type, application, and geography. The types of GNSS include global constellations, regional constellations, and satellite-based augmentations. The global constellation segment, which includes satellite constellations providing global coverage like GPS, GLONASS, and Galileo, held the largest share in 2020. The market is further classified based on applications such as rail, surveying, agriculture, LBS, timing synch, road, maritime, aviation, and others.
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are the major regions covered in the market analysis. The North American market is expected to grow significantly due to the increasing adoption of driver advisory systems (DAS) in rail applications and the implementation of positive train control (PTC).
Europe is also projected to witness rapid growth, driven by the presence of major component manufacturers and the rising adoption of GNSS in road, surveying, and maritime applications. Asia Pacific will experience substantial growth due to the high demand for electronic devices, smartphones, and positioning devices, as well as India’s focus on developing robust navigation satellites.
The global GNSS market is highly competitive, with major companies operating worldwide. The market is expected to become more fragmented as regional players enter the market. Key players have a robust portfolio of products and are focused on technological advancements, contracts, agreements, mergers, acquisitions, and partnerships to maintain their dominance in the market.
In conclusion, the global navigation satellite system market is set to witness significant growth in the coming years due to the emerging applications of GNSS and the increasing adoption of navigation technologies in various industries.