The global Satellite Based Augmentation Systems (SBAS) market is expected to experience significant growth in the next five years. By 2030, the market is anticipated to reach a value of USD million, with a CAGR of percentage.
SBAS systems are geosynchronous satellite systems that enhance the accuracy, integrity, and availability of basic SBAS signals. These systems transmit wide-area corrections for SBAS range errors, quickly detect satellite signal errors, and improve signal availability.
According to research, the global SBAS market was valued at USD 620.3 million in 2023 and is projected to reach USD 826.5 million by 2030, with a CAGR of 4.9%. The market was influenced by the COVID-19 pandemic and the Russia-Ukraine conflict.
Europe is the largest market for SBAS, accounting for approximately 35% of the market share, followed by North America with a share of 25%. The aviation sector is the largest application segment, followed by maritime, road and rail, among others. WAAS is the largest product segment with a share of 30%.
Key players in the global SBAS market include Thales, Raytheon Company, Mitsubishi, Airbus, and SES. These top manufacturers hold a combined share of approximately 80%.
The market is driven by increasing global demand for various applications. Strategic initiatives from key industry players, along with a favorable Compound Annual Growth Rate (CAGR) forecasted from 2023 to 2030, indicate strong potential for the SBAS market’s expansion.
Despite facing challenges during the COVID-19 pandemic and the Russia-Ukraine conflict, the SBAS market is expected to recover with appropriate strategies.
In conclusion, the global SBAS market is poised for significant growth in the coming years. With advancements in technology and increasing demand for applications, key players are driving market expansion.