Overview and Scope
Position, navigation, and timing (PNT) solutions refer to systems and technologies that provide information about the location (position), orientation (navigation), and accurate timing of objects or users. They are essential for the functioning of critical infrastructure sectors and are used in various applications such as GPS, autonomous vehicles, and other navigation systems.
Sizing and Forecast
The position, navigation, and timing (PNT) solution market size has grown rapidly in recent years. It will grow from $1.22 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to precision agriculture, autonomous and connected vehicles, inertial navigation systems (INS), global positioning system (GPS), and multi-constellation systems.
The position, navigation, and timing (PNT) solution market size is expected to see rapid growth in the next few years. It will grow to $2.16 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to next-generation satellite systems, quantum technologies, 5G technology integration, advanced inertial navigation systems, and proliferation of low earth orbit (LEO) satellites. Major trends in the forecast period include regulatory developments, robust anti-spoofing and anti-jamming technologies, augmentation systems development, emergence of new navigation technologies, and integration with internet of things (IoT).
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Segmentation & Regional Insights
The position, navigation, and timing (PNT) solution market covered in this report is segmented –
1) By Type: Precise Point Positioning (PPP), Real-Time Kinematic (RTK), Precise Point Positioning-Real-Time Kinematic (PPP-RTK), Wide-Area Real-Time Kinematics (WARTK)
2) By Component: Satellite, Ground
3) By Application: Navigation, Positioning, Precision Timing, Geo-Location
4)By End User: Defense, Commercial, Government And Civil
North America was the largest region in the position, navigation, and timing (PNT) solution market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the position, navigation, and timing (PNT) solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing demand for autonomous vehicles is expected to propel the growth of the position, navigation, and timing solution market going forward. Autonomous vehicles, also known as self-driving or driverless vehicles, can operate and perform necessary functions without human intervention. Positioning, navigation, and time solutions are used in manufacturing autonomous cars to provide accurate position data, navigation direction, and time synchronization to ensure secure and effective operation. For instance, in December 2022, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization, there were projected to be 3.5 million autonomous vehicles or self-driving cars on American roads by 2025. Also, 4.5 million autonomous vehicles will be on the road by 2030. Therefore, increasing demand for autonomous vehicles will drive the position, navigation, and timing solution market.
Key Industry Players
Major companies operating in the position, navigation, and timing (PNT) solution market are Lockheed Martin Corporation, Qualcomm Technologies Inc, General Dynamics Corporation, Northrop Grumman Corporation, Honeywell International, BAE Systems plc, Safran S.A., Thales SA, Collins Aerospace, L3Harris Technologies Inc, Booz Allen Hamilton Inc., CACI International, Garmin Ltd, Parsons Corporation, Saab Ab, Israel Aerospace Industries, Trimble Inc, Leonardo DRS Inc, QinetiQ, VIAVI Solutions Inc., Adtran Inc., Spirent Communications plc, Telespazio S.p.A., NovAtel Inc. (Hexagon AB), WR Systems Ltd, Integrated Solutions for Systems Inc., Chelton Limited, SpacePNT Sàrl, NextNav Inc
The position, navigation, and timing (pnt) solution market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
……..
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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