The position, navigation, and timing solutions (pnt) global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Position, Navigation, And Timing Solutions (PNT) Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The position, navigation, and timing solutions (PNT) market size has grown rapidly in recent years. It will grow from $1.46 billion in 2023 to $1.65 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to increased military requirements for accurate positioning, navigation, and timing capabilities, the aviation sector’s demand for reliable navigation and timing systems, growth in transportation and logistics sectors, integration of GPS and PNT functionalities into consumer electronics, government regulations, and new industry standards.
The position, navigation, and timing solutions market size is expected to see rapid growth in the next few years. It will grow to $2.74 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to the growth of autonomous vehicles, the development of smart city infrastructure, increasing integration of position, navigation, and timing functionalities, the rising adoption of commercial drones, and the expanding maritime industry. Major trends in the forecast period include integration of AI and machine learning, enhanced cybersecurity measures, integration of 5G technology, adoption of quantum-safe cryptography, and customized PNT solutions for specific industries.
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Scope Of Position, Navigation, And Timing Solutions (PNT) Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Position, Navigation, And Timing Solutions (PNT) Market Overview
Market Drivers –
The rising adoption of GPS-enabled devices is expected to propel the growth of the position, navigation, and timing solutions (PNT) market going forward. GPS-enabled devices refer to devices that are capable of connecting to and utilizing the global positioning system (GPS) for positioning and navigation purposes. There is a growing adoption of GPS devices due to several factors, including the increasing demand for location-based services, rising emphasis on fleet management, asset tracking, and personal safety. The global positioning system (GPS) provides precise positioning, navigation, and timing (PNT) information to users anywhere on or near the Earth where there is an unobstructed line of sight to four or more GPS satellites. For instance, in November 2023, according to an online poll of 1,025 American adults conducted by the SafeHome organization, a US-based centerfield media company, there were 170 million Americans who owned at least one GPS or location-tracking device other than a smartphone. Additionally, over the next six months, 27% of Americans plan to buy at least one location-enabled device. Therefore, the rising adoption of GPS-enabled devices is driving the growth of the position, navigation, and timing solutions (PNT) market.
Market Trends –
Major companies operating in the position, navigation, and timing solutions (PNT) market are focusing on leveraging advanced technologies, such as AI-based smart power management, to gain a competitive edge in the market. AI-based smart power management refers to the use of artificial intelligence (AI) algorithms to optimize the energy consumption and efficiency of devices such as GPS receivers, navigation systems, and timing devices. For instance, in January 2024, Tack One Pte Ltd., a Singapore-based company offering IoT products and location tracking services, launched the Tack GPS Plus, a cutting-edge global tracker that revolutionizes location technology for consumers. It has an innovative Indoor Elevation Finder capability, enabling the device to offer unparalleled performance for both indoor and outdoor applications. It utilizes advanced technologies such as AI-driven power management and low-power IoT networks to ensure a 30-day battery life while delivering global tracking functionality at an accessible price point.
The position, navigation, and timing solutions (pnt) market covered in this report is segmented –
1) By Type: Precise Point Positioning (PPP), Real-Time Kinematic (RTK), PPP-RTK, WARTK (Wide Area Real Time Kinematic)
2) By Component: Satellite, Ground
3) By Application: Navigation, Positioning, Precision Timing, Geo-Location
4) By End User: Defense, Commercial, Government And Civil
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Regional Insights –
North America was the largest region in the position, navigation, and timing solutions (PNT) 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 solutions (PNT) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the position, navigation, and timing solutions (PNT) market report are Qualcomm Technologies Inc.; Northrop Grumman Corporation; Honeywell International Inc.; BAE Systems Inc.; Safran S.A.; Thales Group; Collins Aerospace Ltd.; L3Harris Technologies Inc.; STMicroelectronics N.V.; Analog Devices Inc.; Booz Allen Hamilton Inc.; Trimble Inc.; Huber+Suhner AG; u-blox Holding AG; Spirent Communications plc; Telespazio S.p.A.; Topcon Positioning Systems Inc.; NovAtel Inc.; KVH Industries Inc.; Vicom Australia Pty Ltd; Javad GNSS Inc.; Chronos Technology Ltd.; Concurrent Technologies Corporation; Swift Navigation Inc.; Septentrio N.V.; Tersus GNSS Inc.; NextNav Inc.
Table of Contents
1. Executive Summary
2. Position, Navigation, And Timing Solutions (PNT) Market Characteristics
3. Position, Navigation, And Timing Solutions (PNT) Market Trends And Strategies
4. Position, Navigation, And Timing Solutions (PNT) Market – Macro Economic Scenario
5. Global Position, Navigation, And Timing Solutions (PNT) Market Size and Growth
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32. Global Position, Navigation, And Timing Solutions (PNT) Market Competitive Benchmarking
33. Global Position, Navigation, And Timing Solutions (PNT) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Position, Navigation, And Timing Solutions (PNT) Market
35. Position, Navigation, And Timing Solutions (PNT) Market Future Outlook and Potential Analysis
36. Appendix
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