Overview and Scope
A satellite navigation system refers to a technology that enables users to determine their position, velocity, and time using signals from satellites in space. These systems work by receiving signals from multiple satellites orbiting the earth and using triangulation or trilateration techniques to calculate the user’s precise location.
Sizing and Forecast
The satellite navigation system market size has grown strongly in recent years. It will grow from $148.56 billion in 2023 to $163.21 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to military applications, commercialization of space, increasing demand for precise positioning, growth of transportation and logistics sectors, improving accuracy and reliability of satellite signals.
The satellite navigation system market size is expected to see strong growth in the next few years. It will grow to $224.9 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to rise in demand for unmanned aerial vehicles (UAVs) and drones, increasing use of satellite navigation in agriculture and precision farming, deployment of satellite navigation for disaster management and emergency response, expansion of satellite navigation. Major trends in the forecast period include rise in demand for real-time and high-precision positioning, growth of hybrid navigation systems combining satellite and terrestrial technologies, integration of satellite navigation with artificial intelligence (AI) and machine learning (ML) algorithms, expansion of satellite navigation services.
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Segmentation & Regional Insights
The satellite navigation system market covered in this report is segmented –
1) By Solution: System, Services
2) By Constellation: Global Navigation, Regional Navigation, Augmented
3) By Orbit: Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Other Orbits
4) By Application: Road And Automotive, Consumer And Health Solutions, Other Applications
Asia-Pacific was the largest region in the satellite navigation system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite navigation system 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
The growing popularity of autonomous vehicles is expected to propel the growth of the satellite navigation system market going forward. An autonomous vehicle is a type of vehicle equipped with sensors and technology that enable it to perceive its surroundings and navigate without human intervention. Autonomous vehicles commonly utilize satellite navigation systems to determine their precise location, navigate to their destinations, and navigate safely and efficiently by providing precise positioning information. For instance, in August 2022, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization for road safety, there will be 3.5 million self-driving automobiles on American highways by 2025 and 4.5 million by 2030. Therefore, the growing popularity of autonomous vehicles is driving the growth of the satellite navigation system market.
Key Industry Players
Major companies operating in the satellite navigation system market are Furuno Electric Co. Ltd., RTX Corporation, Lockheed Martin Corporation, Stonex Srl, Airbus SE, QualComm Technologies Inc., General Dynamics Corp, Northrop Grumman Corporation, Honeywell International Inc., Broadcom Inc., Safran SA, Texas Instruments Inc., Thales Group, L3Harris Technologies Inc., STMicroelectronics, Teledyne Technologies Inc., Hexagon AB, Trimble Inc., Kongsberg Gruppen, Cobham Plc., Topcon Corporation, u-blox, TomTom International BV, Laird Plc. (Advent International), Surrey Satellite Technology Ltd., Swift Navigation, Septentrio, SkyTraq Technology Inc., ComNav Technology Ltd., Magellan Systems Japan Inc.
The satellite navigation system market report table of contents includes:
- Executive Summary
- Satellite Navigation System Market Characteristics
- Satellite Navigation System Market Trends And Strategies
- Satellite Navigation System Market – Macro Economic Scenario
- Global Satellite Navigation System Market Size and Growth
………….
- Global Satellite Navigation System Market Competitive Dashboard
- Key Mergers And Acquisitions In The Satellite Navigation System Market
- Satellite Navigation System Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Satellite Navigation System Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Satellite Navigation System Market, Segmentation By Constellation, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Satellite Navigation System Market, Segmentation By Orbit, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
……….
Table 75: Furuno Electric Co. Ltd. Financial Performance
Table 76: RTX Corporation Financial Performance
Table 77: Lockheed Martin Corporation Financial Performance
Table 78: Stonex Srl Financial Performance
Table 79: Airbus SE Financial Performance
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