The satellite position, navigation, and timing (pnt) technology 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.
Satellite Position, Navigation, And Timing (PNT) Technology 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 satellite position, navigation, and timing (PNT) technology market size has grown exponentially in recent years. It will grow from $2.02 billion in 2023 to $2.45 billion in 2024 at a compound annual growth rate (CAGR) of 21.5%. The growth in the historic period can be attributed to increased demand for accurate navigation and positioning services, expansion of the automotive industry, rising adoption of unmanned aerial vehicles, rising demand for PNT solutions, increased commercial applications.
The satellite position, navigation, and timing (PNT) technology market size is expected to see rapid growth in the next few years. It will grow to $4.95 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%. The growth in the forecast period can be attributed to growing reliance on satellite-based systems, rising demand for location-based services, growing use of satellite-based navigation in maritime and aviation sectors, increasing investments in the development of next-generation satellite. Major trends in the forecast period include development of next-generation satellite, integration of technologies, integration of multiple GNSS systems, expansion of maritime PNT solutions, advancements in PNT signal processing.
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Scope Of Satellite Position, Navigation, And Timing (PNT) Technology 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.
Satellite Position, Navigation, And Timing (PNT) Technology Market Overview
Market Drivers –
The growing demand in the automotive sector is expected to propel the growth of the satellite positioning, navigation, and timing (PNT) technology market going forward. The demand for the automotive sector is increasing due to several factors, including rising population and urbanization, increasing disposable incomes, changing consumer lifestyles, and technological advancements. Satellite PNT technology provides accurate location information, enabling advanced navigation systems in vehicles. This helps drivers choose the best routes, avoid traffic congestion, and reach their destinations efficiently. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group of the automobile industry, in 2022, global motor vehicle production reached 85.4 million units, indicating a 5.7% rise from 2021. Therefore, the growing demand in the automotive sector is driving satellite positioning, navigation, and timing (PNT) technology market.
Market Trends –
Major companies operating in the satellite position, navigation, and timing (PNT) technology market are developing innovative technologies such as precise timing device. A precise timing device is a device that provides accurate and reliable timekeeping. These devices are used in various applications, including scientific research, telecommunications, transportation, and sports. For instance, in November 2023, Adtran Inc. a US-based fiber networking and telecommunications company launched OSA 5405-S PTP grandmaster clock that features satellite time and location (STL) technology. The OSA 5405-S PTP grandmaster clock is a precise timing device used in network synchronization, specifically for the implementation of precision time protocol (PTP) in packet-based networks. This device allows for reception of STL signals alongside traditional Global Navigation Satellite System (GNSS) signals, addressing vulnerabilities related to traditional synchronization sources and enhancing reliability and security.
The aerospace support and auxiliary equipment market covered in this report is segmented –
1) By Type: Commercial Radars, Satellites
2) By Ownership: Public, Private
3) By Platform: Airborne, Land, Naval, Space
Subsegments Covered: Continuous Waveform, Pulse Waveform, Large Satellite, Mini Satellite, Micro Satellite, Nano Satellite
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Regional Insights –
North America was the largest region in the satellite position, navigation, and timing (PNT) technology market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite position, navigation, and timing (PNT) technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major companies operating in the satellite position, navigation, and timing (PNT) technology market are Raytheon Technologies Corporation, Honeywell International Inc, Broadcom Inc, Thales Group , L3Harris Technologies Inc, STMicroelectronics N.V., Analog Devices Inc., Qualcomm Technologies Inc. , Rockwell Collins, Lockheed Martin Corporation, Skyworks Solutions Inc, Garmin Ltd, Trimble Inc, Viasat Inc., SES S.A., Maxar Technologies Inc., Topcon Corporation , Iridium Communications Inc, BeiDou Navigation Satellite System, Leica Geosystems AG, u-blox AG, Spirent Communications plc , NovAtel Inc., Globalstar Inc. , Swift Navigation Inc., Septentrio NV, ComNav Technology Ltd, Hemisphere GNSS Inc
Table of Contents
1. Executive Summary
2. Satellite Position, Navigation, And Timing (PNT) Technology Market Report Structure
3. Satellite Position, Navigation, And Timing (PNT) Technology Market Trends And Strategies
4. Satellite Position, Navigation, And Timing (PNT) Technology Market – Macro Economic Scenario
5. Satellite Position, Navigation, And Timing (PNT) Technology Market Size And Growth
…..
27. Satellite Position, Navigation, And Timing (PNT) Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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