PUBLISHER: BIS Research | PRODUCT CODE: 1045792
PUBLISHER: BIS Research | PRODUCT CODE: 1045792
“Global Satellite Position, Navigation, and Timing (PNT) Technology Market to Reach $8,817.3 Million by 2031.”
Garmin Ltd., Northrop Grumman Corporation, BAE Systems, Inc., Qualcomm Technologies Ltd., Hexagon AB, Novatel Inc., Raytheon Technologies, WR Systems, Saab Ab, Telespazio, Thales Group, Orolia Holding SAS, Booz Allen Hamilton, Safran.
Product/Innovation Strategy: The product section will help the reader understand the different solutions for the global satellite position, navigation, and timing (PNT) technology. It will also help the readers understand the global potential of different hardware and software solution markets. The players operating in this market are developing innovative offerings and are deeply engaged in long-term agreements and contracts with space and government agencies.
Satellite PNT technology determines precise geographical location or position, navigates the route, and accurately tracks exact time. The position, navigation, and timing is derived from the global navigation satellite system (GNSS) onboard the communication satellite.
The primary function of PNT is to improve the performance of GNSS by providing information about the accuracy, integrity, continuity, and availability of its signals for geo-location and navigation applications.
Initially, the position, navigation, and timing (PNT) technology was introduced to supplement military and defense operations. However, PNT technology has become crucial for commercial, government, and civil operations over the years.
Currently, government agencies and private companies operating in the global satellite position, navigation, and timing (PNT) technology market are engaged in research and development initiatives to offer assured position, navigation, and timing technology (A-PNT).
The global satellite position, navigation, and timing (PNT) technology market is valued at $961.7 million in 2020 and it is estimated to reach $8,817.3 million by 2031, at a compound annual growth rate (CAGR) of 22.45% during the forecast period 2021-2031. The major factor driving the market growth is the need for resilient navigation, positioning, and timing data for everyday applications in the commercial and defense sector.
The navigation application is expected to dominate the global satellite position, navigation, and timing (PNT) technology market as receiving accurate navigation data has become the backbone of the automotive, e-commerce, and transport and logistics industries on air, land, and sea. The navigation application has also become crucial for military, government, and civil end user for national security, special operations, research, rescue missions, and more.
The commercial end user segment is anticipated to dominate the global satellite position, navigation, and timing (PNT) technology market. For the automotive, commercial aviation, financial industries, e-commerce businesses, the PNT technology is critical for everyday operations.
The hardware solution segment is expected to lead the global satellite position, navigation, and timing (PNT) technology market. The growth of this segment is attributed to the critical hardware components such as atomic clocks and oscillators.
During the forecast period, North America is expected to dominate the global satellite position, navigation, and timing (PNT) technology market. The significant presence of key companies highly engaged in developing and providing global satellite position, navigation, and timing technology solutions is a major factor attributing to the region's growth.
Some of the key players operating in the market include: Garmin Ltd., Northrop Grumman Corporation, BAE Systems, Inc., Qualcomm Technologies Ltd., Hexagon AB, Novatel Inc., Raytheon Technologies, WR Systems, Saab Ab, Telespazio, Thales Group, Orolia Holding SAS, Booz Allen Hamilton, and Safran.
The companies profiled in the report have been selected following in-depth interviews with experts and understanding details around companies such as product portfolio, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the space industry.