PUBLISHER: The Business Research Company | PRODUCT CODE: 1455288
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455288
A navigation satellite system is a comprehensive network comprising satellites and ground-based infrastructure. Its primary purpose is to furnish users with precise and dependable positioning, navigation, and timing information within or near the Earth's surface. This system aids individuals in determining their exact location, calculating speed, and achieving highly accurate time synchronization for satellites occupying specific orbits.
The essential components of a navigation satellite system include devices and services. Devices encompass physical or electronic instruments, tools, machines, or gadgets crafted and employed for specific purposes. Diverse satellite technologies play integral roles in this system, such as constellations, satellite-based augmentation systems (SBAS), the global positioning system (GPS), the global navigation satellite system (GLONASS), Galileo, and Beidou. These technologies find applications in various sectors, including location-based services (LBS), automotive and road industries, surveying, rail transportation, aviation, agriculture, and other domains.
The navigation satellite system market research report is one of a series of new reports from The Business Research Company that provides navigation satellite system market statistics, including navigation satellite system industry global market size, regional shares, competitors with a navigation satellite system market share, detailed navigation satellite system market segments, market trends and opportunities, and any further data you may need to thrive in the navigation satellite system industry. This navigation satellite system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The navigation satellite system market size has grown rapidly in recent years. It will grow from $216.95 billion in 2023 to $243.44 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The historical period's growth can be attributed to several factors, including the utilization of navigation satellite systems in military applications, the widespread proliferation of the global positioning system (GPS), advancements in aviation and maritime navigation, the integration of these systems in transportation and logistics, and their contribution to precision agriculture.
The navigation satellite system market size is expected to see rapid growth in the next few years. It will grow to $364.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The anticipated growth in the forecast period can be attributed to various factors, including the rise of autonomous vehicles, the emergence of next-generation satellites, the expansion of 5G networks, global connectivity initiatives, and the increased focus on disaster management and emergency response. Major trends expected in the forecast period encompass scientific research and exploration, the development of telecommunications infrastructure, integration with emerging technologies, the expansion of global navigation satellite systems, and advancements in satellite technology.
The increasing adoption of autonomous vehicles is anticipated to drive the growth of the navigation satellite system market in the future. Autonomous vehicles, also known as self-driving or driverless vehicles, are equipped with advanced technology and systems that enable them to operate and navigate without direct human input. Navigation satellite systems play a crucial role in supporting autonomous vehicles by providing precise and reliable positioning, navigation, and timing information. This contribution enhances safety, efficiency, and environmental impact reduction. For instance, in December 2022, projections from the National Association of Insurance Commissioners, a US-based non-profit organization, suggest that by 2025, there will be 3.5 million autonomous vehicles on American roads, with an expected increase to 4.5 million by 2030. Furthermore, the Institute of Electrical and Electronics Engineers, a US-based professional organization, forecasts that by 2040, 75% of all vehicles on the planet's highways will be autonomous. Hence, the adoption of autonomous vehicles is a significant driver for the growth of the navigation satellite system market.
The rising adoption of smartphones is also expected to contribute to the growth of the navigation satellite system market. A smartphone, combining cellular phone functionality with features such as internet connectivity, applications, and multimedia capabilities, relies on navigation satellite systems such as GPS for determining precise location information by receiving signals from orbiting satellites. This capability facilitates accurate mapping, navigation, and location-based services. For example, in November 2023, based on estimates from Uswitch Limited, a UK-based provider of comparison and switching services, around 95%, or approximately 65 million individuals, of the projected UK population of 68.3 million are expected to be using smartphones by 2025. Therefore, the increasing adoption of smartphones plays a crucial role in propelling the growth of the navigation satellite system market.
A significant challenge impeding the growth of the navigation satellite system market is the escalating need to protect these systems from cyber attacks. Cyber attacks on navigation satellite systems involve unauthorized actions aimed at disrupting or manipulating satellite-based navigation systems such as GPS for malicious purposes. The impact of these attacks on navigation satellite systems creates concerns about the security and reliability of these systems, eroding trust and discouraging potential users and investors from adopting and investing in navigation satellite technologies. An example of such cyber attacks is noted in the Russia-Ukraine war, where Russia has targeted Starlink terminals in Ukraine since the early days of the invasion in February 2022. These attacks aim to disrupt Ukraine's internet access and disable Starlink's communications capabilities. Consequently, the growing imperative to protect navigation satellite systems from cyber attacks acts as a significant constraint on the growth of the navigation satellite systems market.
Major companies are actively developing innovative products such as the Global Positioning System (GPS) III-6 Space Vehicle (SV06) navigation satellite. The GPS III-6 SV06 is a next-generation global navigation satellite system. For instance, in January 2023, SpaceX, a US-based spacecraft manufacturer and satellite communications company, successfully launched the sixth spacecraft in the GPS III series. This latest generation of GPS satellites is characterized by enhanced capabilities, featuring three times improved accuracy and eight times better jam-proofing. Additionally, it incorporates a military channel with enhanced dependability and jam-proofing, improved civilian transmissions, compatibility with other navigation systems, and strengthened search and rescue capabilities. The development of such advanced navigation satellite systems reflects the ongoing efforts to address market challenges and stay at the forefront of technological innovation.
In May 2022, EMCORE Corporation, a US-based manufacturer specializing in innovative inertial navigational devices, completed the acquisition of the L3Harris Space and Navigation business for a total of $5 million. This strategic move by EMCORE aims to swiftly increase its market share. The acquisition brings about a significant expansion in EMCORE's inertial navigation product line, incorporating navigation, strategic-grade gyro, and Inertial Measurement Unit (IMU) products. This expansion not only broadens the company's product offerings but also extends its reach in the market. L3Harris Technologies Inc., the acquired entity, is a US-based aerospace and defense company that is actively involved in providing navigation satellite systems, making this acquisition a valuable addition to EMCORE's portfolio.
Major companies operating in the navigation satellite system market report are RTX Corporation, Qualcomm Technologies Inc., General Dynamics Corporation, Texas Instruments Inc., Intel Corporation, MediaTek Inc., L3Harris Technologies Inc., STMicroelectronics N.V., Hexagon AB, Garmin Ltd., Trimble Inc., Quectel Wireless Solutions Co. Ltd., Viasat Inc., Topcon Corporation, Iridium Communications Inc., u-blox, Furuno Electric Co. Ltd., Spirent Communications plc, TomTom N.V., SkyTraq Technology Inc., Globalstar Inc., Thuraya Telecommunications Company, Javad GNSS Inc., Tersus GNSS Inc., ComNav Technology Ltd., Hemisphere GNSS
Asia-Pacific was the largest region in the navigation satellite system market in 2023. The regions covered in the navigation satellite system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the navigation satellite system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The navigation satellite system market includes revenues earned by entities by providing services such as emergency warning services, geodetic surveys, and synchronization services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The navigation satellite system market also includes sales of simulation tools, portable navigation devices (PNDs), and mobile mapping systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Navigation Satellite System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on navigation satellite system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for navigation satellite system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The navigation satellite system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.