Global Satellite-based GNSS Augmentation System Market Highlights over 2022 – 2031
The global satellite-based GNSS augmentation system market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2031. GNSS or global navigation satellite systems provide positioning, navigation, and timing services across the globe or on the basis of regions. The growth of the market can be attributed to the constant technological breakthroughs and advancement in technologies, such as GPS systems. Moreover, the growing investment by government as well as private authorities, for the development of advanced satellite-based services, is further estimated to boost the market growth. According to the data by the United Nations Office for Outer Space Affairs (UNOOSA), the International Committee on Global Navigation Systems (ICG) is working towards establishing interoperability among the global systems, which will allow a GNSS user to receive signals from multiple systems of satellites for navigating and positioning. Along with this, the increasing safety concerns regarding civil aviation are also anticipated to fuel the market growth.
The market is segmented by application into aviation, maritime, road & rail, and others, out of which, the aviation segment is anticipated to hold the largest share in the global satellite-based GNSS augmentation system market over the forecast period on account of application of GNSS for navigation amongst the aircrafts, combined with the high efficiency of GNSS system. Moreover, increasing frequency of air travel, backed by rising number of passengers travelling via air transport, is further estimated to boost the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Satellite-based GNSS Augmentation System Market Regional Synopsis
On the basis of geographical analysis, the global satellite-based GNSS augmentation system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is estimated to witness noteworthy growth over the forecast period on the back of increasing demand for air transportation, along with higher adoption of advanced technology in the region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the presence of major market players in the region, along with adoption of satellite-based services, such as, GPS, in the developed countries. Moreover, growing aviation industry is further anticipated to boost the market growth. For instance, the commercial aviation industry contributes to more than 5% of the GDP of U.S. every year.
The global satellite-based GNSS augmentation system market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global satellite-based GNSS augmentation system market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Higher precision, dependency, and demand for satellite based navigation services are estimated to boost the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2031.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the growing aviation industry in the region.
The major players in the market are Airbus SE, Thales Group, Raytheon Company, Loral Space & Communications, Mitsubishi Motors Corporation, SkyTraq Technology, Inc., Honeywell International Inc., Universal Avionics Systems Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, platform, and by region.
The aviation segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Privacy concerns amongst people regarding satellites, along with increasing competition from other technologies are estimated to hamper the market growth.
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