Allied Market Research published a report, titled, “Navigation Satellite Systems Market by Component (Devices, Services), by Type (Global Constellations, Regional Constellations, Satellite-based Augmentation Systems), by Application (Consumer and Health Solutions, Road and Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global navigation satellite systems industry generated $225.30 billion in 2021, and is anticipated to generate $552.20 billion by 2031, witnessing a CAGR of 9.5% from 2022 to 2031.
The consumer and health solutions segment to maintain its lead position during the forecast period
Based on application, the consumer and health solutions segment accounted for the largest share in 2021, contributing to nearly two-thirds of the global navigation satellite systems market, and is projected to maintain its lead position during the forecast period. This is attributed to multitude of applications to satisfy different usage conditions and needs. These applications are supported by several categories of connected devices such as smartphones and tablets, personal tracking devices, wearables, digital cameras and portable computers. The report also identifies the road & automotive segment.
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Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the navigation satellite industry analysis from 2021 to 2031 to identify the prevailing navigation satellite market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the navigation satellite systems market segment assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global navigation satellite systems market trends, key players, market segments, application areas, and market growth strategies.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global navigation satellite systems market, owing to rise in development of cost-effective navigation satellite system and high investment in defense, retail, military, and public transportation sectors. However, the LAMEA region is expected to witness the fastest CAGR of 12.3% from 2022 to 2031. This is due to surge in foreign investments coupled with government investments.
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Leading Market Players: –
Furuno Electric
Hemisphere GNSS
Hexagon
L3 Harris Corporation
Laird Plc
Navtech GPS
Qualcomm Inc
Texas Instruments
Topcon Corporation
Trimble Inc.
Garmin Ltd,
Raytheon Technologies Corp.
SkyTraq Technology. Inc.
STMicroelectronics
Broadcom Inc.
Key Findings Of The Study
- By component, the services segment is anticipated to exhibit significant growth in the near future.
- By type, the satellite-based augmentation systems segment is anticipated to exhibit significant growth in the near future.
- By application, the others segment is anticipated to exhibit significant growth in the near future.
- By region, LAMEA is anticipated to register the highest CAGR during the forecast period.
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