Navigation Satellite System Market Driven By Demand Surge to Grow Exceptionally
Market Synopsis
As per the analysis by Market Research Future Reports (MRFR), the global navigation satellite system market 2020 is driven majorly by the usage of smartphone navigation systems. Navigation, inclination on accurate positioning, and timing solutions for commercial, government, industrial, and military applications are estimated to be the significant factors in expanding the market at a global level. Besides, the increasing demand for navigation devices and indoor positioning for customer privacy are affecting the global navigation satellite system market. Furthermore, other attributes that provide real-time information about driving directions, ETA, traffic situation have further propelled the demand for navigation systems, which augments the market. However, easy system accessibility is a severe drawback, and cyber threats are easy. Moreover, the complexities faced by the management and the unstructured data during the review period are estimated to obstruct the expansion of the global satellite system market.
Due to the outbreak of COVID-19, the market has been analyzed again with new establishments. We will provide COVID-19 impact analysis with the report.
Market Segmentation
The global navigation satellite system market can be classified on the basis of application, technology, and region.
On the basis of application, the global navigation satellite system market can be classified into aviation, agriculture, location-based services, road, maritime, rail, time & synchronization, and surveying.
On the basis of technology, the global navigation satellite system market can be classified into satellite-based augmentation systems (SBAS) and global constellations. Satellite-based augmentation can be classified into MSAS (Japan), WAAS (North America), EGNOS (Europe), GAGAN (India). Global Constellations can further be classified into GPS, GLONASS, BeiDou, and Galileo.
On the basis of region, the global navigation satellite system market can be classified into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
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Regional Analysis
The geographical analysis of North America, Europe, Asia-Pacific, and the Rest of the World (RoW), has been conducted. The global market for navigation satellite system is estimated to expand significantly during the forecast period. As per the analysis, North America is estimated to lead the market for navigation for satellite systems during the review period. Among all the nations, the US, Canada, and Mexico are estimated to dominate the satellite navigation system market. The market in the US has been expanding at a fast pace since the US owns its GNSS called NAVSTAR GPS. On the other hand, the APAC region is likely to expand at a fast pace during the forecast period. The region consists of established players, which plays a significant role in the regional expansion. Besides, the presence of telecom industries, consumer electronics like smartphones is flourishing as well, which further propels the market. Among all countries, China and India contribute significantly to regional expansion. Moreover, India’s PSLV launched 31 satellites in a single flight where two satellites belong to other countries. Furthermore, the increasing penetration of smartphones, deployment of GNSS in agriculture, demand for real-time navigation solutions in aviation, agriculture, and other verticals, the APAC region is witnessing substantial growth in the navigation system market in the region.
However, the outbreak of COVID-19 has affected several regions. The dynamics of the market have changed significantly due to the constant observation of worldwide lockdown.
Key Players
The forefront player of the global market for navigation system is (GNSS) are TomTom NV (Netherlands), AgJunction, Inc. (US), Qualcomm Technologies International Ltd. (US), Garmin Ltd. (Switzerland), Hexagon (Sweden), Furuno Electric Co Ltd. (Japan), Raytheon Company (US), Trimble Navigation Ltd. (US), Topcon Corporation (Japan), Rockwell Collins (US), and a few others.
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