A recent report published by Infinium Global Research on navigation satellite system market provides in-depth analysis of segments and sub-segments in the global as well as regional navigation satellite system market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional navigation satellite system market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global navigation satellite system market. According to the report, the global navigation satellite system market is projected to grow at a CAGR of 18.2% over the forecast period of 2019-2025.
Navigation Satellite System is the space-based satellite navigation system that allows users with a compatible device to determine their position, velocity and local time by processing signals from satellites in space. These signals are provided by a variety of satellite positioning systems, comprising global Constellations and Satellite-Based Augmentation Systems. Navigation Satellite System plays a major role in high accuracy navigation, positioning, timing, and scientific questions connected to exact positioning. The navigation satellite system technology market is expected to grow at a beneficial rate during the forecast period.
The increasing stress on positioning, navigation, and timing tools in industrial, military applications, commercial, and government are the major factors that are driving the market for navigation satellite system markets across the globe. An increase in robotics solution, growing usage of connected and smart devices, and growth in need for safety and security concern plays a vital role in the market growth. However, factors such as lack of awareness towards GNSS technology, high cost, and signal connectivity may hamper the growth of the navigation satellite system technology market. Many small and large companies entering the market and offering products at economical pricing are causing competitively rated GNSS/GPS receiver devices that in turn create an opportunity for the growth of the global navigation satellite system technology market in the upcoming years.
In terms of regions, the global navigation satellite system technology market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among all, North America holds the maximum market share of the navigation satellite system technology market. The market in the United States has been growing very rapidly as they have their own global navigation satellite system namely NAVSTAR GPS. The Asia Pacific is expected to grow at a beneficial rate during the forecast period. This is attributed to the presence of large telecom industries, consumer electronics such as mobile phones which increase the application scope for navigation systems in the Asia-Pacific region.
The report on global navigation satellite system market covers segments such as application, satellite technology, and end user. On the basis of application, the sub-markets include location-based services, telematics, mapping, surveying, and other applications. On the basis of satellite technology, the sub-markets include global constellations, and satellite-based augmentation systems. On the basis of end user, the sub-markets include rail, agriculture, aviation, and other end users.
The report provides profiles of the companies in the market such as Qualcomm Technologies International Ltd., AgJunction, Inc., Garmin Ltd., Furuno Electric Co Ltd., Hexagon, Raytheon Company, Topcon Corporation, Trimble Navigation Ltd., Rockwell Collins, and TomTom NV.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of navigation satellite system market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.