Initially created for military & defense applications, use of Global Navigation satellite systems has broadened its application scope to include government agencies, various industries and personal usage. The rapid growth and adoption of Positioning, Navigation & Timing (PNT) data and relevant value-added-services has been motivating dynamic advancement of this market.
Market Research Future has published a report that identifies various factors affecting the Global US and Global Navigation Satellite System (GNSS) Market. The market’s potential for growth is further motivated by the GNSS technology’s capacity for improvement of safety in transportation, end-to-end asset tracking and response times for emergency services. Additionally, the technology associated with GNSS has been available for some time now, leading to the availability of lower price points for GNSS devices, however at the same time, there is continual development occurring in this technology leading to highly efficient and improved GNSS devices.
Rising demand for and the advent of transformative technologies such as Intelligent Transportation Systems (ITS) and autonomous vehicles are some market trends that are motivating growth for GNSS. Meanwhile, integration of services and global interoperability between existing and yet to be deployed GNSS constellations have emerged as challenges for this market. However, progress is being made on this front. Other problems include compatibility of rapidly advancing technology and lack of regulations, the presence of these challenges indicate a significant potential yet to be realized for the GNSS market.
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Major Key Players:
The report further analyzes important strategies used by prominent market players to provide a map of the competitive landscape. Some key players in this market include Qualcomm Technologies International Ltd., TomTom NV, Rockwell Collins, AgJunction Inc., Trimble Navigation, Garmin Ltd., Topcon Corporation, Furuno Electric Co. Ltd, Raytheon Company, and Hexagon.
Analysis of GNSS market segments provides a comprehensive market view which allows for identification of upcoming market trends. The GNSS market has been segmented on the basis of application and satellite technology.
On the basis of applications, the market has been segmented into agriculture, aviation, location-based services (LBS), maritime, rail, road, surveying & timing and synchronization.
On the basis of satellite technology, the market has been segmented into global constellations and satellite-based augmentation systems.
North America & Europe are dominating the market due to the presence of their local GNSS constellations. NA is set to deploy the first satellite of GPS Block III in May of 2018. These regions have consistently displayed a tendency to keep up with current technology which has contributed to their positions as global market leaders. Moreover, there is a strong presence of eminent players in this region which has further facilitated growth.
Meanwhile, APAC is projected to be the fastest growing regional market segment; this can be attributable to the existence of growing economies in the region. Countries such as China, India, Japan and South Korea are expected to experience dramatic growth over the forecast period due to the presence of a growing technologically savvy consumer base. These countries have established themselves as a manufacturing hub for electronics and ICT systems, and the rapid increase in the use of smartphones as well as other digital devices in the region have prompted North American and European service providers to shift focus to this area of the world thus facilitating explosive growth.
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Latest Industry News:
India has recently launched a satellite which is intended to be a part of the region’s homegrown GNSS constellation. The Indian Regional Navigation Satellite System (IRNSS) has capabilities comparable to those of other GNSS constellations that have been deployed by other countries such as Russia’s GLONASS and Europe’s Galileo. The newly launched IRNSS 1I is expected to replace one of the existing satellites in orbit.
The UK has announced plans to establish its own GNSS constellation in the wake of Brexit. The announcement came amidst doubt over the U.K.’s future participation in essential Galileo projects. The EU has determined that British companies may be restricted from placing bids for contracts on Galileo. The U.K’s significant contribution to Galileo thus far could mean delays and higher costs for the project.
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