GNSS Market Worth $160.30 Billion by 2027 At A Growth Rate of 12.80% – IndustryARC
Advancements Of Geosynchronous Orbit Systems And Growing Government Initiatives Are Estimated To Boost The GNSS Market.
HYDERABAD, TELANGANA, INDIA, September 26, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that The GNSS Market size was valued at $160.30 billion in 2020, and it is estimated to grow at a CAGR of 12.80% during 2021-2026. GNSS stands for Global Navigation Satellite System and is integrated with Global Positioning System systems to manage precise location positioning anywhere on earth. With the growing end users of consumer electronics and wearable with embedded GLSS equipment, along with the increasing investments by the companies like Tesla and Mercedes-Benz for denoting autonomous driving and other respective Automatic vehicle location features are estimated to boost the GNSS Equipment Industry. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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https://www.industryarc.com/Research/GNSS-Market-Research-507699
Key takeaways :
1. The GNSS Receivers is estimated to hold the maximum market and grow at a 11.1% CAGR during the forecast period, owing to the constant enhancement of the entire GNSS infrastructure, along with the significant adoption of cost-effective and high reliability GNSS solutions.
2. The introduction of Government policies encouraging production of new technologies locally drives the growth of GNSS Equipment market.
3. Asia Pacific is accounted for the largest market size of the GNSS Equipment market and projected to grow 12.99% CAGR during the forecast period. The presence of the leading consumer electronics manufacturers, such as Quectel Wireless and Navika Electronics, and various on-going technological innovations are driving the growth of the market.
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Segmental Analysis :
1. By Equipment, the GNSS Equipment market is segmented into Smart antena, Receivers, Field Controllers, and others. The GNSS Receivers are estimated to hold the maximum market and grow at a 11.1% CAGR during the forecast period.
2. By Application Type, the GNSS Equipment market is segmented into Time Synchronising, Location Based Services, Unmanned systems, surveying and mapping, and others. The Surveying and Mapping are analyzed to hold the major share and grow at a CAGR of 6.8% during the forecast period 2021-2026 owing to the growing adoption of GNSS devices across the units such as traffic, road and maritime.
3. The HD8040 series helps portable devices in terms of greater accuracy, precision and available measurements. Therefore, the launches of new cost-effective technologies, such as automotive navigation system along with rising demand among consumers are estimated to drive the GNSS Equipment market in this region.
Competitive Landscape :
The top 5 players in the GNSS Industry are –
1. JAVAD GNSS
2. Huber+Suhner
3. U-blox
4. Cobham PLC
5. Inmarsat Communications
Click on the following link to buy the GNSS Market Report :
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https://www.industryarc.com/Research/Gnss-Chip-Market-Research-505349
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https://www.industryarc.com/Report/215/global-navigation-systems-market-share-size-analysis-forecast-report.html
Venkat Reddy
IndustryARC
+1 614-588-8538
venkat@industryarc.com
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