GNSS Market to Surpass $563.20 Billion by 2031
GNSS Market to Surpass $563.20 Billion by 2031
Fueled by Autonomous Vehicles and Location-Based Services
The Global Navigation Satellite System (GNSS) Market was valued at $270.51 billion in 2023. It is anticipated to reach a valuation of $563.20 billion by 2031, exhibiting a robust compound annual growth rate (CAGR) of 9.6% from 2024 to 2031.
A GNSS refers to a network of satellites orbiting Earth, transmitting positioning, navigation, and timing data to GNSS receivers. It offers real-time, highly accurate positioning and timing services globally. GNSS encompasses satellite navigation systems like GPS, GLONASS, Beidou, and Galileo. Currently, three fully operational GNSS systems exist worldwide: the U.S. Global Positioning System (GPS), the Global Orbiting Navigation Satellite System (GLONASS) by Russia, and the European Union's Galileo. GNSS finds application in various sectors, including road & rail navigation, location-based services, maritime navigation, agriculture, and more.
According to a new report from SNS Insider, the increasing adoption of autonomous vehicles across diverse applications and the increasing reliance on location-based services are driving the GNSS market forward. However, the market faces challenges from cyberattacks targeting navigation satellite systems and data inaccuracies. Conversely, the integration of 5G technology with GNSS presents lucrative growth opportunities during the forecast period.
The market is segmented into global constellations, regional constellations, and satellite-based augmentations:
Global Constellations: This segment held the dominant share in 2023. It includes constellations offering global navigation services, such as GPS, GLONASS, and Galileo. The GPS constellation comprises 33 satellites, with 31 operational. For instance, in June 2021, control of the newly launched GPS III SV05 was transferred to the U.S. Space Forces 2nd Space Operations Squadron. This advancement empowers the GPS constellation with enhanced anti-jamming capabilities, improved accuracy, and increased resilience for its 4 billion users worldwide.
Regional Constellations: This segment caters to regional navigation needs. Examples include Navigation with Indian Constellation (NAVIC) and Quasi-Zenith Satellite System (QZSS). NAVIC, covering the Indian Ocean Region (India and surrounding areas up to 1500 km), offers precise real-time location and timing services. The NAVIC constellation consists of seven operational satellites. The QZSS regional constellation comprises four operational satellites.
Satellite-Based Augmentations (SBAS): This segment is anticipated to witness significant growth during the forecast period due to the rising adoption of SBAS as a disruptive technology. In June 2021, American Surveyor reported that various SBAS solution providers are expected to bolster market growth within this segment. Examples of operational public SBAS systems include EGNOS (Europe), WAAS (North America), MSAS (Japan), and GAGAN (India).
According to the report, North America dominates the GNSS market, boasting the most advanced tracking systems and a strong inclination towards high technology. Europe and Asia-Pacific follow closely behind. As per Navigation Satellite System Market Forecasts, several countries are actively developing improved systems to address the rising market demand.