GNSS Strategic Industry Report 2024-2030
GNSS Strategic Industry Report 2024-2030
Market to Reach $453 billion by 2030
The global market for Global Navigation Satellite System (GNSS), estimated at $223.4 billion in the year 2023, is projected to reach a revised size of $453 billion by 2030, growing at a CAGR of 9.2% over the analysis period 2023-2030.
Road Application, one of the segments analyzed in a new report from Global Industry Analysts, Inc, is expected to record 9.2% CAGR and reach $223.3 billion by the end of the analysis period. Growth in the Location-based Services (LBS) Application segment is estimated at 9.4% CAGR for the next 8-year period.
The expanded use cases and a wide addressable market maintain the market momentum, particularly in the satellite services sector. GPS, as the widely adopted GNSS platform, is discussed, with emphasis on the full-fledged rollout of GPS III and its implications for commercial use.
The Global Navigation Satellite System (GNSS) market in the U.S. is estimated at $60.3 billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of $101.8 billion by the year 2030 trailing a CAGR of 12.8% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.7% and 7.5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 7.2% CAGR.
The report delves into a comparison of GNSS platforms including GPS, GLONASS, Beidou/BDS, Galileo, and NAVIC, outlining their respective features and capabilities. Recent market activity is analyzed, highlighting the economic benefits driving the wider proliferation of GNSS technologies.