The "Satellite Navigation System Market by Constellation, Solution and Orbit: Global Forecast to 2028" from MarketsandMarkets forecasts the market to grow from $61.1 billion in 2023 to $75.5 billion by 2028, with a CAGR of 4.4% during the forecast period. The market's expansion is attributed to technological advancements in navigation satellites and ground systems.
The Medium Earth Orbit segment is projected to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period. MEO satellites, widely used in navigation systems such as the US Global Positioning System (GPS) and the European Galileo system, play a crucial role. Galileo facilitates navigation and communication across Europe, serving various tasks including tracking large aircraft and providing smartphone directions. Employing multiple satellites, Galileo covers substantial portions of the Earth's surface simultaneously.
The Global Positioning Navigation Satellite segment is expected to dominate the market share by constellation throughout the forecast period. These satellite constellations are spatially distributed groups designed to offer extensive coverage, highly accurate positioning, timing, and navigation services to ground users. These constellations, involving multiple satellites working in unison, ensure continuous and precise object location determination on Earth's surface.
The Asia Pacific region is anticipated to hold the largest market share in 2023. China leads the way in Asia Pacific, boasting a substantial number of companies and startups in the industry. With its focus on satellite navigation system advancement and self-reliance, China is instrumental in driving the market's growth. The region's expansion is attributed to the rising demand for satellite-based services, encompassing navigation, communication, and remote sensing.
Key companies include Raytheon Technologies (US), Northrop Grumman Corporation (US), Qualcomm Technologies, Inc (US), Lockheed Martin Corporation (US), and L3Harris Technologies (US), among others.