Satellite-based GNSS Augmentation System Market Share

Europe Market Forecast

Europe industry is set to dominate majority revenue share of 35% by 2037. The regional growth can majorly be attributed to the growing acceptance of advanced technology in the region, which has increased the demand for air transportation. European Global Navigation Satellite System "EGNSS" This comprises the Global Navigation Satellite System set up under the Galileo Program and the European Geostationary Overlay Service (EGNOS). Galileo entered the Initial Operational Capability (IOC) phase in the year 2016. Since then, anyone with a Galileo-enabled device can use that signal for positioning, navigation, and timing. There are currently over 200 Galileo-enabled smartphones and tablets on the market, contributing to an installed base of over 1 billion. Galileo is also employed in other user domains such as transportation and specialized areas (such as surveying and agricultural applications). According to The World Bank, 87% of the population in the Europe region, used internet as of the year 2021. Hence, increasing governmental initiatives and growing penetration of smart devices and internet are estimated to add to the regional market growth over the forecast period.

North American Market Forecast

The satellite-based GNSS augmentation system market in the North America region, amongst the market in all the other regions, is projected to hold the second largest share of about 24% during the forecast period. The growth of the market in this region can primarily be attributed to the escalating technological advancements in the industrial sector and massive deployment of advanced satellite-based GNSS augmentation system for industrial automation. According to data released by the Census Bureau as part of the 2018 Annual Survey of Manufacturing, more than 30% of workers in the North American region require technical assistance for a variety of purposes, including transportation equipment, primary metals, plastics and rubber products, and used robots. Additionally, the presence of multiple key players in the region and increasing investment in the huge escalation of digitalization process automation are other key factors expected to fuel the market growth during the forecast period. Additionally, with the introduction of satellite-based services such as GPS throughout the regional sectors, the growing aviation industry is expected to further drive the growth of the regional market. For instance, the commercial aviation industry accounts for over 5% of US GDP annually.

APAC Market Statistics

Further, the satellite-based GNSS augmentation system market in the Asia Pacific, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the fact that the region is increasingly focused on improving technological processes and high manufacturing output. In the year 2020, China's manufacturing output was about USD 3.85 trillion, an increase of 0.8% from the year 2019. Moreover, increasing penetration of the internet among the regional population is expected to boost the market growth in the region in the future. Moreover, the regional market is also expected to gain a prominent share during the forecast period owing to the high adoption rate of modern technology based smart devices and the strong presence of key market players in the region.