Satellite-based GNSS Augmentation System Market Trends

  • Report ID: 3882
  • Published Date: Dec 20, 2024
  • Report Format: PDF, PPT

Satellite-based GNSS Augmentation System Market Trends

Growth Drivers

  • Increasing Growth in Urbanization Rate – The population movement from rural to urban regions, the concomitant decline in the number of individuals living in rural areas, and the manner in which societies adjust to this transition are included in urbanization. Urbanization is significantly increasing all over the world and is estimated to increase more over the forecast period. Globally, 55% of people lived in cities in the year 2018, and 68% are expected to do so by the year 2050. The urbanization rate is rising as more individuals are showing the tendency of moving to urban areas. As a result, the demand for high-ended augmentation system has been growing, which has increased the usage of GNSS augmentation system for different activities.
  • Rise in Research Spending – Growth in the global satellite-based GNSS augmentation system market during the forecast period can be further attributed to increased investment in research and development activities to continuously find more viable solutions for advanced technology. Research reports show that global R&D spending has more than tripled in real terms since 2000, rising from about USD 680 billion to more than USD 2.5 trillion in the year 2019.
  • Rapid Digitization In Diverse Organizations Worldwide – By 2022, nearly 65% ​​of the world's Gross Domestic Product (GDP) is expected to be digitized, with digitized organizations. It is projected to contribute more than half of gross domestic product (GDP). Nearly USD 54 trillion by 2023.
  • Rise in Smart Devices adoption – According to estimates, the number of smartphone users worldwide was around 6 billion in 2021 and is expected to reach 7.5 billion by the end of 2027.
  • Rising Internet Penetration – According to The World Bank data, the percentage of the population using the Internet was about 49% in 2018, but in the year 2020 it increased to 60%.

Challenges

  • Concerns related to Privacy and Data Security – Privacy and data security are critical aspects of our modern digital world. Privacy refers to an individual's right to keep their personal information and activities confidential and not shared without their permission. Data security breaches refers to the threat to data from unauthorized access, use, disclosure, modification, or destruction, which is expected to act as a major restrain to the market growth.
  • Rising Incidences of Data Thefts around the World
  • Lack of Awareness about Technology among Old Age Population

Satellite-based GNSS Augmentation System Market: Key Insights

Research and Development Expenditure

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Base Year

2024

Forecast Year

2025-2037

CAGR

6.7%

Base Year Market Size (2024)

USD 11.37 billion

Forecast Year Market Size (2037)

USD 26.42 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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Browse Key Market Insights with Data Illustration:


Author Credits:  Abhishek Verma


  • Report ID: 3882
  • Published Date: Dec 20, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of satellite-based GNSS augmentation system is estimated at USD 12.62 billion.

The satellite-based GNSS augmentation system market size was over USD 11.37 billion in 2024 and is anticipated to cross USD 26.42 billion by 2037, witnessing more than 6.7% CAGR during the forecast period i.e., between 2025-2037. Higher precision, dependency, and demand for satellite based navigation services will boost the market growth.

Europe industry is set to dominate majority revenue share of 35% by 2037, attributed to growing acceptance of advanced technology in the region, which has increased the demand for air transportation.

The major players in the market are SES S.A, Airbus SE, Thales Group, Raytheon Company, Loral Space & Communications, Mitsubishi Motors Corporation, SkyTraq Technology, Inc., Honeywell International Inc., Universal Avionics Systems Corporation
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