Mid-and High-level Precision GPS Receiver Market worth $4.0 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 1, 2021 /PRNewswire/ -- According to the new market research report "Mid-and High-Level Precision GPS Receiver Market with COVID-19 Impact, by Type (Differential Grade, Survey Grade), Industry (Agriculture, Mining, Construction, Oil & Gas) and Geography - Global Forecast to 2026", published by MarketsandMarkets™, the global Mid-and High-Level Precision GPS Receiver Market size is expected to grow from USD 2.7 billion in 2021 to USD 4.0 billion by 2026, at a CAGR of 8.6%. The growth of this market is driven mainly by growing adoption of GPS receivers in construction industry, rising technological advancements and GPS augmentation system, rising ongoing development to improve overall GPS infrastructure, and growing availability of more cost-effective GPS solutions.
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Mining industry is estimated to hold the largest growth rate of the mid-and high-level precision GPS receiver market during the forecast period.
The mining industry is expected to held the largest CAGR of the mid-and high-level precision GPS receiver market during the forecast period. GPS finds various applications in the mining industry, including surveying and mapping land, blasthole drilling; shovels, dozers, loaders, and graders; haul truck fleet, vehicle tracking & dispatch, and GNSS surveying. These systems in mining are implemented using Real-time Kinematics (RTK) or differential GPS in order to increase the accuracy required for mining activities.
Mid-and high-level precision GPS receiver for survey grade type to grow at highest CAGR from 2021 to 2026
Survey-grade GPS receivers are used to position road construction, survey markers, and buildings. These receivers are designed to achieve constant network accuracy in real time or static mode There is an increasing adoption of survey grade in industries such as agriculture and construction as it provides accurate positioning. Rising construction activities across the world is estimated to fuel the demand for the survey-grade segment in the coming years. These receivers are more expensive and more accurate positioning devices as compared to differential-grade GPS receivers.
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The mid-and high-level precision GPS receiver market in APAC is expected to grow at the highest CAGR from 2021 to 2026
APAC is expected to hold the largest growth rate of the global mid-and high-level precision GPS receiver market during the forecast period. The growth of GPS receivers in the region is attributed to the growing agriculture (precision farming) industry as well as rising infrastructure development. GPS receivers are highly used in both construction and farming activities. However, the pandemic has resulted in disruptions in supply chain activities, revenue losses, and slowdown in production activities which have highly impacted the growth of the market, eventually impacting the economy.
Countries such as China and Japan are witnessing increasing demand for the GPS receiver market. Rising population in APAC countries is also increasing air and rail traffic, which is driving the demand for GPS receivers. In Australia, the mid- and high- level precision GPS is basically used for precision farming applications. Australia is one of the leading countries in the adoption of precision farming techniques after the US and Canada. Australia has helped lead the way in the application of Precision Agriculture (PA) or satellite farming, which allows farmers to cater to the variability of their lands.
Major companies operating in this mid-and high-level precision GPS receiver market include Trimble Navigation Ltd. (US), Hexagon AB (Sweden), Topcon Positioning Systems Inc. (US), Hemisphere GNSS, Inc. (US), and Javad GNSS, Inc. (US).
Related Reports:
GPS Tracking Device Market by Type (Standalone Tracker, OBD Device & Advance Tracker), Deployment Type (Commercial Vehicle, Cargo & Container), Industry (Transportation & Logistics, Metals & Mining, and Construction) and Geography - Global Forecast to 2023
Anti-Jamming Market for GPS with COVID-19 Impact, by Receiver Type (Military & Government Grade, and Commercial Transportation Grade), Technique (Nulling, Beam Steering, and Civilian), End-User, Application, and Geography - Global Forecast to 2025
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