Navigation Satellite System (GNSS) Devices Market is driven by the government initiatives and support in providing assistance in mobile devices - Technavio

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Nov 16, 2023, 04:15 ET

NEW YORK, Nov. 16, 2023 /PRNewswire/ -- In a recent analysis by Technavio titled "Global Navigation Satellite System (GNSS) Devices Market Analysis - APAC, North America, Europe, Middle East and Africa, South America - US, Japan, China, South Korea, Russia - Size and Forecast 2024-2028," the transformative role of GNSS devices across various industries takes center stage. The market is projected for substantial growth, with an estimated increase of USD 32.1 billion between 2023 and 2028. Request sample report

Technavio has announced its latest market research report titled Global GNSS Devices Market 2024-2028

The GNSS devices market is witnessing significant expansion driven by diverse factors including government initiatives in mobile devices, increased investment in satellite navigation programs, and the continual innovation in navigation and positioning devices. These devices, reliant on satellite signals for global positioning and navigational services, find applications across automotive, aerospace, maritime, agriculture, consumer electronics, construction, and other sectors. They encompass manufacturing, distribution, integration, and software, enabling users to precisely pinpoint their location and access real-time global positioning information.

APAC is anticipated to contribute 38% to the global market growth, led by countries like South Korea, Japan, and China. The region's demand for location-based services and GPS-enabled devices propels market expansion, particularly in automotive applications for better navigation and safety features.

Technavio highlights the emerging trends of Global Navigation Satellite System (GNSS) Devices Market:

Increasing Demand for Precise Navigation: The GNSS devices market experiences growth due to the rising need for accurate navigation systems driven by precise location monitoring and mapping requirements. This demand stems from various industries' reliance on real-time global positioning data provided by GNSS devices.
Efficient Navigation and Tracking Systems: GNSS devices efficiently operate navigation and tracking systems, offering real-time global positioning data for diverse purposes. Leveraging satellite networks, these devices accurately pinpoint objects on Earth, ensuring precise results for users.
Industry Utilization for Operations Enhancement: Industries capitalize on GNSS technology to streamline operations. Transportation and logistics sectors, for example, utilize precise navigation systems to strategize routes and monitor vehicles. This optimization results in faster delivery times and improved fuel efficiency, showcasing the positive impact of GNSS devices on operational efficiency.

Prominent companies are actively immersing themselves in the trend.

Broadcom Inc. provides a range of GNSS devices, including the BCM47765, BCM47531, and BCM47755 models, while Furuno Electric Co. Ltd. offers their GF 8804 GNSS, GF 8805 GNSS, and GF 8801 GNSS devices. On the other hand, Garmin Ltd. specializes in comprehensive GNSS solutions that amalgamate data from various global navigation satellite systems, integrating sensor and connectivity platforms to support cutting-edge positioning solutions, particularly in marine navigation. The diverse offerings from these companies contribute significantly to the GNSS devices market by catering to different consumer needs, enhancing technological advancements, and expanding the scope of precise positioning across various sectors, especially in marine navigation, fostering innovation and reliability within the market.

This GNSS devices market report extensively covers market segmentation by end-user (consumer electronics, automotive and transportation, military and defense and others), product (smartphones, tablets, wearables, in-vehicle systems, personal tracking devices, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). Buy the full report here

According to Technavio's findings, The Global Navigation Satellite System (GNSS) Devices Market analysis by Technavio underscores the market's dynamic landscape, driven by key factors such as government support in mobile devices, growing demand for precise navigation across industries, and the continuous evolution of navigation and positioning technology. This market report delineates the significant role played by GNSS devices in various sectors, their application in diverse end-user segments like consumer electronics and automotive industries, and the challenges posed by indoor positioning limitations. Despite market fluctuations due to the pandemic, the anticipated market recovery and projected growth highlight the resilience and potential of GNSS devices, with key industry players strategizing to reinforce their foothold in this evolving market landscape.

Coverage

Vehicle-to-Everything (V2X) Communication System Market

Companies Covered

Beijing UniStrong Science and Technology Co. Ltd.
ComNav Technology Ltd.
Hexagon AB
Intel Corp.
L3Harris Technologies Inc.
MediaTek Inc.
NavtechGPS Inc.
Osmose Utilities Services Inc.
Qualcomm Inc.
Raytheon Technologies Corp.
SkyTraq Technology Inc.
STMicroelectronics International N.V.
Texas Instruments Inc.
The GEO Group Inc.
TOPCON CORP.
Trimble Inc.
u blox AG

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
Jesse Maida
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Website: www.technavio.com/

SOURCE Technavio