Latest News- GNSS Devices Market: Consumer electronics is expected to lead the End-user segment during 2025-2029

The GNSS Devices Market is being driven by Government initiatives and support in providing assistance in mobile devices

The GNSS Devices Market is expected to grow at a CAGR of 9.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 36.7 million. In today's business landscape, the demand for reliable and accurate navigation solutions is paramount, particularly for industries requiring precise location monitoring and mapping. Global Navigation Satellite Systems (GNSS) devices play a pivotal role in delivering real-time, global positioning data, enabling the efficient operation of navigation and tracking systems. Utilizing a network of satellites, these devices pinpoint objects on Earth's surface with unparalleled accuracy. Transportation and logistics sectors are among the many industries capitalizing on GNSS technology. By implementing precise navigation systems, they optimize routes, track vehicles, and enhance operational efficiency, resulting in faster delivery times and reduced fuel consumption. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Consumer electronics
  • Automotive and transportation
  • Military and defense
  • Others
• Product
  • Smartphones
  • Tablets and wearables
  • In-vehicle systems
  • Personal tracking devices
  • Others
• Type
  • Global constellations
  • Regional constellations
  • Satellite-based constellations
• Component
  • Software
  • Hardware
  • Services
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • France
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Government initiatives and support in providing assistance in mobile devices
• Rising investment in satellite navigation programs
• Innovation in navigation and positioning devices

However, the market also witnesses some limitations, which are as follows:

• Indoor positioning navigating limitations
• Privacy and security concerns regarding location data
• Rising competition among companies selling GNSS devices

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Market Scope in GNSS Devices Market Research Report

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Research Analysis Overview

The Global Navigation Satellite System (GNSS) market encompasses satellite navigation systems used in various sectors including homeland security, defense, marine, space industry, and maritime navigation. These systems rely on constellations of satellites and satcom networks to provide satellite services such as location-based services and big data analysis. Investments in GNSS technology are driven by applications in agriculture, autonomous vehicles, interoperability, and consumer electronic devices. However, challenges like cyber-attacks and frequency band signals interference pose threats to the market's growth. Companies like Bankmycell and 5G-capable infrastructure providers are investing in GNSS technology to support emerging technologies like driverless technologies, unmanned vehicles, and precision agriculture. The initial cost of GNSS devices and the need for interoperability between different frequency band signals remain key considerations.

Market Research Overview

The Global Satellite Navigation Systems (GNSS) market encompasses key players in the homeland security, defense, marine, and space industries. These businesses invest heavily in constellations of satellites and satcom networks to provide satellite services, including positioning, navigation, and timing solutions. The market's expansion is fueled by advancements in technology and increasing demand for big data applications. The electronic components sector plays a crucial role in this market, with manufacturers supplying essential components such as connectors, capacitors, resistors, and printed circuit boards (PCBs). Technavio projects that the global electronic components market for GNSS devices will experience significant growth due to the escalating demand for IoT devices and the subsequent requirement for miniaturized, high-performance components.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/