GNSS Devices Market to grow at a CAGR of 9.52% during 2024-2028
The GNSS Devices Market is expected to grow at a CAGR of 9.52% during 2023 and 2028. During this period, the market is also expected to show a growth of $ 32.1 billion. In today's business landscape, the significance of GNSS devices lies in their ability to deliver real-time, accurate global positioning data. Leveraging a network of satellites, these devices enable industries to optimize their operations with precise location monitoring and mapping. Notably, transportation and logistics sectors are capitalizing on this technology to enhance route planning, vehicle tracking, and ultimately, boost efficiency and reduce fuel consumption.
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Technavio analysts predict that the Consumer electronics subsegment will lead the End-user segment during 2024 and 2028 The GNSS devices market in consumer electronics has witnessed robust growth, catering to the diverse positioning, navigation, and tracking needs of individual consumers. Consumer electronics, such as mobile phones, tablets, wearables, and personal navigators, have integrated GPS technology to enhance functionality. Market expansion is fueled by factors including increasing consumer preference for location-based services and the proliferation of IoT devices.
Here are the various ways based on which the market is segmented:
Key Companies and Market Insights
Some of the key companies in the Global Navigation Satellite System (GNSS) Devices market include:
Reasons to Purchase the Global GNSS Devices Market Market Research Report by Technavio. What is in it for you?
There are several factors that are causing the market to flourish government initiatives and support in providing assistance in mobile devices
Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report
The Global Navigation Satellite System (GNSS) devices market encompasses a wide range of technologies, including those used in cyber-secure consumer electronic devices, precision agriculture, unmanned vehicles, and driverless technologies. The initial cost of implementing GNSS devices in these industries can be substantial due to the requirement for 5G-capable infrastructure and interoperability with various frequency band signals. However, the long-term benefits, such as improved navigation satellite system performance and access to big data, make these investments worthwhile. The maritime navigation sector, which relies heavily on GNSS data for location-based services, is a significant market for GNSS devices. The space industry, including satellite services and satcom networks, also plays a crucial role in the market's growth. Defense and homeland security applications are also driving demand for advanced GNSS devices, as they require high levels of accuracy and reliability. The constellation of satellites used in GNSS systems is a critical component of the market. These satellites provide essential services to various industries, including agriculture, maritime navigation, and defense. Cyber-attacks on GNSS systems can have severe consequences, making cybersecurity a top priority for manufacturers and users alike. Overall, the GNSS devices market is poised for significant growth as the demand for precise location data continues to increase.
The Technavio market research firm positions the Global GNSS Devices Market as a segment of the broader Global Electronic Components Market, which encompasses industries such as communications equipment, technology hardware, electronic equipment and instruments, and electronic manufacturing services. The Electronic Components segment specifically includes manufacturers of connectors, capacitors and resistors, transformers, inductors, printed circuit boards, and lighting products. The Global Electronic Components Market is projected to expand at a moderate rate, with market size determined by the revenue generated from sales of associated ICT and electronics products, equipment, and components.
The GNSS Devices Market is experiencing significant growth, fueled by the government initiatives and support in providing assistance in mobile devices. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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