Satellite-Based Augmentation Systems Market Size to grow by USD 169.1 million between 2024-2028
The Satellite-Based Augmentation Systems Market is segmented by Application (Aviation, Maritime, and Others), Type (WAAS, EGNOS, MSAS, and Others), and Geography (North America, APAC, Europe, South America, and Middle East and Africa). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 169.1 million, at a CAGR of 4.36% during the forecast period. There are several companies that are contributing to the market as per this report. Focus on NCW .
By Application, the Aviation segment is projected to dominate the market size in 2024
The satellite-based augmentation system market, specifically EGNOS and Galileo, holds significant value for the aviation industry. EGNOS's Safety-of-Life capability enhances secured landing approaches at European airports by ensuring the navigation message maintains an integrity function, notifying pilots within six seconds of any issues. Approved for LPV-200 navigation, EGNOS is poised to contribute to the EU's Performance-Based Navigation Objectives. Additionally, Galileo can aid Search-and-Rescue missions by detecting activated rescue beacons, further solidifying the importance of these satellite-based systems in the aviation sector.
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By Type, WAAS segment is expected to hold the largest market size for the year 2024
The Federal Aviation Agency (FAA) introduced WAAS (Wide Area Augmentation System) in 1995 as a satellite-based navigation system for civil aviation. This system, now in operation, enhances navigation precision in all flight phases, including route navigation, airport departures, and arrivals, for various classes of aircraft. WAAS offers a Vertically Guided Instrument Landing System and a weather monitor at authorized sites across the National Airspace System (NAS). The adoption of WAAS and other Satellite-Based Augmentation Systems (SBAS) is expanding globally, with India, China, Russia, Korea, Australia, and New Zealand focusing on its implementation. In agriculture, precision technologies like Variable Rate Technology (VRT) utilize SBAS to deliver quantitative and qualitative data for optimizing agricultural inputs.
Why is North America forecasted to hold the largest regional market size in 2024?
The Satellite-Based Augmentation System (SBAS) market represents a significant growth opportunity for businesses in the aerospace and defense sector. SBAS technologies enhance the precision and reliability of Global Navigation Satellite System (GNSS) signals for various applications, including aviation, surveying, and agriculture. Market growth is driven by increasing demand for improved positioning accuracy and the expanding use of GNSS in diverse industries. Businesses can capitalize on this trend by investing in SBAS technology development, manufacturing, and integration services.
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Research Analysis Overview
The Satellite-Based Augmentation Systems (SBAS) market is witnessing significant growth due to the integration of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and 5G networks. SBAS systems enhance the accuracy and reliability of Global Navigation Satellite Systems (GNSS) like GPS for various applications in transportation, including road and rail, maritime, and aviation. In aviation, SBAS systems provide Precision Approach and Landing (LPV) capabilities, enabling safer and more efficient air traffic management. GEO satellites, GPS, and SBAS system vendors are collaborating to offer Multi-frequency enhancement systems and Multi-constellation and multi-frequency capabilities to improve signal reliability and availability. The integration of ground-based sensors and 5G networks enhances the real-time processing and communication capabilities of SBAS systems. SBAS systems are also essential for maritime applications, providing accurate positioning and navigation for ships and offshore platforms. The growth of SBAS market is further driven by the increasing demand for reliable and accurate navigation systems in various industries. In conclusion, the SBAS market is poised for significant growth due to the integration of advanced technologies, increasing demand for reliable navigation systems, and the expansion of applications in various industries such as aviation, maritime, and transportation.
Market Research Overview
The aerospace and defense industry is a significant segment within the global capital goods market, encompassing manufacturers and providers of satellite-based augmentation systems. This sector includes the production of aerial platforms for commercial and general aviation and defense applications, as well as naval, land, and air domains. Additionally, it covers defense electronics, logistics equipment, arms and ammunition, and space platforms, equipment, and launch vehicles. Furthermore, maintenance, repair, and overhaul (MRO) activities related to both commercial aviation and defense sectors are integral to this market. According to Technavio, the global aerospace and defense market size is determined by the combined revenue generated by industry participants in industries such as building, construction and engineering, electrical equipment, industrial conglomerates, machinery, trading companies, and distributors, in addition to aerospace and defense. - The Satellite-Based Augmentation Systems Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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