According to VantageMarket Research,the world's mid and high-precision GNSS receiver market was valued at USD 2.22 Billion in 2020 andis predictedto grow at a compound annualrate(CAGR)of 7.2% between 2021 to 2028. A worldnavigation satellite system (GNSS)may be aconstellation of satellites providing signals from space that transmit positioning and timing data to GNSS receivers. These receivers then use this datato seetheir location. The European GNSS (E-GNSS) consists of the satellite signals sent by the Galileo constellationand also theaugmentation services provided by EGNOS. Every one ofthe responsibilities ofthe Union Agency for the Space Programme (EUSPA)is that themanagement ofthe ECUGNSS system. It does this through the GNSS Service Centre (GSC), which supports service provision and providesoneinterface for Galileo users. EGNOS operationand repairprovision has been contracted by the EUSPA tothe EU Satellite Services Provider (ESSP), also enablingoneinterface for EGNOS users via this EGNOS User Support website.
The increasing current developmentsto boostoverall GNSS receivers’ infrastructureare predictedto enhancethe demand for the high-precision GNSS receiver market during the forecast period.this is oftenbecause ofthe largeadoption of GNSS receivers in various applications, thatdepend onthe receiver's navigation solution. Advancementswithin theGNSS system leverage benefits of allthe variousnavigation systems. Furthermore, it also saves time and money by delivering increased location accuracy at enhanced performance.because ofthese, the world'shigh-precision GNSS receiver marketis anticipatedto grow substantiallywithin theforecast period.
Mid And High-Level Precision GPS Receiver Market In APAC To Grow At The Highest CAGR
The major factorthat isobstructing the market growth isthe massivedependency and reliance on the availability of satellitesis predictedto hamperthe expansionof the high-precision GNSS receiver market during the forecast period. The increasing demand for the trackingof apparatusin manufacturing facilitiesends up indemand for GPS receivers. Companies are investing heavily in R&D forthe eventof advanced GNSS receiversmoreoverbecause of therefashionof existing GNSS products.additionally, advancements in technologieslikeRTK positioning and PPP for precise accuracy have also driven the adoption of GPS receivers.
The global mid and high-precision GNSS receiver market is segmented onthe basisof product single frequency, and dual-frequency. Onthe basisof the end-use industry, the marketis splitinto agriculture, mining, construction, oil & gas, and others.
The Asia-Pacificis predictedto showcase a prominent CAGR ofthe worldmid and high-precision GNSS receiver market over the forecast years. The regional growth of GPS receivers isthanks tothe increasing agriculture sector & also the growing infrastructure development. GPS receivers are mostly utilized in farming & construction activities.
Some ofthe mainplayers operatingwithin theglobal mid and high-precision GNSS receiver market include Broadcom, Texas Instruments, Laird, Cobham, Qualcomm, Hexagon, CSR, Trimble Navigation, Furuno Electric, and Rockwell Collins.