Global Mid and High-Level Precision GPS Receiver Market is Expected to Reach USD 3.7 Billion by 2026, Rising at a Market Growth of 7.2% CAGR during the Forecast Period.
According to Vantage Market Research, the world's mid and high-precision GNSS receiver market was valued at USD 2.22 Billion in 2020 and is predicted to grow at a compound annual rate (CAGR) of 7.2% between 2021 to 2028. A world navigation satellite system (GNSS) may be a constellation of satellites providing signals from space that transmit positioning and timing data to GNSS receivers. These receivers then use this data to see their location. The European GNSS (E-GNSS) consists of the satellite signals sent by the Galileo constellation and also the augmentation services provided by EGNOS. Every one of the responsibilities of the Union Agency for the Space Programme (EUSPA) is that the management of the ECU GNSS system. It does this through the GNSS Service Centre (GSC), which supports service provision and provides one interface for Galileo users. EGNOS operation and repair provision has been contracted by the EUSPA to the EU Satellite Services Provider (ESSP), also enabling one interface for EGNOS users via this EGNOS User Support website.
The increasing current developments to boost overall GNSS receivers’ infrastructure are predicted to enhance the demand for the high-precision GNSS receiver market during the forecast period. this is often because of the large adoption of GNSS receivers in various applications, that depend on the receiver's navigation solution. Advancements within the GNSS system leverage benefits of all the various navigation systems. Furthermore, it also saves time and money by delivering increased location accuracy at enhanced performance. because of these, the world's high-precision GNSS receiver market is anticipated to grow substantially within the forecast period.
Mid And High-Level Precision GPS Receiver Market In APAC To Grow At The Highest CAGR
The major factor that is obstructing the market growth is the massive dependency and reliance on the availability of satellites is predicted to hamper the expansion of the high-precision GNSS receiver market during the forecast period. The increasing demand for the tracking of apparatus in manufacturing facilities ends up in demand for GPS receivers. Companies are investing heavily in R&D for the event of advanced GNSS receivers moreover because of the refashion of existing GNSS products. additionally, advancements in technologies like RTK 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 on the basis of product single frequency, and dual-frequency. On the basis of the end-use industry, the market is split into agriculture, mining, construction, oil & gas, and others.
The Asia-Pacific is predicted to showcase a prominent CAGR of the world mid and high-precision GNSS receiver market over the forecast years. The regional growth of GPS receivers is thanks to the increasing agriculture sector & also the growing infrastructure development. GPS receivers are mostly utilized in farming & construction activities.
Some of the main players operating within the global mid and high-precision GNSS receiver market include Broadcom, Texas Instruments, Laird, Cobham, Qualcomm, Hexagon, CSR, Trimble Navigation, Furuno Electric, and Rockwell Collins.