High-precision GNSS Receiver Market to Reach USD 18.15 Billion by 2028

Vantage Market Research

Nov 04, 2021

According to analysts at Vantage Market Research, the high-precision GNSS receiver market is expected to reach USD 5.54 Billion by 2028, growing at a CAGR of 7.4% from 2021 to 2028. The increasing current developments to improve overall GNSS receivers infrastructure is expected to augment the demand for the high-precision GNSS receiver market during the forecast period. This is owing to the huge adoption of GNSS receivers in various applications, which rely on the receiver's navigation solution - i.e. receiver computed Position, Velocity and Time (PVT). Advancements in the GNSS system leverage benefits of all the different navigation systems. It provides more access and availability of signals to operators. Furthermore, it also saves time and money by delivering increased location accuracy at enhanced performance. Owing to these the global high-precision GNSS receiver market is expected to grow substantially in the forecast period.

High-precision GNSS Receiver Market Preview

  • The Satellite-Based Augmentation Systems (SBAS) segment is projected to expand at the fastest CAGR over the forecast period owing to the increasing adoption in the food and beverage industry.
  • The Navigation segment grew drastically in 2020. This share is due to the rising application of navigation tools in self driven or auto driven vehicles.
  • Asia Pacific is expected to expand at further from 2021 to 2028. This surge is attributed to the rising application of high-precision gnss receiver in various industries in developing economies such as China and India.

The increasing availability of more cost-effective GNSS solutions is anticipated to augment the growth of the high-precision GNSS receiver market in the years to come. Increasing current developments to improve overall GNSS receiver’s infrastructure and increasing availability of more cost-effective GNSS solutions. High precision GNSS receivers can take benefit of multiple frequency bands from a single constellation to heavily decrease the time taken to achieve great precision. The result is a distinctly healthier positioning performance and eventually, a steadier service for the consumer.

Asia Pacific region is poised to record the highest CAGR, owing to the increasing demand in countries, such as India, China, and Japan, coupled with the growth of the region's overall robotics market. However, the advent of domestic versions has brought down the prices, which is expected to drive the deployment.

Some of key players in high-precision gnss receiver market are include Trimble, Inc., Hexagon AB, Topcon Corporation (Topcon Positioning Group), Raytheon Technologies Corporation, Javad GNSS, Inc., Septentrio N.V., South Surveying & Mapping Technology Co., Ltd., Raven Industries, Inc., Geneq, Inc., and ComNav Technology Ltd., among others.  The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.