High-Precision GNSS Receiver Market Growth Analysis 2024 – Forecast Market Size And Key Factors

Overview and Scope
A high-precision GNSS (Global Navigation Satellite System) receiver is a device designed to receive signals from satellites. These receivers utilize advanced algorithms and technologies to achieve centimeter-level or even millimeter-level accuracy in positioning.

Sizing and Forecast
The high-precision GNSS receiver market size has grown strongly in recent years. It will grow from $1.29 billion in 2023 to $1.42 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to increasing demand in robotics, high use in urban planning requirements, use in scientific research applications, construction industry demand, and increasing use in surveying and mapping applications.

The high-precision GNSS receiver market size is expected to see strong growth in the next few years. It will grow to $1.95 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to the growing demand for autonomous vehicles, growing usage in marine navigation, increasing demand for environmental monitoring solutions, demand for satellite-based positioning services, regulatory support and integration. Major trends in the forecast period include rise in autonomous vehicles and drones, expansion in precision agriculture, advancements in real-time kinematic (RTK) technology, growing demand for smart infrastructure, and integration with 5G networks.

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Segmentation & Regional Insights
The high-precision GNSS receiver market covered in this report is segmented –

1) By Product: Core Satellite Navigation Systems, Regional Satellite Navigation Systems, Satellite - Based Augmentation Systems (SABS)
2) By Component: Devices, Services
3) By Application: Survey and Mapping, Astronomy, Military And Defense, Agriculture, Other Applications

Asia-Pacific was the largest region in the high-precision GNSS receiver market in 2023. The regions covered in the high-precision gnss receiver market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The growing mining industry is expected to propel the growth of the high-precision GNSS receiver market going forward. The mining industry refers to the sector encompassing activities related to the exploration, extraction, processing, and transportation of valuable minerals, metals, and other geological materials from the earth's crust. The shift towards renewable energy sources, such as solar panels, wind turbines, and electric vehicles, requires significant amounts of minerals and metals. High-precision GNSS receivers are used in the mining sector to enhance operational efficiency, safety, and productivity by providing accurate positioning and geospatial data for various applications and enabling better decision-making. For instance, in February 2023, according to a report published by the United States Geological Survey, a US-based government agency, US mines generated roughly $98.2 billion in nonfuel mineral commodities in 2022, up $3.6 billion (3.8%) from the projected total of $94.6 billion for 2021. Therefore, the growing mining industry is driving the growth of the high-precision global navigation satellite system receiver market.

Key Industry Players
Major companies operating in the high-precision gnss receiver market are Raytheon Technologies Corporation, Qualcomm Incorporated, Broadcom Inc., Texas Instruments Incorporated, Thales Group, Hexagon AB, Trimble Inc., Cobham PLC, MiTAC Holdings Corp., Topcon Positioning Systems Inc., Hi-Target Surveying Instrument Co. Ltd., Raven Industries Inc., CHC Navigation Technology Ltd., Beijing UniStrong Science And Technology Co. Ltd., Carlson Systems Holdings Inc., Swift Navigation Inc., Septentrio N.V., Javad GNSS Inc., Unicore Communications Inc., NavCom Technology Inc., Tersus GNSS Inc., AG Leader Technology Inc., Geneq Inc., ComNav Technology Ltd., Hemisphere GNSS Inc.

The high-precision gnss receiver market report table of contents includes:

1. Executive Summary
2. High-Precision GNSS Receiver Market Characteristics
3. High-Precision GNSS Receiver Market Trends And Strategies
4. High-Precision GNSS Receiver Market - Macro Economic Scenario
5. Global High-Precision GNSS Receiver Market Size and Growth
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32. Global High-Precision GNSS Receiver Market Competitive Benchmarking
33. Global High-Precision GNSS Receiver Market Competitive Dashboard
34. Key Mergers And Acquisitions In The High-Precision GNSS Receiver Market
35. High-Precision GNSS Receiver Market Future Outlook and Potential Analysis
36. Appendix

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