Navigation Satellite System Market Growth Outlook Through 2024-2033

Overview and Scope A navigation satellite system is a system of satellites and ground-based infrastructure designed to provide users with accurate and reliable positioning, navigation, and timing information on or near the Earth's surface. They are used to determine their precise location, calculate the speed, and synchronize the time reference with high accuracy for satellites in specific orbits. Sizing and Forecast The navigation satellite system market size has grown rapidly in recent years. It will grow from $216.95 billion in 2023 to $243.44 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to military applications, global positioning system (gps) proliferation, aviation and maritime navigation, transportation and logistics, precision agriculture. The navigation satellite system market size is expected to see rapid growth in the next few years. It will grow to $364.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to rise of autonomous vehicles, emergence of next-generation satellites, expansion of 5g networks, global connectivity initiatives, disaster management and emergency response. Major trends in the forecast period include scientific research and exploration, telecommunications infrastructure, integration with emerging technologies, expansion of global navigation satellite systems, advancements in satellite technology. Order your report now for swift delivery, visit the link: https://www.thebusinessresearchcompany.com/report/navigation-satellite-system-global-market-report Segmentation & Regional Insights The navigation satellite system market covered in this report is segmented – 1) By Component: Devices, Services 2) By Satellite Technology: Constellations, Satellite-Based Augmentation Systems (SBAS), GPS, GLONASS, Galileo, BeiDou 3) By Application : Location Based Services (LBS), Automotive And Road, Surveying, Rail, Aviation, Agriculture, Other Applications Asia-Pacific was the largest region in the navigation satellite system market in 2023. The regions covered in the navigation satellite system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Intrigued to explore the contents? Secure your hands-on a free sample copy of the report: https://www.thebusinessresearchcompany.com/sample.aspx?id=13493&type=smp Major Driver Impacting Market Growth The adoption of autonomous vehicles is expected to propel the growth of the navigation satellite system market going forward. Autonomous vehicles also referred to as self-driving or driverless vehicles, are automobiles equipped with advanced technology and systems that enable them to operate and navigate without direct human input or intervention. Navigation satellite systems are helpful for autonomous vehicles by providing accurate and reliable positioning, navigation, and timing information, which can improve safety and efficiency and reduce environmental impact. For instance, in December 2022, according to the National Association of Insurance Commissioners, a US-based non-profit organization, by 2025, it is expected that there will be 3.5 million autonomous vehicles on American roads, and by 2030, the number is expected to increase to 4.5 million. Additionally, according to the Institute of Electrical and Electronics Engineers, a US-based professional organizations company, by 2040, 75% of all vehicles on the planet's highways are going to be autonomous. Therefore, the adoption of autonomous vehicles is driving the growth of the navigation satellite system market. Key Industry Players Major companies operating in the navigation satellite system market report are RTX Corporation, Qualcomm Technologies Inc., General Dynamics Corporation, Texas Instruments Inc., Intel Corporation, MediaTek Inc., L3Harris Technologies Inc., STMicroelectronics N.V., Hexagon AB, Garmin Ltd., Trimble Inc., Quectel Wireless Solutions Co. Ltd., Viasat Inc., Topcon Corporation, Iridium Communications Inc., u-blox, Furuno Electric Co. Ltd., Spirent Communications plc, TomTom N.V., SkyTraq Technology Inc., Globalstar Inc., Thuraya Telecommunications Company, Javad GNSS Inc., Tersus GNSS Inc., ComNav Technology Ltd., Hemisphere GNSS</b The navigation satellite system market report table of contents includes: 1. Executive Summary 2. Navigation Satellite System Market Characteristics 3. Navigation Satellite System Market Trends And Strategies 4. Navigation Satellite System Market - Macro Economic Scenario 5. Global Navigation Satellite System Market Size and Growth . . . 32. Global Navigation Satellite System Market Competitive Benchmarking 33. Global Navigation Satellite System Market Competitive Dashboard 34. Key Mergers And Acquisitions In The Navigation Satellite System Market 35. Navigation Satellite System Market