Satellite-based Augmentation System Market Share, Trends, Growth And Outlook By 2033
Global satellite-based augmentation system market size is expected to reach $2 Bn by 2028 at a rate of 8.8%, segmented as by type, wide area augmentation system (waas), european geostationary navigation overlay service (egnos)
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Overview and Scope
A satellite-based augmentation system is a prominent air navigation system that enhances the accuracy and integrity of a global navigation satellite system's (GNSS) navigation signal. A satellite-based augmentation system improves service availability over a large geographic area and delivers a more reliable navigation service than GNSS alone.
Sizing and Forecast
The satellite-based augmentation system market size has grown rapidly in recent years. It will grow from $1.29 billion in 2023 to $1.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to aviation safety regulations, growing air traffic, maritime navigation requirements, surveying and mapping applications, precision agriculture.
The satellite-based augmentation system market size is expected to see strong growth in the next few years. It will grow to $2 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to global navigation satellite system (gnss) market growth, emergence of unmanned aerial vehicles (uavs), expansion of location-based services (lbs), infrastructure development, increased demand for autonomous vehicles. Major trends in the forecast period include global expansion of sbas networks, enhanced disaster management and emergency response, integration into surveying and geomatics, development of next-generation sbas, partnerships and collaborations for sbas implementation.
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Segmentation & Regional Insights
The satellite-based augmentation system market covered in this report is segmented –
1) By Type: Wide Area Augmentation System (WAAS), European Geostationary Navigation Overlay Service (EGNOS), Multi-functional Satellite Augmentation System (MSAS), GPS Aided GEO Augmented Navigation (GAGAN), System For Differential Corrections And Monitoring (SDCM), Other Types
2) By Component: Satellites, Ground Stations, Receivers, Other Components
3) By Application: Aviation, Maritime, Road And Rail, Surveying, Timing And Synchronization, Agriculture, Other Applications
North America was the largest region in the satellite-based augmentation system market in 2023. Asia-Pacific is expected to be the significant growing region in the forecast period. The regions covered in the satellite-based augmentation system 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 air traffic is expected to propel the growth of the satellite-based augmentation system market going forward. Air traffic refers to the movement and management of airplanes in the airspace, controlled by air traffic control (ATC) services to ensure safe and effective operations. Aircraft operations and air traffic provide real-world validation, data gathering, and user input that improve the accuracy, dependability, and performance of satellite-based augmentation systems (SBAS), strengthening aviation safety and effectiveness. For instance, in March 2023, according to a report published by the Bureau of Transportation Statistics, a US-based government agency, in 2022, US airlines transported 194 million more passengers than in 2021, a 30% increase year on year. Additionally, from January to December 2022, airlines in the United States carried 853 million passengers, up from 658 million in 2021 and 388 million in 2020. Therefore, the growing air traffic is driving the growth of the satellite-based augmentation system market
Key Industry Players
Major companies operating in the satellite-based augmentation system market report are RTX Corporation (Raytheon Technologies Corporation), Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Honeywell International Inc., Broadcom Corporation, Safran Group, Federal Aviation Administration (FAA), Thales Group, L3Harris Technologies Inc., STMicroelectronics N.V., Elbit Systems Ltd., Rockwell Collins Inc., Garmin Ltd., Trimble Inc., Collins Aerospace, Topcon Corporation, Inmarsat Global Limited, u-Blox Holding AG, Spirent Communications Plc, GMV Innovating Solutions S.L., NovAtel Inc., Universal Avionics Systems Corporation, Accord Software & Systems Pvt. Ltd., Swift Navigation Inc., Hemisphere GNSS, Grintex India Limited, Septentrio NV, Locosys Technology Inc., NexNav Inc., NavatechGPS.
The satellite-based augmentation system market report table of contents includes:
1. Executive Summary
2. Satellite-based Augmentation System Market Characteristics
3. Satellite-based Augmentation System Market Trends And Strategies
4. Satellite-based Augmentation System Market - Macro Economic Scenario
5. Global Satellite-based Augmentation System Market Size and Growth
6. Satellite-based Augmentation System Market Segmentation
7. Satellite-based Augmentation System Market Regional And Country Analysis
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34. Key Mergers And Acquisitions In The Satellite-based Augmentation System Market
35. Satellite-based Augmentation System Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Satellite-based Augmentation System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Satellite-based Augmentation System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Satellite-based Augmentation System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: RTX Corporation (Raytheon Technologies Corporation) Financial Performance
Table 75: Lockheed Martin Corporation Financial Performance
Table 76: Airbus SE Financial Performance
Table 77: Northrop Grumman Corporation Financial Performance
Table 78: Honeywell International Inc. Financial Performance
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