Global Navigation Satellite System (GNSS) Chip Market 2024: Growth Opportunities and Challenges

The Business Research Company's Navigation Satellite System (GNSS) Chip Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LANDON, GREATER LANDON, UK, June 18, 2024 /EINPresswire.com/ -- The global navigation satellite system (GNSS) chip is a pivotal component that harnesses signals from satellite constellations to accurately determine the location and timing data of devices. This technology finds extensive application across various sectors including navigation, surveying, agriculture, and IoT devices, offering precise real-time positioning and synchronization services worldwide.

Market Size and Growth Drivers
The GNSS chip market has exhibited robust growth, expanding from $5.42 billion in 2023 to an estimated $5.83 billion in 2024, at a compound annual growth rate (CAGR) of 7.4%. This growth trajectory can be attributed to the rise of satellite navigation systems, increasing integration in consumer devices, government initiatives and investments, adoption in agriculture and surveying, and the proliferation of autonomous vehicles.

Looking forward, the market is poised for continued strong growth, projected to reach $67.14 billion by 2028, with a CAGR of 6.2%. Key drivers in the forecast period include the escalating demand for accurate real-time data, widespread adoption in consumer electronics, expansion of IoT applications, advancements in satellite constellations, and integration of multiple satellite systems.

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Major Players and Market Trends
Leading companies driving innovation in the GNSS chip market include Sony Group Corporation, Intel Corporation, Qualcomm Technologies Inc., Broadcom Inc., and Thales Group. These companies are focusing on developing cutting-edge technologies such as wide-area real-time kinematics (WARTK) to enhance precision and real-time positioning capabilities over large geographic areas.

Trends Shaping the Market
Major trends shaping the GNSS chip market in the forecast period include advancements in signal processing and machine learning, integration with 5G networks for enhanced connectivity, miniaturization and low-power design for extended battery life, support for multi-constellation and multi-frequency systems, and integration with inertial navigation systems (INS).

Segments of the Market
1. By Device Type:
o Smartphones, Tablets And Wearables
o Personal Tracking Devices
o Low-Power Asset Trackers
o In-Vehicle Systems
o Drones
o Other Device Types
2. By Application:
o Navigation
o Mapping
o Location-Based Services
o Surveying
o Telematics
o Timing And Synchronization
o Other Applications
3. By Vertical:
o Consumer Electronics
o Construction
o Agriculture
o Automotive
o Military And Defense
o Marine
o Transport

Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific emerged as the largest region in the global GNSS chip market in 2023, driven by rapid technological advancements and substantial investments in satellite navigation infrastructure. The region is expected to maintain its leadership position and witness the fastest growth during the forecast period, supported by expanding applications across various industries.

Access the complete report for in-depth analysis of the global navigation satellite system (GNSS) chip market: https://www.thebusinessresearchcompany.com/report/global-navigation-satellite-system-gnss-chip-global-market-report

Navigation Satellite System (GNSS) Chip Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Global Navigation Satellite System (GNSS) Chip Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on global navigation satellite system (GNSS) chip market size, global navigation satellite system (GNSS) chip market drivers and trends, global navigation satellite system (GNSS) chip market major players, competitors' revenues, market positioning, and market growth across geographies. The global navigation satellite system (GNSS) chip market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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