The global revenues from the GNSS IC market will be worth US$645.0 million by 2032. From 2022 to 2032, they are projected to increase steadily at a CAGR of 6.0%. In 2022, the global market was valued at more than US$361.0 million.
Today, a specific multinational group of satellites transmit signals from orbit and provide location and timing data to GNSS receivers. This is known as the Global Navigation Satellite System (GNSS).
These receivers then integrate this data with information from a variety of sensors to calculate other parameters such as location, speed, and altitude.
Such processors heavily rely on visible-range satellites for their accuracy and precision. Numerous countries are prepared to deploy regional constellations in order to enhance navigation and mapping.
Only five countries, though, have their own GNSS systems commercially available. This includes Japan, India, the USA, Russia, and China, as well as the European Union. Users of GNSS are used to position sharing rates that are almost immediate. This is sometimes impossible with standard placement since it requires locating and collecting data on at least four celestial bodies.
In hostile environments or with weak signals, data transmission and reception might take seconds, days, or maybe not work at all. Efficiency can be improved by combining information from GNSS receivers and wireless network cells, which is advantageous for several internet of things (IoT) applications.
For instance, in January 2021, U-Blox released the ALEX-R5 module. GNSS and low-power wide-area (LPWA) cellular connectivity are combined in this system-in-package. For healthcare applications, the U-Blox M8 GNSS chip delivers adequate precision location. The company’s UBX – R5 LTE – M/NB-IoT chipset provides secure cloud functionality.
The number of consumer goods with location and navigational capabilities has increased dramatically. A sizable demand for low-power components such as GNSS processors is thus envisaged.
Presently, around 50% of individuals on the planet utilize technologically advanced wearables such as smartwatches and fitness bands. These gadgets have various GNSS chips so that the user can receive precise location information when walking, running, or driving. This allows them to stay in touch with their loved ones.
Key Takeaways from GNSS IC Market Study
The global GNSS IC industry has maintained a steady growth trajectory, with a notable CAGR of 6.9% from 2017 to 2021. Projections indicate promising prospects ahead, particularly in the USA, where the GNSS IC market is anticipated to reach a value of US$ 101.8 million by 2032. China has emerged as a significant player, experiencing substantial demand growth at a rate of 9.0% during the same period. Meanwhile, Japan’s GNSS IC sector is forecasted to surpass a valuation of approximately US$ 99.3 million by 2032. Moreover, the market for standard precision GNSS chips is expected to witness robust growth, with an estimated CAGR of 5.9% from 2022 to 2032. These trends underscore the evolving landscape of the GNSS IC market, highlighting opportunities for stakeholders to capitalize on emerging technologies and market dynamics.
Competitive Landscape:
GNSS IC providers are constantly working on developing new and advanced technologies to improve the accuracy and reliability of their products. For instance, a few providers are working on integrating multiple GNSS constellations to improve accuracy and reduce signal interference.
A few other NSS IC providers are collaborating with local industry players such as automotive and mobile device manufacturers, to integrate their technology into these products. This helps to expand their market reach and increase demand for their products.
For example,
In August 2022, MediaTek, a Taiwanese semiconductor company, announced the launch of its Helio G96 and Helio G88 mobile processors, both of which feature integrated GNSS receivers for improved location tracking capabilities.
In February 2022, STMicroelectronics announced the release of its latest GNSS module, the Teseo-V. The module is designed to provide high positioning accuracy and low power consumption for IoT and wearable applications.
Leading Key Players:
The GNSS IC market is driven by leading players such as Qualcomm, Broadcom, MediaTek, U-Blox, STM, Intel Corporation, Furuno Electric, Quectel Wireless Solutions, Epson, and SkyTraq Technology, Inc. These key players are instrumental in advancing Global Navigation Satellite System (GNSS) technology, offering cutting-edge solutions for various applications ranging from navigation and positioning to tracking and timing. Their continuous innovation, technological expertise, and extensive product portfolios play a crucial role in shaping the evolution and expansion of the GNSS IC market globally.
Request for a Sample of this Research Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-17036
