Harshad Borde

GNSS Devices Market Size Analysis and Forecastl

Harshad Borde 3/24/2020 3:59:05 PM

GNSS Devices Market Size, Analysis and
Forecast Up To 2027

GNSS Devices Market: Introduction

GNSS refers to global navigation satellite system. This device allows users to determine their position and velocity at a specific time by transmitting signals from satellites.
Globally, GNSS and positioning is a significantly growing geospatial technology segment.

GNSS Devices Market Dynamics

The growing demand for precise location information is stimulating the growth of the GNSS devices market.
Rapidly expanding demand for smartphones and smart consumer electronic devices has augmented the demand for GNSS devices.
Increasing demand for IoT enabled consumer devices is expected to create ample growth opportunities for GNSS devices across the world.
Technological advancements in GNSS devices such as powerful processors, superior power batteries, and improved satellite signal processing are expected to drive the growth of the GNSS devices market. Numerous applications of GNSS devices in the IT and engineering sector has contributed largely to the growth of the GNSS devices market.
Supportive government initiatives for development of smart cities is expected to boost the growth of the GNSS devices market.

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However, inability of GNSS devices to provide accurate indoor, underwater, or underground navigation is expected to be a major factor limiting the growth of the GNSS devices market in the upcoming years.
In addition, GNSS devices consume substantial power. This is expected to hamper the adoption rate of these devices among users, thereby limiting the growth of the market in the coming years.

GNSS Devices Market: Segmentation Analysis

On the basis of device type, the global GNSS devices market can be divided into smartphones, personal navigation devices, and in-vehicle systems.

The smartphones segment accounted for major market share in 2018 due to growing use of location-service features on smartphones. This segment is projected to maintain its dominance in the global GNSS devices market throughout the forecast period.
On the basis of end-user industry, the GNSS devices market is segmented into automotive, agriculture, maritime, rail, aerospace & defense, and other end-user industries.
Application of GNSS devices in automotive industry accounted for leading market share due to rising demand for location-based services.

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North America to Lead the Global GNSS Devices Market

In terms of region, the global GNSS devices market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
North America is likely to dominate the global GNSS devices market from 2019 to 2027, followed by Europe and Asia Pacific. Rising demand from the LBS (location-based services) sector, intense competition among vendors, and launch of new products in North America are some of the key factors likely to drive the GNSS devices market in the region in the next few years.
Moreover, technological developments in autonomous driving, and growing demand and innovation in wearable and connecting devices has boosted the demand for GNSS devices in North America.
Europe accounted for a considerable share of the global GNSS devices market in 2018, due to advancements in technology in the region
The GNSS devices market in Asia Pacific is anticipated to expand at a rapid pace in the near future due to large base of manufacturing companies and the speedy adoption of connected devices.

Key Manufacturers Operating in the Market

The global GNSS devices market was moderately concentrated in 2018 with presence of few regional and international GNSS devices market players who occupy prominent share in the market. These vendors are engaged in offering varied products to end-users and adopt different strategies to remain relevant in this competitive environment. Key manufacturers operating in the global market are: