Global Navigation Satellite System (GNSS) Chip Market Growth Statistics, Regional Analysis, Top Players, Size, And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Global Navigation Satellite System (GNSS) Chip Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, the global navigation satellite system (GNSS) chip market size has grown strongly in recent years. It will grow from $5.42 billion in 2023 to $5.83 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to rise of satellite navigation systems, increasing adoption in consumer devices, government initiatives and investments, increasing adoption in agriculture and surveying, and rise in autonomous vehicles.

The global navigation satellite system (GNSS) chip market size is expected to see strong growth in the next few years. It will grow to $67.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to Increasing Demand For Accurate Real-Time Data, High Penetration Of Consumer Electronic Devices, internet of things (IoT) Expansion, Advancements In Satellite Constellations, and Integration Of Multiple Satellite Systems. Major trends in the forecast period include advanced signal processing and machine learning, 5G integration and connectivity, miniaturization and low-power design, multi-constellation and multi-frequency support, and integration with inertial navigation systems (INS).

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Market Drivers and Trends:

The increasing demand for consumer electronics is expected to propel the growth of the global navigation satellite system (GNSS) chip market going forward. Consumer electronics refers to an industry that involves designing, developing, and producing electronic devices for personal use. GNSS chips in consumer electronics enable precise location services, enhancing navigation and location-based functionalities in devices such as smartphones and wearables to provide critical information for emergency response and search and rescue operations. For instance, in May 2023, according to the Japan Electronics and Information Technology Industries Association, a Japan-based trade association, the overall electronic device production in Japan amounted to $6,722 million (¥771,457 million), with consumer electronics device production increasing from $230.9 million (¥25,268 million) in May 2022 to $280 million (¥32,099 million) in May 2023. Therefore, the increasing demand for consumer electronics is driving the global navigation satellite system (GNSS) chip market.

Major companies operating in the global navigation satellite system (GNSS) chip market are focused on developing innovative products with advanced technological solutions, such as wide-area real-time kinematics technology, to strengthen their position in the market. Wide-area real-time Kinematics (WARTK) is a technology that supports precise and real-time positioning over a large geographic area. For instance, in October 2023, LOCOSYS Technology Inc., a Taiwan-based manufacturer of GPS/GNSS positioning and navigation-related products and modules, launched 100km Wide-Area Real-Time Kinematics (WARTK) support technology. 100km Wide-Area Real-Time Kinematics (WARTK) support technology is designed to accomplish high-precision positioning over extended distances, such as in densely developed metropolitan areas or isolated rural settings, and it plays a vital role in geographic information system (GIS) applications, monitoring the environment, and natural resource management. Global navigation satellite systems, particularly Real-Time Kinematics (RTK), are integrated into intelligent transportation systems for vehicle navigation, fleet management, transportation system management, highway construction, and other emerging applications such as connected and automated vehicles, smart cities, transportation infrastructure, and advanced vehicle control systems.

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Major Key Players of the Market:

Sony Group Corporation, Intel Corporation, Qualcomm Technologies Inc., Broadcom Inc., Fujitsu Limited, Thales Group, Mediatek Inc., STMicroelectronics N.V., Hexagon, Skyworks Solutions Inc., Trimble Inc., Belden Inc, Quectel Wireless Solutions Co. Ltd, Topcon Corporation, Furuno Electric Co. Ltd, U-blox Holdings AG, Telit Communications PLC, NovAtel Inc., STONEX Srl, Rakon Limited, Hemisphere GNSS, SparkFun Electronics, Harxon Corporation, Septentrio N.V., LOCOSYS Technology Inc., Syntony GNSS, ComNav Technology Ltd., Hunan Bynav Technology, Tallysman Wireless Inc., OriginGPS Ltd.

Global Navigation Satellite System (GNSS) Chip Market 2024 Key Insights:

• The global navigation satellite system (gnss) chip market is expected to grow to $67.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Rising Volume Of Electronics Fuels Growth In GNSS Chip Demand
• Advance Technologies In Global Navigation Satellite System (GNSS) Chip Market
• Asia-Pacific was the largest region in the global navigation satellite system (GNSS) chip market in 2023

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