Global Navigation Satellite System Market Forecast Insights: Market Value is Expected to Hit $315.06 Billion by 2029

Global Navigation Satellite System Market Overview

According to Global Market Monitor, the global navigation satellite system market size will reach $145.32 billion in 2024 and is expected to grow to $315.06 billion by 2029. At present, there are six major satellite navigation systems in the world, including four global satellite navigation systems and two regional satellite navigation systems. The user equipment part is mainly composed of GPS receivers, sensors, and satellite antennas.

Market Trends

Great development has been achieved in the application, and large-scale growth has been achieved. Through the improvement of the overall technical level, especially the economies of scale, the cost of GNSS products has been significantly reduced, so in recent years, the market margin of GNSS products has been steadily increasing. This drives the development of the navigation satellite system market. The navigation satellite system (GNSS) performs well in military and police applications and disaster relief and is expected to maintain long-term growth. The transportation, power dispatch, agriculture and fishery, weather detection, and other aspects of the end markets are widely used, and there is a demand for increment and quality assurance. The market scale will be further expanded in the future; the mass application of navigation satellite systems (GNSS) has been widely used in mass consumption. The lifestyle changes brought about by the sharing economy and people's livelihoods will be more deeply rooted in the hearts of the people, and more demand will be ushered in. These factors have also promoted the development of the GNSS market.

GNSS is currently in the leading position in terms of service accuracy and reliability and is ready to provide non-life-safe applications, including road services and location-based services. GNSS was originally considered a purely military application, but now value-added services have expanded to include users in government agencies, industries, and even consumer markets. New technologies that offer safety and efficiency benefits will define the future rail system. Global Navigation Satellite System is one such technology already being used to track rolling stock and passenger information, traffic management, and predictive maintenance systems.

China Navigation Satellite System Market Overview in 2023

On May 18, the China Satellite Navigation and Positioning Association released the 2024 White Paper on developing China's satellite navigation and location Services industry. According to the paper, the total output value of China's satellite navigation industry was 536.2 billion yuan in 2023, an increase of 7.09% over 2022. With the continuous development of "Big Dipper", the industrial ecosystem continues to expand, and by the end of 2023, the total number of enterprises and institutions related to satellite navigation and location services in China has reached nearly 20,000, and the total number of employees has reached nearly one million. At present, the supply chain of Big Dipper's basic products is stable, and the series of basic products such as chips, modules, and antennas are constantly upgraded, and the scale of mass production has reached 100 million, which strongly supports the safe and steady development of the independent industrial chain and supply chain.

Market Drivers	The market scale ushers in incremental development
	Higher precision time and space location
	Industry gross profit has steadily increased with the joint drive of technological progress, cost reduction, and scale impact
	The major market demands continue to expand, and the market outlet highlights the value of configuration
Market Limitations	GNSS information security attracts attention
	PVT precision technology limitations