Satellite Navigation System Global Market Report 2024

The satellite navigation system market size has grown strongly in recent years. It will grow from $148.56 billion in 2023 to $163.21 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth observed in the historic period can be attributed to several factors, including increased adoption of satellite technology for military applications, the commercialization of space exploration initiatives, rising demand for precise positioning capabilities across various industries, expansion of transportation and logistics sectors leveraging satellite navigation systems, and continuous improvements in the accuracy and reliability of satellite signals, enhancing their utility for diverse applications.

The satellite navigation system market size is expected to see strong growth in the next few years. It will grow to $224.9 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The anticipated growth in the forecast period can be credited to several key factors, including the increasing demand for unmanned aerial vehicles (UAVs) and drones, the expanding utilization of satellite navigation systems in agriculture and precision farming practices, the deployment of satellite navigation technologies for disaster management and emergency response applications, and the overall expansion of satellite navigation services. Major trends expected in this period encompass a surge in demand for real-time and high-precision positioning capabilities, the proliferation of hybrid navigation systems that combine satellite and terrestrial technologies, the integration of satellite navigation systems with artificial intelligence (AI) and machine learning (ML) algorithms, and the broadening of satellite navigation services to meet evolving market demands.

The growing popularity of autonomous vehicles is expected to propel the growth of the satellite navigation system market going forward. An autonomous vehicle is a type of vehicle equipped with sensors and technology that enable it to perceive its surroundings and navigate without human intervention. Autonomous vehicles commonly utilize satellite navigation systems to determine their precise location, navigate to their destinations, and navigate safely and efficiently by providing precise positioning information. For instance, in August 2022, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization for road safety, there will be 3.5 million self-driving automobiles on American highways by 2025 and 4.5 million by 2030. Therefore, the growing popularity of autonomous vehicles is driving the growth of the satellite navigation system market.

Major companies operating in the satellite navigation system market are concentrating on the development of advanced innovations or solutions, such as the integration of NavIC L1 signals into Qualcomm's chipset platforms, to meet the evolving needs of customers, stay ahead of competitors, and capitalize on emerging opportunities in the industry. The solution is built on Qualcomm's location suite, which supports up to seven satellite constellations. For instance, in December 2023, Qualcomm Technologies Inc., a US-based multinational corporation that provides wireless telecommunications products and semiconductors, announced support for India's NavIC Satellite Navigation System L1 signals in commercial chipset platforms in collaboration with the Indian Space Research Organization (ISRO). This platform, expanding to seven satellite constellations simultaneously, accelerates NavIC adoption, enhancing geolocation capabilities for automotive and IoT applications. Additionally, it offers several features that enhance location-based services and navigation accuracy for devices equipped with Qualcomm chips and other compatible systems and make NavIC L1 signals a valuable addition to the global navigation satellite system landscape, offering improved accuracy and interoperability for location-based services and applications.

In October 2023, CNH Industrial N.V., a UK-based agricultural machinery company, acquired Hemisphere GNSS Inc. for $175 million. This acquisition fortifies its precision, automation, and autonomy technology, enhancing its position in the satellite navigation system market by advancing core technologies, providing superior global navigation satellite system (GNSS) solutions, and accelerating automation and autonomy development across diverse industries. Hemisphere GNSS Inc. is a US-based satellite company that provides precision global positioning systems and global satellite navigation systems.

Major companies operating in the satellite navigation system market report are Furuno Electric Co. Ltd., RTX Corporation, Lockheed Martin Corporation, Stonex Srl, Airbus SE, QualComm Technologies Inc., General Dynamics Corp, Northrop Grumman Corporation, Honeywell International Inc., Broadcom Inc., Safran SA, Texas Instruments Inc., Thales Group, L3Harris Technologies Inc., STMicroelectronics, Teledyne Technologies Inc., Hexagon AB, Trimble Inc., Kongsberg Gruppen, Cobham Plc., Topcon Corporation, u-blox, TomTom International BV, Laird Plc. (Advent International), Surrey Satellite Technology Ltd., Swift Navigation, Septentrio, SkyTraq Technology Inc., ComNav Technology Ltd., Magellan Systems Japan Inc.

Asia-Pacific was the largest region in the satellite navigation system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite navigation system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the satellite navigation system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A satellite navigation system is a technology designed to enable users to ascertain their precise position, velocity, and time by utilizing signals emitted from satellites orbiting in space. These systems operate by receiving signals from multiple satellites orbiting the Earth, subsequently employing triangulation or trilateration techniques to compute the user's exact location.

The primary types of solutions are categorized into systems and services. A system comprises interconnected components or elements operating collaboratively to fulfill a shared objective. This encompasses various constellations such as global navigation, regional navigation, and augmented systems, which may operate in different orbits such as medium earth orbit (MEO), geostationary earth orbit (GEO), among others. These systems find applications across diverse sectors including road and automotive navigation, consumer electronics, health solutions, and beyond.

The satellite navigation system market research report is one of a series of new reports that provides satellite navigation system market statistics, including satellite navigation system industry global market size, regional shares, competitors with a satellite navigation system market share, detailed satellite navigation system market segments, market trends and opportunities, and any further data you may need to thrive in the satellite navigation system industry. This satellite navigation system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The satellite navigation system market consists of revenues earned by entities by providing services such as positioning solutions, mapping services, satellite communication, timing services, geospatial data analytics, etc. The market value includes the value of related goods sold by the service provider or included within the service offering. The satellite navigation system market also includes sales of products such as global positioning system (GPS) receivers, satellite antennas, navigation software tools, inertial navigation systems, and precision timing devices. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.