Satellite-based GNSS Augmentation System Market: Key Players, Size, CAGR, Demand, Competitive Analysis, Forecast to 2031

Research Nester published a report titled “Satellite-based GNSS Augmentation System Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global satellite-based GNSS augmentation system market in terms of market segmentation by application, platform, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global satellite-based GNSS augmentation system market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2031. The market is segmented on the basis of application into aviation, maritime, road & rail, and others, among which, the aviation segment is anticipated to hold the notable share over the forecast period. This can be attributed to the increasing concerns regarding civil aviation safety, along with rising use of GNSS for navigation of the aircrafts.

In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

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The global satellite-based GNSS augmentation system market is anticipated to witness growth on the back of growing global demand for positioning, navigation, and timing services, which are provided by GNSS augmentation system. Moreover, need for satellite-based navigation for traffic control, as well as, aviation services, is bound to boost the market growth. Along with this, the increasing government initiatives to promote satellite services, along with advancement in technology, are estimated to boost the market growth over the forecast period.

On the basis of geographical analysis, the global satellite-based GNSS augmentation system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period, on the back of the rapidly growing aviation industry, combined with the increased passenger in-flow in air transportation. Moreover, the presence of major market players in the region, along with adoption of advanced technologies, such as, GPS, is estimated to boost the market growth.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

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Supportive Government Policies to Promote GNSS Augmentation System to Boost the Market Growth

The United Nations Office for Outer Space Affairs (UNOOSA) established the International Committee on Global Navigation Systems (ICG) to allow a GNSS user to receive signals from multiple systems of satellites for navigating and positioning.

GNSS or global navigation satellite systems are used to facilitate the navigation and positioning services across the globe. As satellites provide precise locations, and real-time information, they are highly dependable. Such factors promote the investment in development of satellite systems, which is estimated to boost the market growth. Moreover, the government authorities across the world are focusing on adoption of advanced technology, which is further estimated to boost the market growth.

However, rising competition from SBAS system is expected to operate as key restraint to the growth of global satellite-based GNSS augmentation system market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global satellite-based GNSS augmentation system market which includes company profiling of Airbus SE, Thales Group, Raytheon Company, Loral Space & Communications, Mitsubishi Motors Corporation, SkyTraq Technology, Inc., Honeywell International Inc., Universal Avionics Systems Corporation, and SES S.A. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global satellite-based GNSS augmentation system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future. 

Curious about this latest version of report? Obtain Report Details @ https://www.researchnester.com/reports/satellite-based-gnss-augmentation-system-market/3882

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