NEW YORK, July 22, 2023 /PRNewswire/ — The navigation satellite system market size is estimated to grow by USD 119.57 billion from 2022 to 2027, according to Technavio. The market growth momentum will progress at a CAGR of 9.44% during the forecast period. North America is estimated to account for 43% of the global market growth during the forecast period. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
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Navigation Satellite System Market – Segmentation Assessment
Technavio has segmented the market based on application (navigation, LBS, surveying, mapping, and others), type (global constellations systems and satellite-based augmentation systems), and geography (North America, APAC, Europe, Middle East and Africa, and South America).
- The market share growth by the navigation segment will be significant for overall market growth during the forecast period. Navigation has various applications in different industries for improving the efficiency of operations. The main application of navigation in the global road sector is the global navigation satellite system’s position with an increasing focus on intelligent transportation systems (ITS), smart mobility, and autonomous vehicles. Similarly, some of the key applications of navigation systems in marine operations include fleet management, cargo tracking, port operations, and ship security. Hence, such applications are expected to fuel the growth of this segment which in turn will drive the navigation satellite system market growth during the forecast period.
By geography, the…