Global Positioning System (GPS) Market - 2023-2030

Global Positioning System (GPS) Market - 2023-2030

Market Overview
The global positioning system (GPS) market reached US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is growing at a CAGR of 18.4% during the forecast period (2023-2030).

GPS works by measuring the time it takes for a signal to travel from a GPS satellite to a GPS receiver on the ground. By measuring the time difference between signals from multiple satellites, the receiver can calculate its position on the Earth's surface with a high degree of accuracy. The receiver must have an unobstructed view of at least four satellites to determine its position in three dimensions (latitude, longitude and altitude).

Recent advancements in GPS technology include the development of multi-constellation systems, which combine signals from multiple satellite systems, such as GPS, GLONASS (Russia), Galileo (European Union) and BeiDou (China), to provide more accurate and reliable positioning information.

GPS is also increasingly being integrated into smart devices, such as smartphones and wearable devices, to support a wide range of location-based services, including navigation, fitness tracking and geolocation-based advertising. The widespread availability of GPS has made it an essential tool for everyday life, providing precise information about location, time and movement to billions of people worldwide.

Market Dynamics
Rising demand for advanced technology in agriculture for farm planning, field mapping and soil sampling
GPS technology has gained popularity among various end-user, which is the leading driver for market growth. GPS technology is used in precision agriculture to improve crop yields and reduce costs. Farmers use GPS-powered tractors, combines and other equipment to accurately perform mapping, soil sampling and crop spraying. Large volumes of geographic data may be effectively handled and analyzed due to these technologies' ability to connect real-time data collecting with precise position data.

Farm planning, field mapping, soil sampling, tractor guidance, crop scouting, variable rate applications and yield mapping are all done using GPS-based technologies in precision farming. Farmers can now labor in low visibility field situations like rain, dust, fog and darkness due to GPS.

Companies are also investing in GPS technology for agriculture applications, thus creating revenues for the market. For instance, on August 24, 2022, As part of a strategic alliance, Trimble and CLAAS developed a precision farming system for CLAAS tractors, combines and forage harvesters. The CLAAS CEMIS 1200 smart display, GPS PILOT steering system and SAT 900 GNSS receiver are all components of the precision farming system.

Stringent licensing regulations
Most countries have no stringent licensing regulations for using GPS technology, as it is widely available for civilian use. However, some restrictions exist on the export of GPS technology and equipment, particularly in U.S.

Furthermore, NASA sets standards for using GPS in space applications, including the minimum performance levels for GPS receivers in satellite navigation. The regulations set by NASA ensure that GPS provides accurate and reliable navigation information for spacecraft, satellites and other space missions. Furthermore, NASA regulates the use of GPS to ensure signal availability and coverage for space applications, including in extreme environments such as deep space and high-latitude regions.

COVID-19 Impact Analysis
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis
The global positioning system (GPS) market is segmented based on type, deployment, application and region.

The growing demand for more accurate positioning technology has increased the market share for A-GPS
A-GPS, a type segment of global positioning system (GPS), is expected to hold a significant share of the global market. A-GPS or Assisted Global Positioning System, is a technology that improves the accuracy and speed of GPS location services by using additional information from cellular networks. A-GPS is commonly used in smartphones and other mobile devices.

Traditional GPS receivers rely on signals from satellites to determine their location. Still, they can be slow to acquire a GPS lock in areas with poor satellite visibility, such as urban canyons or indoors. A-GPS addresses this problem by using information from nearby cell towers to determine an approximate location quickly and then using that information to speed up the GPS lock process.

Geographical Analysis
North America rules the market as a result of an increase in the usage of GPS technology in the logistics, transportation and healthcare sectors
North America now rules the market due to an increase in the usage of GPS technology in the logistics, transportation and healthcare sectors. Additionally, increasing mobile device penetration and high regional government and regulatory agency military spending penetration are factors influencing the growth of the GPS market.

U.S. government’s growing funding in boosting GPS technology is creating future growth prospects for the market. For instance, On March 28, 2022, the White House released the Fiscal Year 2023 budget proposal. The document lists the FY 2023 funding amounts requested, authorized and appropriated for each element of the nation's GPS program and other related budget items. The government approved the funding of US$ 1.84 Billion for the Department of Defense GPS program.

Competitive Landscape
The major global players in the market include Broadcom Inc., Trimble Navigation Limited, MiTAC Digital Technology Corporation, Qualcomm Inc., Hexagon AB, TomTom N.V, Rockwell Collins Inc., Texas Instruments Inc., Garmin Ltd. and Mio Technology Corporation.

Why Purchase the Report?
• To visualize the global positioning system (GPS) market segmentation based on type, deployment, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of positioning system (GPS) market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global positioning system (GPS) market report would provide approximately 61 tables, 60 figures and 198 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies