Satellite navigation system market to reach $75.5 billion by 2028

The Satellite Navigation System Market Size is projected to be USD 75.5 billion by 2028, growing from USD 61.1 billion in 2023, at a Compound Annual Growth Rate (CAGR) of 4.4 % during the forecast period.

The report “Satellite Navigation System Market Size by Constellation (Global Navigation Satellite, Regional Navigation Satellite, and Augmented Satellite), Solution (Service and System) and Orbit (Geostationary Earth Orbit, Medium Earth Orbit) and Global Forecast to 2028”. The Satellite Navigation System Market Size is estimated at USD 61.1 billion in 2023 and is projected to reach USD 75.5 billion by 2028, at a CAGR of 4.4 % from 2023 to 2028. The growth can be attributed to the increasing need for secure satellite communications for commercial applications and military missions.

Major players operating in the Satellite Navigation System market Raytheon Technologies (US), Northrop Grumman Corporation (US), QualComm Technologies, Inc (US), Lockheed Martin Corporation (US), and L3Harris Technologies (US) are some of the market players.

Satellite Navigation System Market Dynamics
Driver: Technological advancements in navigation satellite and ground stations
The development of navigation satellites and satellite ground stations has benefited greatly from technological advancements, which have improved their functionality and performance in the field of satellite navigation systems. These developments have led to increased precision in locating, navigation, and timing data, as well as increased accuracy, dependability, and functionality. Technological developments have resulted in the deployment of next-generation satellite constellations with increased features and capabilities in the field of navigation satellites. For instance, the number of Global Navigation Satellite Systems (GNSS) that have been developed and put into use has increased the alternatives for satellite navigation. With more satellites in orbit, systems like GPS, Galileo, GLONASS, and BeiDou offer better coverage, signal availability, and redundancy. This makes it possible for users to simultaneously receive signals from several satellites, improving location accuracy and dependability.

Challenges: Challenges associated with rapid change/deployment of new technologies in satellites.
Technology degradation is the process by which a piece of technology ages and becomes no longer relevant or competitive in a certain market. Technological obsolescence may be quite difficult for satellite navigation system operators in the satellite sector since it forces them to constantly invest in new tools and technology to stay competitive and relevant. Rapid technological development is a hallmark of the satellite industry, which is fuelled by a variety of causes, including rising demand for high-speed connectivity, developing satellite data applications, and changing consumer needs. In order to stay competitive, ground station operators must keep up with these developments by putting money into new technologies and improving their current infrastructure.

Northrop Grumman
Northrop Grumman is a US-based multinational aerospace and defense technology company. The company’s strength lies in continuously improving its processes and methods. In May 2021, the Defense Advanced Research Projects Agency (DARPA) (US) awarded the company a USD 13.3-million worth contract to provide positioning, navigation, and timing (PNT) payloads for the Blackjack program. Blackjack is a DARPA project to develop and demonstrate the military utility of small satellites in lower-Earth orbit to provide communications, missile warning, and PNT. Northrop Grumman satellite services conduct remote sensing, earth observation, logistics, cybersecurity, and military communication applications. It also strives to increase its market share in the aerospace & defense market by securing aerospace, defense, and government contracts and agreements globally.

Raytheon technologies corporation
Raytheon Technologies Corporation (US) is among the world’s leading aerospace, defense, and intelligence service companies in terms of revenue and market capitalization with four segments: Raytheon Intelligence & Space, Raytheon Missiles & Defense, Pratt & Whitney, and Collins Aerospace. The company provides satellite navigation systems through Raytheon Intelligence & Space. It conducts R&D and manufactures high-tech products such as drones, satellites, guided missiles, air defense systems, aircraft engines, aircraft flight control systems, and aerostructure.

Asia Pacific is to hold the highest growth rate in 2023.
The Satellite Navigation System market industry has been studied in North America, Europe, Asia Pacific, Rest of the World. The Asia Pacific region accounts for the highest growth rate during the forecast period due to the presence of major Satellite Navigation System Users in the region to enhance the growth of the market. Digital Journal