PUBLISHER: The Business Research Company | PRODUCT CODE: 1464158
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464158
Position, navigation, and timing (PNT) solutions encompass systems and technologies designed to furnish precise information concerning the location (position), orientation (navigation), and accurate timing of objects or users. These solutions play a pivotal role in ensuring the operation of critical infrastructure sectors and find application across various domains, including GPS, autonomous vehicles, and other navigation systems.
Precise point positioning (PPP) is among the primary position, navigation, and timing (PNT) solutions available, alongside Real-Time Kinematics (RTK), Precise Point Positioning-Real-Time Kinematics (PPP-RTK), and Wide-Area Real-Time Kinematics (WARTK). PPP, a method within the Global Navigation Satellite System (GNSS), enables highly accurate position calculations, achieving errors as small as a few centimeters under optimal conditions. These solutions, comprising both satellite and ground components, serve various sectors including defense, commercial, government, and civil, facilitating applications such as navigation, positioning, precision timing, and geo-location.
The position, navigation, and timing (PNT) solution research report is one of a series of new reports from The Business Research Company that provides position, navigation, and timing (PNT) solution market statistics, including the position, navigation, and timing (PNT) solution industry's global market size, regional shares, competitors with an Position, navigation, and timing (PNT) solution market share, detailed position, navigation, and timing (PNT) solution market segments, market trends and opportunities, and any further data you may need to thrive in the position, navigation, and timing (PNT) solution industry. This position, navigation, and timing (PNT) solution market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The position, navigation, and timing (PNT) solution market size has grown rapidly in recent years. It will grow from $1.22 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. During the historical period, growth was primarily fueled by advancements in precision agriculture, the proliferation of autonomous and connected vehicles, the widespread adoption of nertial Navigation Systems (INS), the ubiquitous use of the Global Positioning System (GPS), and the emergence of multi-constellation systems.
The position, navigation, and timing (PNT) solution market size is expected to see rapid growth in the next few years. It will grow to $2.16 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. In the forecast period, growth is expected to be driven by next-generation satellite systems, the integration of quantum technologies, incorporation of 5G technology, advancements in inertial navigation systems, and the increasing deployment of low earth orbit (LEO) satellites. Significant trends anticipated during this period include regulatory developments, the enhancement of anti-spoofing and anti-jamming technologies, the development of augmentation systems, the emergence of new navigation technologies, and the integration with the Internet of Things (IoT).
The anticipated surge in demand for autonomous vehicles is poised to be a significant driver behind the expansion of the position, navigation, and timing (PNT) solution market in the foreseeable future. Autonomous vehicles, capable of operating without human intervention, rely heavily on accurate PNT solutions to ensure precise positioning, navigation guidance, and time synchronization for safe and efficient operation. As per projections from the Insurance Institute for Highway Safety in December 2022, the number of autonomous vehicles, or self-driving cars, on American roads is expected to reach 3.5 million by 2025 and 4.5 million by 2030, underscoring the growing demand for autonomous driving technologies and, consequently, PNT solutions.
Key players in the position, navigation, and timing solution market are strategically focusing on the development of sensor-based technology products, such as PNT boards, to consolidate their market presence. PNT boards are sophisticated electrical circuits or modules that integrate essential PNT functionalities, including positioning, navigation, and timing capabilities. For instance, Concurrent Technologies introduced the Rugged 3U VPX PNT plug-in card in January 2022, designed to deliver accurate and reliable PNT information even in challenging environments. Built in compliance with the Sensor Open Systems Architecture (SOSA) standard, this PNT board incorporates a GNSS receiver, an inertial measurement unit, and a precision timing module to ensure precise and dependable PNT data, catering to the demanding requirements of autonomous vehicle applications.
In October 2022, Viavi Solutions made a significant move by acquiring Jackson Labs Technologies, a notable player in the PNT solutions domain. This acquisition allowed VIAVI to enhance its portfolio with Jackson Labs' expertise in PNT solutions, bolstering its position as a leading provider of comprehensive PNT solutions. Jackson Labs Technologies specializes in offering advanced PNT solutions tailored for critical infrastructure applications, thus complementing VIAVI's existing offerings and enabling the company to cater to a wider range of customer needs in the PNT market.
Major companies operating in the position, navigation, and timing (PNT) solution market report are Lockheed Martin Corporation, Qualcomm Technologies Inc, General Dynamics Corporation, Northrop Grumman Corporation, Honeywell International, BAE Systems plc, Safran S.A., Thales SA, Collins Aerospace, L3Harris Technologies Inc, Booz Allen Hamilton Inc., CACI International, Garmin Ltd, Parsons Corporation, Saab Ab, Israel Aerospace Industries, Trimble Inc, Leonardo DRS Inc, QinetiQ, VIAVI Solutions Inc., Adtran Inc., Spirent Communications plc, Telespazio S.p.A., NovAtel Inc. (Hexagon AB), WR Systems Ltd, Integrated Solutions for Systems Inc., Chelton Limited, SpacePNT Sarl, NextNav Inc.
North America was the largest region in the position, navigation, and timing (PNT) solution market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the position, navigation, and timing (PNT) solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the position, navigation, and timing (PNT) solution market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The position, navigation, and timing solution market consists of revenues earned by entities by providing services such as precise time synchronization, global positioning systems, geospatial data services, jamming and spoofing detection, and critical infrastructure. The market value includes the value of related goods sold by the service provider or included within the service offering. The position, navigation, and timing solution market also includes sales of GNSS receivers, inertial measurement units (imus), antennas, atomic clock radar and lidar sensors, and communication equipment. 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.
Position, Navigation, and Timing (PNT) Solution Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on position, navigation, and timing (PNT) solution market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for position, navigation, and timing (PNT) solution ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The position, navigation, and timing (PNT) solution market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.