PUBLISHER: The Business Research Company | PRODUCT CODE: 1464179
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464179
Satellite position, navigation, and timing (PNT) technology encompass a variety of systems and technologies leveraging satellite signals to ascertain position, navigate routes, and synchronize time across diverse applications. These technologies serve as fundamental components of contemporary navigation, communication, and timing systems, offering precise and dependable location and time information essential for various operations.
The primary categories are hardware and software. Hardware encompasses the physical components and devices employed to receive, process, and leverage satellite signals for navigation, positioning, and timing objectives. These hardware components find application across various domains including navigation, positioning, precision timing, and geo-location, serving the needs of defense, commercial, government, and civil end-users alike.
The satellite position, navigation, and timing (PNT) technology market research report is one of a series of new reports from The Business Research Company that provides satellite position, navigation, and timing (PNT) technology market statistics, including satellite position, navigation, and timing (PNT) technology industry global market size, regional shares, competitors with an satellite position, navigation, and timing (PNT) technology market share, detailed satellite position, navigation, and timing (PNT) technology market segments, market trends and opportunities, and any further data you may need to thrive in the satellite position, navigation, and timing (PNT) technology industry. This satellite position, navigation, and timing (PNT) technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The satellite position, navigation, and timing (PNT) technology market size has grown exponentially in recent years. It will grow from $2.02 billion in 2023 to $2.45 billion in 2024 at a compound annual growth rate (CAGR) of 21.5%. The growth witnessed in the historic period can be attributed to several key factors, including heightened demand for accurate navigation and positioning services, the expansion of the automotive industry, increased adoption of unmanned aerial vehicles (UAVs), growing demand for Position, Navigation, and Timing (PNT) solutions, and the proliferation of commercial applications utilizing PNT technologies.
The satellite position, navigation, and timing (PNT) technology market size is expected to see rapid growth in the next few years. It will grow to $4.95 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%. The projected growth in the forecast period can be attributed to several key factors, including an increasing dependence on satellite-based systems, a rising demand for location-based services, the expanding utilization of satellite-based navigation within the maritime and aviation sectors, and heightened investments in the development of next-generation satellite technologies. Major trends expected in this period encompass the continued development of next-generation satellite systems, the integration of various technologies, including the integration of multiple Global Navigation Satellite Systems (GNSS), the expansion of maritime Position, Navigation, and Timing (PNT) solutions, and advancements in PNT signal processing capabilities.
The increasing demand within the automotive sector is poised to fuel the expansion of the satellite positioning, navigation, and timing (PNT) technology market in the foreseeable future. Factors such as population growth, urbanization, rising disposable incomes, evolving consumer preferences, and technological advancements contribute to the surging demand for automobiles worldwide. Satellite PNT technology plays a crucial role in providing accurate location data for advanced navigation systems in vehicles, enabling drivers to optimize routes, avoid traffic congestion, and achieve efficient travel. For example, global motor vehicle production surged to 85.4 million units in 2022, marking a notable 5.7% increase compared to the previous year, as reported by the European Automobile Manufacturers Association in May 2023. This upward trend underscores the significant impact of automotive sector growth on the satellite PNT technology market.
Key players in the satellite positioning, navigation, and timing (PNT) technology market are actively engaged in the development of cutting-edge solutions, including precise timing devices. Precise timing devices are instrumental in delivering accurate and reliable timekeeping across various sectors such as scientific research, telecommunications, transportation, and sports. Adtran Inc., a prominent US-based fiber networking and telecommunications company, introduced the OSA 5405-S PTP grandmaster clock equipped with satellite time and location (STL) technology in November 2023. This precise timing device, tailored for network synchronization and precision time protocol (PTP) implementation in packet-based networks, integrates STL signals alongside traditional Global Navigation Satellite System (GNSS) signals. By addressing vulnerabilities associated with conventional synchronization sources, the OSA 5405-S enhances reliability and security in timing applications, thus meeting the evolving needs of modern industries.
In May 2023, Viasat Inc., a reputable US-based communications company, acquired Inmarsat. This acquisition, executed for an undisclosed sum, is anticipated to enhance Viasat's scale and capabilities, driving innovation and growth in global satellite connectivity. By leveraging the expertise and resources of Inmarsat, known for its contributions to PNT technologies including satellite navigation signals and positioning services, Viasat aims to deliver enhanced connectivity solutions that address customers' evolving requirements for speed, flexibility, reliability, coverage, and security.
Major companies operating in the satellite position, navigation, and timing (PNT) technology market report are Raytheon Technologies Corporation, Honeywell International Inc, Broadcom Inc, Thales Group, L3Harris Technologies Inc, STMicroelectronics N.V., Analog Devices Inc., Qualcomm Technologies Inc., Rockwell Collins, Lockheed Martin Corporation, Skyworks Solutions Inc, Garmin Ltd, Trimble Inc, Viasat Inc., SES S.A., Maxar Technologies Inc., Topcon Corporation, Iridium Communications Inc, BeiDou Navigation Satellite System, Leica Geosystems AG, u-blox AG, Spirent Communications plc, NovAtel Inc., Globalstar Inc., Swift Navigation Inc., Septentrio NV, ComNav Technology Ltd, Hemisphere GNSS Inc
North America was the largest region in the satellite position, navigation, and timing (PNT) technology market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite position, navigation, and timing (PNT) technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the satellite position, navigation, and timing (PNT) technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The satellite position, navigation, and timing (PNT) technology market consists of revenues earned by entities by providing services such as navigation satellite systems (GNSS) services, timing and synchronization services, positioning and location-based service, mapping and surveying Services. The market value includes the value of related goods sold by the service provider or included within the service offering. The satellite position, navigation, and timing (PNT) technology market also include sales of satellite navigation devices such as smartphones and tablets, in-car navigation systems, handheld GPS devices, wearable GPS trackers, precision timing devices, PNT software and application. 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.
Satellite Position, Navigation, And Timing (PNT) Technology 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 satellite position, navigation, and timing (PNT) technology 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 satellite position, navigation, and timing (PNT) technology ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The satellite position, navigation, and timing (PNT) technology 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.