May 20, 2021
According to the research report titled ‘Global Navigation Systems Market Size study, by Type (Satellite Navigation Systems, Surgical Navigation Systems, Inertial Navigation Systems, Ohers), by Application (Defense, Aviation, Maritime, Automotive, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global navigation systems market is expected to grow considerably during 2020-2027.
Increasing application of navigation solutions in aviation and defense sector for security purpose is primarily driving global navigation systems market growth.
For the record, on 2018, the Airport Authority of India, in association with the Indian Space Research Organization (ISRO), implemented the GAGAN project, which is a GPS-assisted geo-augmented navigation system. Many parties in the Indian airspace are likely to benefit from this collaboration, cites the study. Likewise, China's BeiDu satellite navigation system was expected to generate a USD 298 billion services market by 2020. It also intends to launch 300 satellites to compete with GPS, with its BDS (BeiDou-3 Navigation Satellite System). Such initiatives by governments across the globe is expected to enhance the overall navigation systems market outlook.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3357878/
For the uninitiated, navigation systems act as a guide map and rely on the source that generates the signal frequency. It mostly consists of electronic, radio, and satellite frequencies. The technology aids in improving traffic flow, directing users, and tracking shipments and goods. It also aids in the tracking of weather notifications depending on the type of device. The usage of navigation systems has proved to be cost effective in fleet management firms.
Navigation systems provide safety and security for automobiles in automotive applications, which has sped up their adoption around the world. Moreover, flourishing world trade and marine traffic, along with escalating demand for real-time information in industrial applications are further accelerating worldwide navigation systems industry expansion.
On the downside, privacy issues and security concerns, coupled with lack of knowledge are limiting the industry progression.
On the regional front, North America holds major portion of global navigation systems market share and will likely record modest gains in the upcoming years. This can be ascribed to strong presence of leading vendors and growing government support to implement navigation systems.
Meanwhile, Asia Pacific industry is slated to amass high profits through 2027, owing to increasing penetration of cellular network infrastructure in developing nations like India and China, together with rising demand for real-time information in aviation and automotive sector.