DUBLIN--(BUSINESS WIRE)--The "GNSS Chip Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Device; Application; Vertical" report has been added to ResearchAndMarkets.com's offering.
The GNSS Chip market is projected to reach US$ 8,324.27 million by 2028 from US$ 5,669.00 million in 2021; it is expected to grow at a CAGR of 5.6% from 2021 to 2028.
The demand for UAV is increasing with the emergence of technologies such as artificial intelligence, sense and avoid systems, and cloud computing. The integration of AI in UAVs has enhanced their capabilities, such as navigation, data capture, take-off, data transmission, and data analysis, without any human intervention.
Many mobile network operators have announced the deployment of 5G networks in urban areas. In the US, AT&T began its 5G network in 2018, and now, it is used by 230 million Americans in 14,000 cities and towns. South Korea is the second country to enter the race.
Telecom companies collectively rolled out the 5G network in March 2019. In the UK, Vodafone announced plans to roll out the technology in 2020. Thus, with the increasing numbers of 5G base stations, the requirement for higher-level timing accuracy is increasing to secure stable connections over 5G networks. According to the GSA 2020 report, China is a fast-growing country leading its way into the 5G era. Moreover, ST and Quectel are working together to offer innovative GNSS technologies driving the growth of the GNSS chip market.
The COVID-19 pandemic has shaken several industries. The impact of COVID-19 differed from country to country across the world. The global crisis has compelled manufacturers to streamline their production processes to tackle unexpected disruption and to adapt to unprecedented challenging working conditions such as physical distancing.
Considering increasing vaccination drives is expected to recover by the end of 2022 with companies investing in making operations more productive and efficient. Limitations done by governments to control the spread of COVID-19 during the initial stages of the pandemic severely affected the production processes and outcomes due to the restrictions enacted on workforce available on work floors. Automotive and consumer electronics are the key industries contributing toward the growth of global GNSS chip market.
Further, enterprises had to take steps such as downsizing and salary cut, which hampered the buying capacity of consumers. This resulted in the decreased sales of smartphones, smartwatches, and other electronic appliances in 2020. According to Automobile Industry Associations, the Indian automotive industry suffered the daily loss of ~US$ 31,164 million in 2020. However, as many countries have resumed their economic activities and industries have begun their operations, which is gradually fueling the demand for GNSS chips.
- In 2021, the smartphone segment led the GNSS chip market with the largest share. Based on application, the market is segmented into navigation & location-based services, mapping, surveying, telematics, timing and synchronization, and others.
- In 2021, the navigation & location-based services segment led the market and accounted for the largest market share. Based on vertical, the GNSS chip market is segmented into consumer electronics, automotive & transportation, military & defense, and others. In 2021, the consumer electronics segment held the largest share of the market.
- In 2021, APAC accounted for a significant share in the market.
Key Industry Dynamics
Market Drivers
- Rising Demand for 5G Network and High-Speed Internet
- Growing Use of GNSS Chip in Consumer Electronic Devices
Market Restraints
- Jamming and Spoofing Attacks
Market opportunities
- IoT Technology in Autonomous Vehicles
Future trends
- GNSS in UAVs/UGVs
Company Profiles
- INTEL
- Mediatek
- QUALCOMM
- FURUNO
- Broadcom Inc.
- U-BLOX
- Trimble Navigation
- Septentrio
- Quectel Wireless
- Hemisphere GNSS Inc.
- Hexagon (Leica Geosystems)
- Hypack
- Javad
- South
- Stonex
- Topcon
- Trimble
For more information about this report visit https://www.researchandmarkets.com/r/ym6oyt
