CHICAGO, March 13, 2023 /PRNewswire/ — The Assured PNT Market is projected to grow from USD 0.4 billion in 2022 to USD 1.7 billion by 2027, at a CAGR of 29.8% from 2022 to 2027 according to a new report by MarketsandMarkets™. The market growth can be attributed to the rising demand for durable and maintenance-free power sources.
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The increasing focus on enhancing advanced navigating capabilities for the reduction of casualties, the rising need for modernization programs, and increasing incidences of asymmetric warfare are major factors driving the assured PNT market. Countries across the world are investing in the development of missile systems, such as ballistic missiles and cruise missiles, which require assured positioning systems for guidance. Thus, the increasing implementation of assured PNT systems in missiles is contributing to the growth of the assured PNT market. Militaries are using smart weapons with advanced tactical-grade military navigation for greater accuracy and lower circular error probability (CEP) to neutralize terrorists and reduce collateral damage.
Based on the end user, the assured PNT market is segmented into defense and homeland security.
The defense segments is the largest growing segment during the forecasted period owing to increasing defense budgets and spending on advanced digital navigation capabilities by several countries. Most of the countries are modernizing their land vehicles (Tier 2 and Tier 3) replacing the existing fleet with advanced capabilities. this in turn is also driving the growth of defense segment in the assured PNT market
The assured PNT is segmented into land, air and naval based on platform.
he naval platform is forecasted as the fastest growing segment during 2022-2027. The increasing efforts by countries such as US, China and India to develop advanced submarines is one of the driving factors of the segments growth. For instance, In 2019 US has given an order to develop a total of 10 submarines with advanced nuclear capabilities for USD 24 billion. The increasing investments by china in R&D activities related to submarines have also led to a higher number of diesel and nuclear powered vessels. thus rising the demand for submarines is projected to boost the growth of advanced navigation systems that resist jamming and spoofing threats.
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The assured PNT regional analysis has been studied over North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
North America accounted for the largest share of the assured PNT market in 2021. This market is led by the US, which is increasingly investing in assured GPS technology to maintain its superiority and overcome the risk of potential threats of spoofing and jamming. In the defense sector, rapid technological advancements are spawning disruptive innovations.
The key market players in the assured PNT market are Bae Systems PLC (UK), General Dynamics (US), L3Harris Technologies (US), Northrop Grumman (US), Teledyne Technologies, Inc. (US), Leonardo DRS (US), Lockheed Martin Corporation (US), and Raytheon Technologies (US).
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