CHICAGO, Feb. 16, 2024 /PRNewswire/ — The global mid and high-level precision GPS receiver market is expected to be valued at USD 3.4 billion in 2024 and is projected to reach USD 5.2 billion by 2029; it is expected to grow at a CAGR of 8.8% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the mid and high-level precision GPS receiver market is propelled by rising urban developments in emerging economies, growing awareness towards precision agriculture, and automation in various industries. However, security concerns in critical applications and slow acceptance of new technologies restrain the market’s growth.
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Browse in-depth TOC on “Mid and High-Level Precision GPS Receiver Market”
193 – Tables
58 – Figures
224 – Pages
Mid and High-Level Precision GPS Receiver Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$ 3.4 billion |
|
Estimated Value by 2029 |
$ 5.2 billion |
|
Growth Rate |
Poised to grow at a CAGR of 8.8% |
|
Market Size Available for |
2020–2029 |
|
Forecast Period |
2024–2029 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Type, Functional Deployment, Frequency Type, End-user Industry and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Interference and signal degradation in urban areas |
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Key Market Opportunities |
Expanding adoption of GPS receivers in autonomous driving |
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Key Market Drivers |
Rising demand for geographic information systems |
The surveying and mapping segment is expected to dominate in the forecasted period.
The surveying and mapping segment is expected to continue its growth in the coming years. The global emphasis on infrastructure development, including urban planning, transportation, and environmental monitoring, drives the demand for accurate surveying and mapping tools. GPS receivers play a crucial role in collecting precise geospatial data, aiding in the planning and execution of large-scale infrastructure projects.
The construction segment is anticipated to dominate during the forecast period.
The construction segment is expected to dominate in the forecast period, driven by various factors. These include the rising adoption of autonomous technology, heightened urbanization, and substantial investments in infrastructure development by numerous countries. With rapid urbanization and increasing infrastructure projects worldwide, the demand for precise geospatial data in construction activities has surged. High-precision GPS receivers are essential tools for tasks like site planning, grading, and surveying, contributing to the industry’s dominance in the market.
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North America to dominate the mid and high-level precision GPS receiver industry during the forecast period.
North America hosts several prominent companies, including Trimble, Inc., Hemisphere GNSS, Inc., Javad GNSS Inc., and Geneq, Inc. The region is marked by diverse industries, including oil and gas and construction, where mid and high-precision GPS receivers find applications. Furthermore, the market in the region is experiencing growth propelled by an increasing demand for GPS receivers in precision farming applications, such as auto-steering, yield monitoring, and field mapping. Additionally, adopting autonomous systems across industries like construction, mining, and agriculture is another significant factor contributing to market expansion in North America.
Key players
The mid and high-level precision GPS receiver companies includes significant Tier I and II players like Trimble Inc. (US), Topcon (Japan), Hexagon AB (Sweden), Hemisphere GNSS Inc. (US), Javad GNSS (US), Geneq (Canada), South Surveying & Mapping Technology Co. Ltd. (China), Septentrio (Belgium), CNH Industrial N.V. (UK), Comnav Technology Ltd. (China) are some of the key players in the mid and high-level precision GPS receiver market.
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