The Satellite-based Augmentation System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Satellite-based Augmentation System Global Market Report 2024, The satellite-based augmentation system market size has grown rapidly in recent years. It will grow from $1.29 billion in 2023 to $1.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to aviation safety regulations, growing air traffic, maritime navigation requirements, surveying and mapping applications, precision agriculture.
The satellite-based augmentation system market size is expected to see strong growth in the next few years. It will grow to $2 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to global navigation satellite system (gnss) market growth, emergence of unmanned aerial vehicles (uavs), expansion of location-based services (lbs), infrastructure development, increased demand for autonomous vehicles. Major trends in the forecast period include global expansion of sbas networks, enhanced disaster management and emergency response, integration into surveying and geomatics, development of next-generation sbas, partnerships and collaborations for sbas implementation.
The growing air traffic is expected to propel the growth of the satellite-based augmentation system market going forward. Air traffic refers to the movement and management of airplanes in the airspace, controlled by air traffic control (ATC) services to ensure safe and effective operations. Aircraft operations and air traffic provide real-world validation, data gathering, and user input that improve the accuracy, dependability, and performance of satellite-based augmentation systems (SBAS), strengthening aviation safety and effectiveness. For instance, in March 2023, according to a report published by the Bureau of Transportation Statistics, a US-based government agency, in 2022, US airlines transported 194 million more passengers than in 2021, a 30% increase year on year. Additionally, from January to December 2022, airlines in the United States carried 853 million passengers, up from 658 million in 2021 and 388 million in 2020. Therefore, the growing air traffic is driving the growth of the satellite-based augmentation system market
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The satellite-based augmentation system market covered in this report is segmented –
1) By Type: Wide Area Augmentation System (WAAS), European Geostationary Navigation Overlay Service (EGNOS), Multi-functional Satellite Augmentation System (MSAS), GPS Aided GEO Augmented Navigation (GAGAN), System For Differential Corrections And Monitoring (SDCM), Other Types
2) By Component: Satellites, Ground Stations, Receivers, Other Components
3) By Application: Aviation, Maritime, Road And Rail, Surveying, Timing And Synchronization, Agriculture, Other Applications
Product innovation has emerged as a key trend gaining popularity in the satellite-based augmentation system market. Major companies operating in the satellite-based augmentation system market are concentrating on creating innovative products to strengthen their position in the market. For instance, in July 2021, U-blox, a Switzerland-based technology company, launched the PointPerfect location service, which delivers advanced global navigation satellite system (GNSS) augmentation for applications requiring ultra-accurate and ultra-reliable positionings, such as unmanned aerial vehicles (UAVs) and other autonomous vehicles. PointPerfect delivers uniform coverage in Europe and the contiguous United States, including up to 12 nautical miles (about 22 kilometers) off coastlines via mobile internet or L-band satellite transmissions.
The satellite-based augmentation system market report table of contents includes:
1. Executive Summary
2. Satellite-based Augmentation SystemMarket Characteristics
3.Satellite-based Augmentation System Market Trends And Strategies
4.Satellite-based Augmentation System Market analysis
5.Satellite-based Augmentation System Market Size And Growth
6.Satellite-based Augmentation System Segmentation
7.Satellite-based Augmentation System Regional And Country Analysis
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27.Satellite-based Augmentation System Competitive Landscape And Company Profiles
28. Satellite-based Augmentation SystemKey Mergers And Acquisitions
29.Satellite-based Augmentation System Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- RTX Corporation (Raytheon Technologies Corporation)
- Lockheed Martin Corporation
- Airbus SE
- Northrop Grumman Corporation
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