Press release
GNSS Chip Market to Expand with Significant CAGR During 2025
As per a report by TMR, the global GNSS chip market is slated to expand at a CAGR of 7.7% during the period between 2017 and 2025 to reach a value of US$34.71 bn by 2025 from US$ 17.90 bn in 2016. In terms of volume, the report forecasts the market to expand at a CAGR of 8.7% to become worth 9.16 billion units by 2025 from 4.31 billion units in 2016.
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Presence of Key Manufacturers Drives North America Market to the Fore
The global GNSS chip market can be segmented depending upon the type of devices into in-vehicle networking systems, smart phones, and personal navigational devices, among others such as smart wearable devices, including smart watches, smart glasses, smart rings, etc. In terms of growth rate, the in-vehicle networking systems is expected to outshine all other segments with a CAGR of 10.5%, vis-à-vis value, in the years to come, because of the rising connectivity in vehicles for bettering both driving experience and safety.
Based on geography, the key segments of the global GNSS chip market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of them, North America, at present, holds a dominant share both in terms of value and volume and in the upcoming years too is predicted to maintain its leading position. This is because most of the prominent manufacturers of GNSS chips are based out of North America. The market in the region is slated to be worth US$10.22 bn by 2025.
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Rising Thrust on Security Stokes Growth in Market
The global navigational satellite systems are devices that find application in location-based services. They aid in maintaining security both in normal and strained situations by providing information about location of objects and people. This has served to up demand for GNSS devices which in turn is stoking demand for GNSS chips. GNSS chips that are used for storing memories, transmitting and receiving signals, are an integral component of GNSS devices.
Railway Sector Majorly Fuelling Demand
The railway industry is said to be majorly fuelling demand for GNSS chips as GNSS devices are leveraged in railways passenger information system, driver advisory system, low density line command and control system, main line command and control system. “Application of these systems enables efficient management of fleet, show real time location of trains through maps, optimize traffic maintenance and provide enhanced driving experience. For instance, the railway infrastructure in India has experienced a surge in investments and have set up a Satellite Imaging for Rail Navigation, which is a GPS system providing real time passenger information with enhanced safety systems. Emergence of smart cities is also likely to drive the growth of the GNSS chip market. Smart cities with intelligent urban management system allows full connectivity and enables easy application of location based services, and GNSS supports the whole concept of these smart cities,” explains the lead analyst of the TMR report.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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