GNSS Chip Market -Forecast (2021 - 2026)
GNSS Chip market size is estimated to reach US$ 5.98 billion by 2026 and grow at a CAGR of 6.5% during 2021-2026. Increasing implementation of GNSS chips for mapping and surveying tasks such as tracking unfamiliar locations, suitable for mining, agriculture and construction is stimulating GNSS Chip market growth. The growth of GNSS Chip market is majorly attributed to growing demand for tracking current location of moving objects, assets or individuals to collect real-time information for safety and security purposes. Growth in emergency locator transmitters attached to an aircraft for search and rescue operations are contributing to the growth of market. In addition, with the growing demand for satellite positioning systems, automotive navigation system the global market for GNSS chips is analyzed to see progressive growth in the coming years. Availability of multiple atomic clocks in GNSS chips focusing on clock synchronization to determine accurate geographical position accelerating commercial vehicle tracking system is boosting the market.
GNSS Chip Market Report Coverage
The report: “GNSS Chip Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the GNSS Chip Market.
By Devices Type: Smartphones, In-Vehicle Systems, Tablets, Personal Navigation Devices, Low-Power Asset Trackers, others
By Application: Location-Based Services, Navigation, Telematics, Surveying, Mapping, Timing & Synchronization
By Industry Vertical: Automotive, Consumer Electronics, Transportation & Logistics, Marine, Agriculture, Aerospace and Defense, Construction and Others
By Geography: North America (U.S., Canada and Mexico); Europe (U.K., Germany, Italy, France, Rest of Europe); APAC (China, Japan, South Korea, India, Rest of APAC); South America (Brazil, Argentina, Rest of Americas); RoW (Middle East & Africa)
Key Takeaways
Smartphones accounted for the largest market share in 2020 and is estimated to dominate the market during 2021-2026 owing to rising integration of GNSS chips on smartphones for navigation purpose
Automotive industry is estimated to witness the highest growth during 2021-2026 owing to rising penetration of GNSS chips into automated guided vehicles. (AGV)
APAC is estimated to dominate the GNSS Chip market between 2021-2026 due to rising popularity of consumer electronics devices for gaining real-time information about precise positions of assets or individuals.
Increasing demand for asset tracking solutions and rising adoption of unmanned vehicles are analyzed to boost the growth of GNSS chip market during the forecast period 2021-2026.
Rising security concerns is one of the challenges analyzed to impede the growth of the market during 2021-2026.
GNSS Chip Market Segment Analysis – By Devices
By Devices, GNSS Chip Market has been segmented into Smartphones, In-Vehicle Systems, Tablets, Personal Navigation Devices, Low-Power Asset Trackers and others. The largest GNSS chip market share of 26% by device type segment was recorded by smartphones in 2020 and is estimated to hold the largest market share by 2026 with a CAGR 5.65% during 2021-2026 due to high usage of integrated navigation applications on smartphones to track the exact location with accuracy providing guidance with real-time data. Due to the growing demand for 4G and 5G network coverage and high-speed internet, the global market for GNSS chips is anticipated to see progressive growth in the coming years. During the forecast period 2021-2026, the GNSS chip market for in-vehicle systems is anticipated to witness the fastest growth with a CAGR 6.3%. For navigation applications, in-vehicle systems are considered suitable because these systems are capable of delivering real-time information related to the current status of vehicles and directing the drivers accordingly. In addition, these systems can incorporate infotainment technologies that improve a vehicle's driving experience and aesthetics and such advanced capabilities are steering the market growth. For instance, in January 2019, Allystar launched multi-band GNSS chips for portable devices to offer greater accuracy and such developments are analyzed to boost the market growth during 2021-2026.
GNSS Chip Market Segment Analysis- By Industry Vertical
By industry vertical, GNSS Chip Market has been segmented into Automotive, Consumer Electronics, Transportation & Logistics, Marine, Agriculture, Aerospace and Defense, Construction and Others. The GNSS automotive vertical market is projected to account for the largest GNSS Chip market share of 26% by 2026 owing to growing demand for connected cars equipped with GNSS chips. Construction industries are estimated to be the fastest growing market with a CAGR 11.25% between 2021 and 2026 due to rising adoption of GNSS receivers to provide accurate positioning of dirt or loading materials, thus optimizing operations on construction sites. In March 2021, British startup FocalPoint announced to raise USD 7 Million to enhance the accuracy of satellite positioning software and such investments are augmenting the market.
GNSS Chip Market Segment Analysis- By Geography
By Geography, GNSS Chip Market has been segmented into North America, Europe, APAC, South America and RoW. APAC accounted for the largest GNSS chip market share of 33% in 2020 and is estimated to dominate the GNSS Chip Market from 2021 to 2026. APAC's major manufacturers of consumer electronics are focused on introducing new and creative products that require real-time information to monitor and record precise positions using different devices, such as smartphones, wearable devices, tablets, and so on. Consequently, the continuing developments in technology in the consumer electronics industry and the increasing popularity of wearable devices, IoT technologies deliver a range of new devices and service offerings that will make it easier for customers to live and work; hence driving the market growth. In November 2019, VST Mobility Solutions, an Indian mobility solution provider launched Smart Eclipse, a vehicle tracking device and such innovations are anticipated to drive the growth in this region during 2021-2026.
GNSS Chip Market Drivers
Rising demand for industrial asset tracking solutions
Rising adoption of asset tracking and monitoring solutions in various industry verticals to gather information about asset location for optimizing asset utilization is set to drive the market during the forecast period 2021-2026. Rising penetration of different GNSS receivers in defense, aerospace, automotive or logistics industries are augmenting the market. Advancements in industrial IoTs utilizing telematics systems to prevent theft, loss, damage for improving asset visibility and operational efficiency has contributed to the growth of the market. In February 2021, McColl’s Transport announced to select Orbcomm’s telematics solutions to track and monitor ISO tanks in Australia by leveraging its advanced asset monitoring solutions. Such partnerships are analyzed to improve fleet productivity, efficiency, service levels and thus accelerating the growth of the market.
Increasing demand for unmanned aerial vehicles (UAVs)
Increasing demand for unmanned aerial vehicles is augmenting the GNSS chip market. These UAVs are incorporated with GNSS chips for real-time monitoring and recording data. In 2016, the FAA began working on a new rule named Special Federal Aviation Regulation 107, which is intended to provide opportunities to fly below 400 feet with a maximum speed of up to 100 mph for commercial operations of small UAVs weighing less than 55 pounds. Companies are designing integrated GNSS chips to be used in UAVs, designed for particular applications. It is necessary to monitor drone’s position continuously, which can be easily done with the aid of GNSS technology. Due to strict government regulations, the use of UAVs/unmanned ground vehicles (UGVs) is not fully commercialized in all geographical regions. In January 2021, SkyTraq multi-band GNSS receiver with 1-cm position accuracy for autonomous unmanned aerial or ground vehicles to provide precise position and such developments are steering the growth of the market.
GNSS Chip market Challenges
Increasing reliance on GNSS systems expose autonomous vehicles, aircrafts, drones and robots to criminal activities. Alarming growth in cyber-attacks and security threats is hampering the adoption. According to reports, many GNSS receivers are exposing real-time information such as location information, device model and type information, phone numbers, audio recordings, images resulting in multitude of privacy concerns. However, continuous improvements on cyber-security is anticipated to offset this challenge and promote a healthy growth during the later stages of the forecast period 2021-2026.
GNSS Chip Market Landscape
Product innovations, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the GNSS Chip market. In 2020, the market of GNSS Chip industry outlook has been fragmented by several companies. GNSS Chip top 10 companies include Qualcomm Incorporated, STMicroelectronics NV, MediaTek Inc., U-Blox Holding AG, Broadcom Limited, Intel Corporation, Furuno Electric Co., Ltd., Skyworks Solutions, Inc., Quectel Wireless Solutions Co., Ltd., Navika Electronics among others.
Acquisitions/Product innovations
In August 2020, Sony Corporation announced the launch of high-precision Global Navigation Satellite System (GNSS) receiver LSIs for use in IoT and wearable devices.
In January 2020, Qualcomm launched three new snapdragon mobile platforms to address ongoing demand for 4G smartphones called Snapdragon™ 720G, 662 and 460. Leveraging Dual-Frequency (L1 and L5) GNSS to improve location positioning accuracy and robustness.
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