The global revenues from GNSS IC market would be worth US$ 645.0 million by 2032. From 2022 to 2032, it is projected to increase steadily at a CAGR of 6.0%. In 2022, the global market was valued at more than US$ 361.0 million.
Today, a specific multinational group of satellites transmit signals from orbit and provide location and timing data to GNSS receivers. This is known as the Global Navigation Satellite System (GNSS).
These receivers then integrate this data with information from a variety of sensors to calculate other parameters such as location, speed, and altitude.
Such processors heavily rely on visible-range satellites for their accuracy and precision. Numerous countries are prepared to deploy regional constellations in order to enhance navigation and mapping.
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In hostile environments or with weak signals, data transmission and reception might take seconds, days, or maybe not work at all. Efficiency can be improved by combining information from GNSS receivers and wireless network cells, which is advantageous for several internet of things (IoT) applications.
For instance, in January 2021, U-Blox released the ALEX-R5 module. GNSS and low-power wide-area (LPWA) cellular connectivity are combined in this system-in-package. For healthcare applications, the U-Blox M8 GNSS chip delivers adequate precision location. The company’s UBX – R5 LTE – M/NB-IoT chipset provides secure cloud functionality.
The number of consumer goods with location and navigational capabilities has increased dramatically. A sizable demand for low-power components such as GNSS processors is thus envisaged.
Presently, around 50% of individuals on the planet utilize technologically advanced wearables such as smartwatches and fitness bands. These gadgets have various GNSS chips so that the user can receive precise location information when walking, running, or driving. This allows them to stay in touch with their loved ones.
Key Takeaways from GNSS IC Market Study
The global GNSS IC market has demonstrated a steady growth trajectory, with a cumulative annual growth rate (CAGR) of 6.9% between 2017 and 2021. Projections indicate that the USA GNSS IC market is poised to reach a value of US$ 101.8 million by 2032, underlining a promising future for the industry. China's demand for GNSS IC has notably surged, with a robust CAGR of 9.0% during the same period. Japan is also expected to witness significant growth, with its GNSS IC sector projected to surpass a valuation of approximately US$ 99.3 million by 2032. Moreover, standard precision GNSS chips are anticipated to experience a steady rise, with an expected CAGR of around 5.9% from 2022 to 2032, further underscoring the sustained momentum of the market.
Competitive Landscape:
GNSS IC providers are constantly working on developing new and advanced technologies to improve the accuracy and reliability of their products. For instance, a few providers are working on integrating multiple GNSS constellations to improve accuracy and reduce signal interference.
A few other NSS IC providers are collaborating with local industry players such as automotive and mobile device manufacturers, to integrate their technology into these products. This helps to expand their market reach and increase demand for their products.
For example,
In August 2022, MediaTek, a Taiwanese semiconductor company, announced the launch of its Helio G96 and Helio G88 mobile processors, both of which feature integrated GNSS receivers for improved location tracking capabilities.
In February 2022, STMicroelectronics announced the release of its latest GNSS module, the Teseo-V. The module is designed to provide high positioning accuracy and low power consumption for IoT and wearable applications.
Leading Key Players:
The GNSS IC market boasts a roster of key players spearheading innovation and advancement in global navigation satellite systems technology. Companies such as Qualcomm, Broadcom, MediaTek, U-Blox, STM, and Intel Corporation are at the forefront, driving the development of cutting-edge GNSS integrated circuits. Joining them are notable players like Furuno Electric, Quectel Wireless Solutions, Epson, and SkyTraq Technology, Inc., each contributing unique expertise and solutions to the evolving landscape of location-based technologies.
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Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the GNSS IC industry, presenting historical market data (2017 to 2021) and forecast statistics for the period of 2022 to 2032.
The study reveals extensive growth in the GNSS IC industry in terms of chip type (high precision GNSS chips, standard precision GNSS chips), application (smartphones, tablets, personal navigation devices, in-vehicle systems, wearable devices, digital cameras), and region.
