Global Satellite Based Augmentation System Market Share 2024, Forecast To 2033
8 Mar, 2024
The satellite-based augmentation system market has experienced rapid growth, increasing from $1.29 billion in 2023 to $1.43 billion in 2024, with a CAGR of 10.7%. This growth is attributed to factors such as aviation safety regulations, growing air traffic, and precision agriculture. Moving forward, the market is expected to continue its strong growth, reaching $2 billion in 2028, with a CAGR of 8.8%. Factors driving this growth include the global navigation satellite system (GNSS) market growth, expansion of location-based services (LBS), and infrastructure development. Major trends in the forecast period include enhanced disaster management and emergency response, integration into surveying and geomatics, and development of next-generation SBAS.
Global Satellite based Augmentation System Market Key Driver
The growing air traffic is expected to propel the growth of the satellite-based augmentation system market. Satellite-based augmentation systems enhance aviation safety and effectiveness by providing accurate and reliable positioning data. With a 30% increase in US airline passengers from 2021 to 2022, as reported by the Bureau of Transportation Statistics, the demand for satellite-based augmentation systems is set to soar, driving market growth.
Get A Free Sample Of The Global Satellite based Augmentation System Market ReportGlobal Satellite based Augmentation System Market Segments
The satellite-based augmentation system market covered in this report is segmented –
1) 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) Component:Satellites, Ground Stations, Receivers, Other Components
3) Application:Aviation, Maritime, Road And Rail, Surveying, Timing And Synchronization, Agriculture, Other Applications
By Geography: The countries covered in the satellite-based augmentation system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the satellite-based augmentation system market in 2023. Asia-Pacific is expected to be the significant growing region in the forecast period. The regions covered in the satellite-based augmentation system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Satellite based Augmentation System Industry Players
RTX Corporation (Raytheon Technologies Corporation); Lockheed Martin Corporation; Airbus SE; Northrop Grumman Corporation; Honeywell International Inc.; Broadcom Corporation; Safran Group; Federal Aviation Administration (FAA); Thales Group; L3Harris Technologies Inc.; STMicroelectronics N.V.; Elbit Systems Ltd.; Rockwell Collins Inc.; Garmin Ltd.; Trimble Inc.; Collins Aerospace; Topcon Corporation; Inmarsat Global Limited; u-Blox Holding AG; Spirent Communications Plc; GMV Innovating Solutions S.L.; NovAtel Inc.; Universal Avionics Systems Corporation; Accord Software & Systems Pvt. Ltd.; Swift Navigation Inc.; Hemisphere GNSS; Grintex India Limited; Septentrio NV; Locosys Technology Inc.; NexNav Inc.; NavatechGPS.
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Satellite based Augmentation System Market Overview
A satellite-based augmentation system is a prominent air navigation system that enhances the accuracy and integrity of a global navigation satellite system's (GNSS) navigation signal. A satellite-based augmentation system improves service availability over a large geographic area and delivers a more reliable navigation service than GNSS alone.