What are the Historical Developments and Current Growth Metrics of the Satellite-based Augmentation System Market?
The satellite-based augmentation system market has seen considerable growth due to a variety of factors.
•In recent years, there has been a significant expansion in the market size of the satellite-based augmentation system. It's projected to rise from $1.4 billion in 2024 to approximately $1.54 billion in 2025, with an estimated CAGR of 10.2%.
This notable growth in the past has been incited by factors such as aviation safety guidelines, increased air traffic, maritime navigation needs, applications in surveying and mapping, as well as precision agriculture.
What Does Future Hold for The Satellite-based Augmentation System Market Size?
The satellite-based augmentation system market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for the satellite-based augmentation system is anticipated to experience a significant surge. It is projected to reach a worth of $2.11 billion in 2029, with a compound annual growth rate (CAGR) of 8.2%.
This expansion during the forecast period is linked to the growth of the global navigation satellite system (GNSS) market, the rise of unmanned aerial vehicles (UAVs), the spread of location-based services (lbs), infrastructure advancement, and the growing need for autonomous vehicles. The forecast period will also see major trends like the global expansion of SbAS networks, improved disaster management and emergency response, incorporation into surveying and geomatics, the evolution of next-generation SbAS, and partnerships and collaborations aimed at the implementation of SbAS.
What Are The Key Drivers Fueling Growth In The Satellite-based Augmentation System Market?
Rising air traffic is projected to stimulate the growth of the satellite-based augmentation system market in the future. Air traffic, which involves the navigation and control of aircraft within the airspace, is closely managed by air traffic control (ATC) services to ensure security and efficiency in operations. The execution of aircraft activities and air traffic provides practical affirmation, data collection, and user feedback, enhancing the reliability, precision, and performance of satellite-based augmentation systems (SBAS). This ultimately boosts aviation safety and efficacy. An illustration of this growth is identified in a report by the Bureau of Transportation Statistics in March 2023, revealing that in 2022, US airlines saw an annual increase of 30%, transporting 194 million more passengers compared to 2021. As such, the escalating air traffic is contributing to the expansion of the satellite-based augmentation system market.
What Are The Principal Market Segments In The Global Satellite-based Augmentation System Industry?
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
Subsegments:
1) By Wide Area Augmentation System (WAAS): Aviation WAAS, Non-Aviation WAAS Applications
2) By European Geostationary Navigation Overlay Service (EGNOS): EGNOS For Aviation, EGNOS For Land And Sea Applications
3) By Multi-Functional Satellite Augmentation System (MSAS): MSAS For Aviation, MSAS For Land Applications
4) By GPS Aided Geo Augmented Navigation (GAGAN): GAGAN For Aviation, GAGAN For Maritime Applications
5) By System For Differential Corrections And Monitoring (SDCM): SDCM For Land Navigation, SDCM For Maritime Navigation
6) By Other Types: Regional Augmentation Systems, Future Augmentation Systems
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Which Emerging Market Trends Are Altering The Satellite-based Augmentation System Sector?
Leading firms in the satellite-based augmentation system industry are putting emphasis on tactical investments to boost the production of novel satellite-based augmentation systems. By investing strategically in the satellite-based augmentation system industry, production efficiency is optimized, fostering product advancement, reducing operational expenses, and expanding market penetration. These strategies enable firms to meet rising demand and strengthen their market position. For example, Lockheed Martin, an American aerospace and defense company, made an investment in the Southern Positioning Augmentation Network (SouthPAN) in September 2022. This investment underscores the escalating significance of satellite-based applications across various sectors, such as aviation, maritime, and agriculture.
Who Are the Key Players in the Satellite-based Augmentation System Market?
Major companies operating in the satellite-based augmentation system market include:
• 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
What are the Regional Insights into the Satellite-based Augmentation System Market?
North America was the largest region in the satellite-based augmentation system market in 2024. 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
