GNSS chips & modules Market Insights, Trends & Growth Outlook to 2025
According to trusted projections, global GNSS chips & modules market is expected to witness strong growth during 2020-2025. Surging usage of high-speed internet applications such as autonomous driving, distance learning, video conferencing, and other location-based applications is driving the growth of global navigation satellite system (GNSS) chips and modules market. Expansion in 4G and 5G network area coverage in tandem with growing accessibility of the internet are positively impacting the market growth. In addition, ongoing development of smart cities and rising penetration of IoT will present lucrative growth avenues over the forecast timeline.
Growing adoption of GNSS for mapping and surveying of uncharted locations across an array of sectors including mining, agriculture, and construction is further augmenting the market growth. However, high investment cost in agriculture sector for deployment of GNSS chips in applications such as monitoring automatic steering wheel equipment and tractor guidance may act as restrainer for market outlook.
As per the type, the industry is bifurcated into high precision GNSS chips & modules and standard precision GNSS chips & modules, wherein demand for the former product is presumed to escalate in the coming future, owing to its applicability in autonomous driving. Use of GNSS correction data obtained from a base location to cancel out GNSS errors enables high precision navigation, thereby encouraging the product adoption in vehicles. Increasing applications of high-precision GNSS modules & chips such as lane accurate navigation, unmanned aerial drones (UAV), unmanned lawnmowers & tractors, and vehicle-to-everything communication are also contributing to the segment growth.
Speaking of the application spectrum, GNSS chips & modules market share from smartphone segment is expected to amplify modestly during the forecast period. The module is used for obtaining real time information pertaining to phone’s geographic location. Application of GNNS chips & modules for online games and location-based services, coupled with increasing sales of smartphones in developing countries owing to the availability of a wide product range at varying prices are propelling the segment growth. Moreover, Advancements in GNSS technology have enabled broadcasting signals on new frequencies such as E1/L1 and E5/L5, widening the scope of location-based applications in smartphone.
Considering the geographical landscape, United States, Canada, Mexico, Germany, United Kingdom, Russia, France, Italy, India, China, Japan, Korea, Southeast Asia, Australia, Argentina, Brazil, Saudi Arabia, Egypt, Turkey, and South Africa are the key contributors of global GNSS chips & modules market.
China GNSS chip & modules market is slated to show tremendous growth during 2020-2025, owing the presence of numerous electronics and automotive manufacturing plants in the region. Soaring sales of consumer electronics and their short replacement cycles, alongside growing popularity of smart wearables will augment the regional market growth over the next five years.
Qualcomm, U-blox, Quectel Wireless Solutions, Broadcom, Mediatek, Furuno Electric Details, Intel Corporation, Navika Electronics, and STM are the major contenders operating in GNSS chips & modules market.