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(IT-NEWSWIRE.COM, August 28, 2024 ) The report "Satellite Navigation System Market by Constellation (Global Navigation Satellite, Regional Navigation Satellite, and Augmented Satellite), Solution (Service and System) and Orbit (Geostationary Earth Orbit, Medium Earth Orbit) and Global Forecast to 2028" The Satellite Navigation System market is estimated at USD 61.1 billion in 2023 and is projected to reach USD 75.5 billion by 2028, at a CAGR of 4.4 % from 2023 to 2028. The growth can be attributed to the increasing need for secure satellite communications for commercial applications and military missions.
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The Services segment held the largest growth rate in the Satellite Navigation System market by solution.
By Solution, the Satellite Navigation System market has been segmented into Systems and Services. Service Segment to hold the highest growth rate during the forecast period. These are widely adopted for military and defense applications to provide real-time positioning and situational awareness. Additionally, they can be easily employed in rural or disaster-affected areas. Easy deployment and enhanced connectivity to drive the market for the segment.
The Global Navigation Satellite Constellation segment is expected to account for the largest share of Satellite Navigation Systems by Constellation in 2023.
By Constellation, the Satellite Navigation System market is segmented into Global Navigation Satellite Constellation, Regional Navigation Satellite Constellation, and Augmented Satellite Constellation. The Global Navigation Satellite Constellation is a growing trend in the SNS industry that entails providing navigation services to satellite operators on a pay-per-use or subscription basis. It allows satellite operators to obtain ground station services without investing in and maintaining their own infrastructure, making it a cost-effective alternative for both small and large-scale satellite operators. In the forecasted years, the global demand for satellite-based services and the rising number of satellite launches are likely to propel the SNS market, particularly the Global Navigation Satellite sector, to considerable growth.
The Medium Earth Orbit (MEO) segment of the Satellite Navigation System market by orbit is projected to dominate the market.
The Satellite Navigation System market based on the orbit is segmented into the Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), and others. Medium Earth Orbit segment to hold the highest market as well the highest growth rate during the forecast period. The rapid development in the miniaturization of space technology has made the deployment of navigation satellites contributes to the growth of the market.
Asia Pacific is to hold the highest growth rate in 2023.
The Satellite Navigation System market industry has been studied in North America, Europe, Asia Pacific, Rest of the World. The Asia Pacific region accounts for the highest growth rate during the forecast period due to the presence of major Satellite Navigation System Users in the region to enhance the growth of the market.
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Key Market Players:
Major players operating in the Satellite Navigation System market Raytheon Technologies (US), Northrop Grumman Corporation (US), QualComm Technologies, Inc (US), Lockheed Martin Corporation (US), and L3Harris Technologies (US) are some of the market players.
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