GNSS allows users to find out the position of other people or objects and also determine their position. Hence they are finding application in security, humanitarian services, and emergency services such as locating stolen property, person, or pets.
For instance, Galileo, a GNSS system, is equipped with an application named Search and Rescue (SAR), which sends forth an emergency positioning signal that is received by satellites enabling for quick emergency response in case of a plane crash or a water vessel capsizing.
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A report by Transparency Market Research projects the global GNSS chip market to rise at a 7.7% CAGR, in terms of value, from 2017 to 2025. Expanding at this pace, the market is expected to become worth US$34.71 bn by 2025 from US$ 17.90 bn in 2016. In terms of volume, the report forecasts the market to expand at a CAGR of 8.7% to become worth 9.16 billion units by 2025 from 4.31 billion units in 2016.
Rising Use of Smartphones for Locating People and Places makes it Dominant Device Segment
The different types of devices in the global GNSS chip market are in-vehicle networking systems, smart phones, personal navigational devices, and others such as smart wearable devices, including smart watches, smart glasses, smart rings, etc.
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The smart phones segment, at present, holds a dominant share in the market and in the years ahead is predicted to maintain that dominant share. This is mainly on account of the rising use of smartphones for navigational purpose, tracking people and object, and finding a place. In terms of growth rate, however, the in-vehicle networking systems is predicted to surpass all other segments by registering a CAGR of 10.5% vis-à-vis value from 2017 to 2025 on the back of growing connectivity in vehicles to accord better safety and driving experience.
North America to Lose out on Growth Front due to High Degree of Market Saturation
Geography-wise, the leading region in the global GNSS chip market is North America. The region dominates both in terms of value and volume and by clocking a CAGR of 6.4% is predicted to become worth US$10.22 bn by 2025. Europe is another key region in terms of market share, but it is Asia Pacific that is expected to grow its share the most in the next couple of years by clocking maximum CAGR of 10.0%.
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North America being a technologically advanced country in which the GNSS chip market has become almost saturated is predicted to grow at a lesser pace than Asia Pacific. The market in the latter, powered by China, Australia, Japan, and India, is expected to outpace others because of the increasing use of GNSS devices in agricultural, defense, and infrastructure upgrading comprising of improving of railway network.
Some of the big names operating in the global GNSS chip market are Qualcomm Incorporated, ST Microelectronics N.V., Mediatek Inc., U-Blox Holdings AG, Intel Corporation, Furuno Electric Co., Ltd., Broadcom Corporation, Quectel Wireless Solutions Co., Ltd., Skyworks Solutions Inc., and Navika Electronics. Currently the market is fragmented with no players having a solid stronghold.