The global navigational satellite system (GNSS) chip market is likely to experience intense competition among the key players in the market, stats Transparency Market Research. Leading players in the market are focusing introducing new products to offer advanced products to their customers. They are also coming up with unique and clear value proposition to strengthen their position in the market. Some of the prominent player in the global GNSS chip market are Mediatek Inc., Quectel Wireless Solutions Co., Ltd., Qualcomm Incorporated, Intel Corporation, Skyworks Solutions Inc., Furuno Electric Co., Ltd., U-Blox Holdings AG, and Navika Electronics.
According to TMR, the global navigational satellite system (GNSS) chip market is projected to rise at heathy 7.7% CAGR during the forecast period between 2017 and 2025. The GNSS chip market was worth US$17.9 bn in 2016 and is estimated to reach US$34.71 bn by 2025.
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Among different types of device in which GNSS chip is used, smartphone is expected to gain a largest share in the global GNSS chip market. Rising use of smartphones for different purposes such as tracking people, searching a place, and for navigational purpose. Based on region, North America is leading the global GNSS chip market in term of volume and value. North America is projected to rise at 6.4% CAGR between 2017 and 2025. On the other hand, Asia Pacific is expected to grow at a healthy growth rate in the near future.
Growing Demand for Electronic Gadgets Integrated with Location Tracking to Boost GNSS Chip
Increasing use of various electronic gadgets integrated with location tracking and geo-tracking devices has fueled the demand for GNSS chips. Rising application of GNSS chips in various industries such as transportation, automotive, military and defense, and consumer electronics has also boosted the demand in this market. The railway sector has also shown deep interest in integrating GNSS chips with the main objective to improve driver’s advisory systems. In addition, introduction of GNSS chips in railways has also helped in tracing the real-time location of the trains, proper management of optimize traffic maintenance and fleet. Thus, bourgeoning railway industry in several emerging economies are likely to boost the demand in the global GNSS chip market.
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Furthermore, in the recent developments of several technologies such as Big Data, Augmented Reality, Multimodal Logistics, and IoT, GNSS is also considered as an important technology. GNSS enables several services encapsulate macro trends, creating a window of opportunity for hybrid and crosscutting applications. Moreover, technological advancements such as the IoT or Smart Cities has increased relations between established GNSS market segments that have further augmented market’s growth.
High Initial Investments to Restrict Customers form Adopting GNSS Chip May Hamper Market Growth
Despite increasing application of GNSS chip across various industries, there are certain restraints that are likely to impede the market’s growth. One such factor is high initial investments that might restrain customers form adopting GNSS chip. Employment of GNSS systems in agriculture sector is seen in monitoring automatic steering-wheel movement, tractor guidance, and in tracking similar other activities. However, farmers need to bear the high initial cost of equipment and devices used for precision farming.