Military GNSS Receivers Market is Forecast to Reach US$ 1.0 Billion in 2028, Says Stratview Research

The Military GNSS Receivers Market is likely to grow at a significant CAGR of 7.9% during 2023-2028, to reach US$ 1.0 Billion in 2028, states Stratview Research

DETROIT, Dec. 13, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the military GNSS receivers market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.

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Report Highlights

Segment Insights on Military GNSS Receivers Market

The military GNSS receivers market is segmented based on product type, application type, frequency type, and region.

Based on Product Type- The market is segmented into GPS receivers and other GNSS receivers. Between these sub-segments, the military GPS receivers hold an unprecedented market share and are driving the global market growth, owing to massive investments in such devices, particularly by the US DoD. Although there have been some market developments in other GNSS receivers in countries such as China and Russia, they are minor in comparison to the dominance of GPS receivers.

Based on Application Type- The market is bifurcated into aviation-based GNSS receivers, ground-based GNSS receivers, PGM-based GNSS receivers, handheld GNSS receivers, and maritime equipment-based GNSS receivers. Among these sub-segments, the PGM-based GNSS receivers are expected to remain the biggest demand generators for military GNSS receivers in the foreseen future. GNSS receivers form an integral component of the PGMs, which are in high demand, as a result of the rising border conflicts and terror threats.

Based on Frequency Type - The market is classified as single-frequency GNSS receivers and dual-frequency GNSS receivers. Between these frequency types, dual-frequency is the more commonly used frequency type for military GNSS receivers as it provides enhanced accuracy and is more resistant to multipath errors, which are common in single-frequency GNSS receivers. Furthermore, if one of the frequencies fails, the other serves as a backup, ensuring uninterrupted signal transmission.

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Which Region Offers the Best Opportunity and Growth?

The report suggests that North America dominates the global military GNSS receivers market and is expected to register steady growth throughout the forecast period.

This growth is majorly attributed to the following –

-  The USA, in particular, accounts for a mammoth share of the overall market. 

-  Large-scale investments of the US DoD in the development and procurement of military GNSS receivers.

Concurrently, Asia-Pacific is estimated to witness the fastest market growth in the foreseen future, due to the increasing military expenditure, rising regional terror threats, and continuous border conflicts between India-Pakistan and India-China, among others.

Military GNSS Receivers Market Drivers

Some of the key drivers listed in the report are given below.

-  Military GNSS receivers render unparalleled assistance to the armed, airborne, and marine forces on the battlefields, enabling the provision of the position, route, and velocity details of the targets.

-  With the modernization of the military forces, the demand and development of such advanced systems have grown immensely, fuelled by the rising national and political stalemates.

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Top 5 Companies in the Military GNSS Receivers Market?

The global market for military GNSS receivers is very competitive and highly consolidated, with the leading companies capturing the lion's market share. Apart from technological expertise and financial capabilities, the growth of companies is directly dependent on government support and overall industry conditions. The following are the key players in the military GNSS receivers market:

• BAE Systems plc
• Raytheon Technologies Corporation
• Trimble Inc.
• Thales Group
• L3Harris Technologies, Inc.

What Deliverables Will You Get in this Report?

Related reports which might be useful:

• Tactical Radio Market
  
  
• Military GPS Receivers Market

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SOURCE Stratview Research