(MENAFN- GlobeNewsWire - Nasdaq) Detroit, Oct. 17, 2024 (GLOBE NEWSWIRE) -- The global military GNSS receiver market is projected to witness a growth rate of 5.2% annually from 2024 to 2030, with an anticipated size of US$ 954.3 million by 2030, according to an analysis by Stratview Research.
Stratview Research, a global market research firm has launched a report on the global military GNSS receiver market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Report Highlights
| Market Size in 2030 (million US$) | 954.3 |
| Growth (CAGR) | 5.2% during 2024-2030 |
| Forecast Period | 2024-2030 |
| Trend Period | 2018-2022 |
| Base Year | 2023 |
| Number of Segments Covered | 4 |
| Number of Tables & Graphs | 100+ |
| Country-Level Market Assessment | 20 |
Segment Insights on the Military GNSS Receiver Market
The global military GNSS receiver 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 GPS receiver holds the lion's share in the market , owing to massive investments in such devices, particularly by the US DoD.
Based on the 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 most sought-after segment 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 the 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.
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that North America, primarily driven by the US, is expected to remain the largest market for military GNSS receivers during the forecast period. This growth outlook is majorly attributed to the following–
Large-scale investments of the US DoD in the development and procurement of military GNSS receivers.
Likewise, the Asia-Pacific region is expected to witness the fastest market growth, during the forecast period, driven by increasing military expenditure, rising regional terror threats, and continuous border conflicts between India-Pakistan and India-China, among others.
Military GNSS Receiver Market Drivers
Some of the key drivers listed in the report are given below.
With the modernization of the military forces, the demand and development of advanced systems like GNSS receivers have grown immensely, fuelled by the rising national and political stalemates across the globe. In addition, with increasing military operations due to looming terror threats and geopolitical hostilities, several countries are focusing on strengthening the defense and offensive capabilities of their airborne, ground-based, and naval forces to ensure battlefield supremacy.
Top 5 Companies in the Military GNSS Receiver Market:
The global market for military GNSS receivers is highly concentrated, with the top four companies capturing a lion's share. Apart from technological expertise and financial capabilities, the growth of companies is directly dependent on government support and overall industry conditions. Stratview Research has identified the following companies as the top market players (arranged alphabetically).
BAE Systems plc L3Harris Technologies, Inc. RTX Corporation (Raytheon Technologies Corporation) Thales Group Trimble Inc.
What Deliverables Will You Get in this Report?
| Key questions this report answers | Relevant contents in the report |
| How big is the sales opportunity? | In-depth analysis of the Military GNSS Receiver Market |
| How lucrative is the future? | Market forecast and trend data and emerging trends |
| Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
| Which are the most attractive market segments? | Market segment analysis and forecast |
| Who are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
| How complex is the business environment? | Porter's five forces analysis, PEST analysis, Life cycle analysis |
| What are the factors affecting the market? | Drivers & challenges |
| Will I get the information on my specific requirements? | 10% free customization |
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Related Reports:
Military GPS Receiver Market Defensive Electronic Countermeasures Market
About us –
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
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