The global mid-and high-level precision GPS receiver market size is expected to grow from USD 2.7 billion in 2021 to USD 4.0 billion by 2026, at a CAGR of 8.6%.
The growth of the market is attributed to ongoing developments to improve overall GPS infrastructure, increasing adoption of GPS receivers in construction industry, rising technological advancements and GPS augmentation systems, and growing availability of more cost-effective GPS solutions. However, factors such as slow market acceptance for new technologies, heavy reliance on availability of satellites, and decreasing demand of GPS receiver due to novel COVID-19 are restraining the market growth. On the flip side, the rising commercial use of unmanned aerial vehicles (UAVs) is expected to create opportunities for the adoption of GPS receivers in the coming years. Moreover, the Interfacing of GPS signals with light squared signals acts as a challenge for the mid ahe high level precision GPS receiver market.
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Impact of COVID-19 on the mid-and high-level precision GPS receiver market
COVID-19 has severely impacted the global economy and all the industries throughout the globe. Governments of various countries have imposed lockdowns to contain the spread of the epidemic. The complete global lockdown in the initial stage of the pandemic in various countries severely impacted the livelihoods of people and quality of life. This has resulted into the disruptions in the supply chain across the globe. The economies across the world have declined as there is a major decline in the demand for products. The production across industries has been limited due to the pandemic resulting in the shortage of raw material. The decline in exports and the disruptions in the supply chain are the major factors contributing to the decline in production. The mid-and high-level precision GPS receiver market is thus getting affected by COVID-19. This has resulted in a lower estimated year-on-year growth rate for 2020 as compared with 2019.
Market Dynamics
Driver: Ongoing developments to improve overall GPS infrastructure
GPS receivers are widely adopted by industries such as construction, agriculture, mining, aviation, and maritime, among others. These receivers help in search and rescue, trucking and shipping, surveying and mapping, tracking, offshore drilling, and space exploration activities. Advancements in the GPS system are expected to enhance reliability and coverage for these activities. With greater reliability, surveyors can obtain even more accurate and consistent measurements; difficult inshore navigation on rivers and canals would be safer and more reliable; and aircraft take-off, final approach, and landing would have far greater signal redundancy, thereby resulting in improved decision heights and safety margins. GPS is expected to spur the development of new products (designed to take advantage of signals from multiple satellite systems). This, in turn, would fuel the growth for end-market systems and increase the market penetration for GPS technology in traditional markets, create new applications in non-traditional GPS markets, and even create entirely new markets.
Restraints: Slow market acceptance for new technologies
The increasing demand for the tracking of equipment in manufacturing facilities results in demand for GPS receivers. Companies are investing heavily in R&D for the development of advanced GNSS receivers as well as the new version of existing GNSS products. In addition, advancements in technologies such as RTK positioning and PPP for precise accuracy have also driven the adoption of GPS receivers. However, GPS is currently underdeveloped in various emerging economies and is expected to be in the development stage in the future. This has also slowed down the adoption of new GPS-related technology.
Mid-and high-level precision GPS receiver for survey grade type to grow at highest CAGR from 2021 to 2026
Survey-grade GPS receivers are used to position road construction, survey markers, and buildings. These receivers are designed to achieve constant network accuracy in real time or static mode There is an increasing adoption of survey grade in industries such as agriculture and construction as it provides accurate positioning. Rising construction activities across the world is estimated to fuel the demand for the survey-grade segment in the coming years. These receivers are more expensive and more accurate positioning devices as compared to differential-grade GPS receivers.
The mid-and high-level precision GPS receiver market in APAC is expected to grow at the highest CAGR from 2021 to 2026
APAC is expected to hold the largest growth rate of the global mid-and high-level precision GPS receiver market during the forecast period. The growth of GPS receivers in the region is attributed to the growing agriculture (precision farming) industry as well as rising infrastructure development. GPS receivers are highly used in both construction and farming activities. However, the pandemic has resulted in disruptions in supply chain activities, revenue losses, and slowdown in production activities which have highly impacted the growth of the market, eventually impacting the economy.
Countries such as China and Japan are witnessing increasing demand for the GPS receiver market. Rising population in APAC countries is also increasing air and rail traffic, which is driving the demand for GPS receivers. In Australia, the mid- and high- level precision GPS is basically used for precision farming applications. Australia is one of the leading countries in the adoption of precision farming techniques after the US and Canada. Australia has helped lead the way in the application of Precision Agriculture (PA) or satellite farming, which allows farmers to cater to the variability of their lands.
Major companies operating in this mid-and high-level precision GPS receiver market include Trimble Navigation Ltd. (US), Hexagon AB (Sweden), Topcon Positioning Systems Inc. (US), Hemisphere GNSS, Inc. (US), and Javad GNSS, Inc. (US).
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