The report "Mid-and High-Level Precision GPS Receiver Market with COVID-19 Impact, by Type (Differential Grade, Survey Grade), Industry (Agriculture, Mining, Construction, Oil & Gas) and Geography - Global Forecast to 2026" According to the new research report, 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 this market is driven mainly by growing adoption of GPS receivers in construction industry, rising technological advancements and GPS augmentation system, rising ongoing development to improve overall GPS infrastructure, and growing availability of more cost-effective GPS solutions.
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Opportunities: Commercial use of unmanned aerial vehicles (UAVs)
Countries such as Canada, the US, the UK, and Australia obtain a permit or license to operate a UAV commercially. The Federal Aviation Administration (FAA) has allowed first responders, including law enforcement agencies, to fly UAVs that weigh less than 25 pounds below 400 feet. This is a huge step toward commercializing the operation of drones. Companies are developing UAVs customized for specific applications. UAVs are increasingly being used for a wide range of applications, including surveillance, reconnaissance, surveying and mapping, geophysics exploration, and spatial information acquisition. As the drone is an unmanned vehicle, it is very important to continuously track its location, which can be achieved very easily with the help of GPS technology.
Challenges: Interfacing of GPS signals with light squared signals
Currently, many companies provide wholesale, worldwide 4G-LTE wireless broadband networks integrated with satellite coverage. These 4G-LTE networks transmit the signal in the radio band frequency adjacent to GPS frequencies, due to which strong light squared signals interface with weak GPS signals.
Construction industry to grow at the fastest rate during the forecast period”
GPS technology is adopted in large-scale construction projects such as civil construction sites and megaprojects for equipment tracking. GPS products are also in demand in construction projects for various uses including tracking systems for timely delivery of construction material and vehicle tracking software in order to track the speed, mileage, and engine hours as well as personnel tracking to ensure that employees are at the workplace. In addition, the connection of GPS technology with cloud technology helps collect and analyze significant location-based data on a company’s heavy equipment.
Survey Grade to hold the largest share of mid-and high-level precision GPS receiver market by 2026
The market for the survey grade segment is expected to grow at the highest CAGR during the forecast period. These receivers are are designed to achieve constant network accuracy in real time or static mode. Survey-grade GPS receivers often utilized by professional surveyors to get high accuracy measurements of fixed locations. It provides highly accurate data for various surveying and mapping applications.
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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