Mid-and High-Level Precision GPS Receiver Market Size A Catalyst for Business Transformation

The report examines the dynamics of the Mid-and High-Level Precision GPS Receiver  market, aiming to assess its overall value. It delves into the factors that drive growth, impede progress, present opportunities, and pose threats. The valuation of different market segments and sub-segments relies significantly on these variables explored in the research. To ensure accuracy, the research adopts methodologies such as Porter’s Five Forces model, enabling the identification of potential risks and helping in the avoidance of unfavorable financial decisions.

Global Mid-and High-Level Precision GPS Receiver Market is valued approximately USD $ billion in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2028. A GPS Receiver is a L-band radio processor that is primarily adopted for solving the navigation equations for determining operator position, accurate time, and velocity by processing the variety of signal waves that are broadcasted by GPS satellites.

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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.

The mid-and high-level precision GPS receiver is gaining huge traction among industries like agriculture, mining, construction, oil & gas, and many others. The growing penetration of GPS receivers in the construction industry, rising availability of cost-effective GPS solutions, coupled with increasing technological development to improve overall GPS infrastructure are the chief factors that are driving the global market growth.

For instance, according to GCP (Global Construction Perspectives) and oxford economics, the construction market is projected to grow around the world with more than USD 8 trillion by 2030, this growth is primarily driven by the US, India, and China. Accordingly, rising spending on construction activities is propelling the demand for mid-and high-level precision GPS receivers, thus, in turn, accelerating the market growth.

However, heavy reliance on the availability of satellites and interfacing of GPS signals with light-squared signals impede the growth of the market over the forecast period of 2022-2028. Also, commercial use of unmanned aerial vehicles (UAVs) and the development of the emerging markets are anticipated to act as a catalyzing factor for the market demand during the forecast period.

The key regions considered for the global Mid-and High-Level Precision GPS Receiver Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the availability of advanced infrastructural facilities and the high acceptance rate of emerging technologies. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as the growth of the agricultural industry, as well as the growth of the emerging economies such as India and China, would create lucrative growth prospects for the Mid-and High-Level Precision GPS Receiver Market across the Asia-Pacific region.

Major market players included in this report are:

Trimble, Inc.

Topcon Positioning Systems, Inc.

Hexagon AB

Javad GNSS, Inc.

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Hemisphere GNSS, Inc.

Septentrio N.V.

Geneq Inc.

Raven Industries, Inc.

Cnh Industrial America LLC

Quectel Wireless Solutions Co., Ltd.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Frequency Type

Single Frequency

Dual Frequency

By Type

Differential Grade

Survey Grade

By Industry

Agriculture

Mining

Construction

Oil & Gas

Others

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By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Rest of the World

Market Dynamics:

• Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
• Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
• Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
• Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
• Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
• Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
• Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
• Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
• Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.

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