New York (USA):- The global mid-to-advanced precision GPS receiver market is valued at approximately USD 1 billion by 2021 and is expected to grow at a healthy growth rate of over % during the forecast period 2022-2028.
The GPS receiver is an L-band radio processor primarily used to solve navigation equations to determine operator position, accurate time, and velocity by processing the various signal waves broadcast by GPS satellites.Mid-to-high-level precision GPS receivers are gaining traction in many industries, including agriculture, mining, construction, oil and gas, and many others.
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Growing adoption of GPS receivers in the construction industry, increasing availability of cost-effective GPS solutions, and technological developments in improving overall GPS infrastructure are major factors driving the growth of the global market.For example, according to GCP (Global Construction Perspective) and Oxford Economics, the global construction market is expected to grow by more than $8 trillion by 2030, with this growth mainly driven by the US, India and China.Hence, increasing spending on construction activities drives the demand for mid-to-high end precision GPS receivers, which in turn accelerates the market growth.However, heavy reliance on satellite availability and interfacing of GPS signals with light squared signals hinders the market growth during the forecast period of 2022-2028.Furthermore, the commercial use of unmanned aerial vehicles (UAVs) and the development of emerging markets are expected to be catalysts for market demand over the forecast period.
The key regions considered in the global mid to high end precision GPS receiver market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World.North America is the global leading region in terms of market share due to its advanced infrastructure and high acceptance rate of emerging technologies.Whereas the Asia Pacific region is expected to exhibit the highest CAGR during the forecast period 2022-2028.Factors such as growth in the agricultural industry and growth in emerging economies such as India and China will create lucrative growth prospects for the mid-to-high end precision GPS receiver market in the entire Asia Pacific region.
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The purpose of the study is to determine the market size of different segments and countries in recent years and forecast the value over the next eight years.The report aims to incorporate both qualitative and quantitative aspects of the industry into each region and country covered in the study.Furthermore, the report provides details on key aspects such as the drivers and challenges that will define the future growth of the market.In addition, the report should incorporate opportunities available for investment by stakeholders in the micro market, as well as a detailed analysis of the competitive landscape and product offerings of key players.The detailed segmentation and sub-segmentation of the market are as follows:
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