GNSS IC Market Soars to New Heights, Projected to Hit US$ 645.0 Million by 2032 with a Remarkable CAGR of 6.0%

GNSS IC Market

The global revenues from GNSS IC market would be worth US$ 645.0 million by 2032. From 2022 to 2032, it is projected to increase steadily at a CAGR of 6.0%. In 2022, the global market was valued at more than US$ 361.0 million.

Today, a specific multinational group of satellites transmit signals from orbit and provide location and timing data to GNSS receivers. This is known as the Global Navigation Satellite System (GNSS).

These receivers then integrate this data with information from a variety of sensors to calculate other parameters such as location, speed, and altitude.

Such processors heavily rely on visible-range satellites for their accuracy and precision. Numerous countries are prepared to deploy regional constellations in order to enhance navigation and mapping.

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Only five countries, though, have their own GNSS systems commercially available. This includes Japan, India, the USA, Russia, and China, as well as the European Union. Users of GNSS are used to position sharing rates that are almost immediate. This is sometimes impossible with standard placement since it requires locating and collecting data on at least four celestial bodies.

In hostile environments or with weak signals, data transmission and reception might take seconds, days, or maybe not work at all. Efficiency can be improved by combining information from GNSS receivers and wireless network cells, which is advantageous for several internet of things (IoT) applications.

For instance, in January 2021, U-Blox released the ALEX-R5 module. GNSS and low-power wide-area (LPWA) cellular connectivity are combined in this system-in-package. For healthcare applications, the U-Blox M8 GNSS chip delivers adequate precision location. The company’s UBX – R5 LTE – M/NB-IoT chipset provides secure cloud functionality.

The number of consumer goods with location and navigational capabilities has increased dramatically. A sizable demand for low-power components such as GNSS processors is thus envisaged.

Presently, around 50% of individuals on the planet utilize technologically advanced wearables such as smartwatches and fitness bands. These gadgets have various GNSS chips so that the user can receive precise location information when walking, running, or driving. This allows them to stay in touch with their loved ones.

Key Takeaways from GNSS IC Market Study

  • The global GNSS IC industry showcased a steady CAGR of 6.9% in the historical period from 2017 to 2021.
  • The USA GNSS IC market is expected to be worth US$ 101.8 million by 2032.
  • Demand for GNSS IC in China exhibited considerable growth at a CAGR of 9.0% from 2017 to 2021.
  • Japan GNSS IC industry is predicted to cross a valuation of around US$ 99.3 million by 2032.
  • Standard precision GNSS chips by chip type are expected to surge to around 5.9% CAGR from 2022 to 2032.

Competitive Landscape:

GNSS IC providers are constantly working on developing new and advanced technologies to improve the accuracy and reliability of their products. For instance, a few providers are working on integrating multiple GNSS constellations to improve accuracy and reduce signal interference.

A few other NSS IC providers are collaborating with local industry players such as automotive and mobile device manufacturers, to integrate their technology into these products. This helps to expand their market reach and increase demand for their products.

For example,

  • In August 2022, MediaTek, a Taiwanese semiconductor company, announced the launch of its Helio G96 and Helio G88 mobile processors, both of which feature integrated GNSS receivers for improved location tracking capabilities.
  • In February 2022, STMicroelectronics announced the release of its latest GNSS module, the Teseo-V. The module is designed to provide high positioning accuracy and low power consumption for IoT and wearable applications.

Leading Key Players:

  • Qualcomm
  • Broadcom
  • MediaTek
  • U-Blox
  • STM
  • Intel Corporation
  • Furuno Electric
  • Quectel Wireless Solutions
  • Epson
  • SkyTraq Technology, Inc.

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Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the GNSS IC industry, presenting historical market data (2017 to 2021) and forecast statistics for the period of 2022 to 2032.

The study reveals extensive growth in the GNSS IC industry in terms of chip type (high precision GNSS chips, standard precision GNSS chips), application (smartphones, tablets, personal navigation devices, in-vehicle systems, wearable devices, digital cameras), and region.

GNSS IC Market Segmentation:

By Chip Type:

  • High Precision GNSS Chips
  • Standard Precision GNSS Chips

By Application:

  • Smartphones
  • Tablets
  • Personal Navigation Devices
  • In-Vehicle Systems
  • Wearable Devices
  • Digital Cameras

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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