The global navigational satellite system (GNSS) chip market is foreseen to grow steadily within the forecast period from 2017 to 2025. The GNCC chipset market is marked by the presence of a few vendors who are seen competing to achieve more market share., This makes competition tough in the market. To sustain their position in the market the vendors are working on constantly introducing new products, along with their unique and clear value proposition.
One of the major vendors in the global market, Broadcom, recently announced its BCM 4771 global navigational satellite system SoC designed especially for wearables. Apart from that, ST Microelectronics N.V., Qualcomm Incorporated, Mediatek Inc., Intel Corporation, U-Blox Holdings AG, Furuno Electric Co., Ltd., Quectel Wireless Solutions Co., Ltd., Navika Electronics, and Skyworks Solutions Inc. are some other leading vendors dominating the global GNSS chip market.
According to Transparency Market Research, the global navigational satellite system (GNSS) chip market is anticipated to grow with a steady CAGR of 7.7%, as far as value is concerned, within the forecast period from 2017 to 2025. In 2016, the market was valued at worth US$17.90 bn, which is expected to reach around US$34.71 bn by the end of 2025. On the basis of volume, the market is predicted to flourish at a CAGR of 8.7%, to attain an expected worth of US$9.16 bn by the end of 2025, which was US$4.31 bn in year 2016.
Request PDF Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=23708
Smartphones Segment to Lead GNSS Chip market Based on Types of Devices
On the basis of types of devices, the GNSS chip market is segmented broadly into smart phones, in-vehicle networking systems, personal navigational devices, and others for example, smart wearable devices, smart glasses, smart watches, smart rings, and so on. Among these, the smartphones segment is anticipated to lead the market with maximum share in coming years. This is due to tremendous rise in use of smartphones all across the globe. Geographically, North America is likely to be a key region dominating the global navigational satellite system (GNSS) chip market, which will likely rise with a CAGR of 6.4% both in terms of volume and value.
The increased usage of geo-tracking devices and location tracking services, along with their varied applications are major factors driving the growth of global GNSS chip market. The rise in demand for these location tracking services is foreseen to keep on acting as a one of the major drivers of the market in the coming few years too. The market is likely to experience significant growth in demand from sectors for example, automotive, transportation, consumer electronics, and military and defense.
Increased Demand in railway Industry to Boost to Positively Affect Growth of GNSS Chips Market
Besides, in the transportation industry, the railway sector is prognosticated to influence the demand for GNSS chips, positively. This is due to the property of these devices to help improve driver advisory systems, low-density, railways passenger information systems, and main line command and control systems. Moreover, the usage of GNSS chips helps in better the working of these systems, in the proper management of optimize traffic maintenance, fleet, and help track the real-time location of trains via maps. The flourishing railway industries in various developing countries in regions for example, the Middle East and Africa and Asia Pacific are likely to fuel the increased demand for GNSS chips.