Comprehensive Study Predicts Mid and High-Level Precision GPS Receiver Market at $5.2 Billion by 2029

The Mid and High-level Precision GPS Receiver Market is expected to reach USD 5.2 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.8% from its estimated USD 3.4 billion in 2024.

Pune, 03/04/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

With notable development, the global Mid and High-Level Precision GPS Receiver Market is expected to reach USD 3.4 billion by 2024. Forecasts suggest that the market will continue to grow, reaching a value of USD 5.2 billion by 2029, or a strong compound yearly growth rate (CAGR) of 8.8% over the course of the projected period.

Technology developments, the growing need for accurate positioning and navigational solutions across a range of industries, including transportation, construction, and agriculture, as well as the growing use of GPS-enabled devices for mapping, surveying, and geolocation services, are some of the factors driving this growth. The growing range of uses for mid- and high-level precision GPS receivers highlights their significance in boosting accuracy, productivity, and efficiency in a variety of industries, which supports the market's expansion as a whole.

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Numerous important reasons are driving the growth of the mid- and high-level precision GPS receiver market. First, demand in this business is driven by the construction industry's growing reliance on GPS receivers for precise positioning and surveying applications. Geographic information systems (GIS) are also in high demand in the growing energy industry, which supports market expansion because these systems mostly rely on GPS technology for accurate location data. Furthermore, improvements in navigation systems and vehicle automation are driving an increasing number of autonomous driving applications to use GPS receivers. The need for mid- and high-level precision GPS receivers is growing since autonomous cars need extremely precise positional data to operate in a safe and effective manner.

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Based on Functional Deployment, Surveying and mapping becomes a major force in the mid- and high-level precision GPS receiver industry. The global emphasis on infrastructure development in a number of sectors, including transportation, urban planning, and environmental monitoring, is the main cause of this segment's significance. The requirement for precise geospatial data collection, which is necessary for organising and carrying out large-scale infrastructure projects, is what drives the demand for accurate surveying and mapping technologies. GPS receivers are essential to this process because they offer the accuracy and dependability required to record precise position data that is essential for making informed decisions about infrastructure development projects. The need for mid- and high-level precision GPS receivers in the surveying and mapping segment is anticipated to stay strong, propelling additional expansion in the market, as infrastructure projects continue to rise internationally.

Based on Type, in 2023, In the mid- and high-level precision GPS receiver market, the survey grade segment is clearly the leading player, and it is expected to develop at the fastest rate during the forecast period. There is a wide range of industries that use these high-precision GPS receivers designed for survey-grade applications, such as infrastructure development, agriculture, construction, and environmental monitoring. They are essential tools for professionals that need precise geographical data because of their accuracy and versatility. Survey-grade GPS receivers are widely used in many different industries, which greatly adds to their dominant market share. All-around performance, robustness, and ongoing GPS technological improvements further contribute to the growing popularity of these receivers.

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Based on the End-User Industry, Over the course of the forecast period, the mid- and high-level precision GPS receiver market is expected to develop at the fastest rate in the agriculture area. The agricultural sector is changing to become more productive and efficient with the introduction of precision farming techniques. In order to streamline their operations and increase yields, modern farmers are utilising cutting-edge technologies, such as GPS receivers. Precision GPS receivers, both mid-range and high-end, are essential to this shift because they provide farmers unmatched accuracy and precision across a range of agricultural applications. These GPS receivers provide farmers more control over their operations, allowing for more accurate planting, harvesting, and irrigation. This leads to greater resource utilisation and eventually higher productivity levels.

Based on Region, Over the course of the forecast period, the mid- and high-level precision GPS receiver market is expected to develop at the fastest rate in Asia Pacific. China and Japan, two major players in the Asia-Pacific (APAC) GPS industry, are driving this expansion. The construction and agriculture industries, which are both rapidly utilising GPS receivers, are the main drivers of the region's vigorous expansion. Precision GPS technology is essential to these businesses in order to maximise productivity, increase efficiency, and optimise operations. The overall market landscape in the Asia-Pacific area is being positively impacted by these industries' ongoing growth and development, which has made the region a hub for major market expansion and innovation in mid- and high-level precision GPS receivers.

Major players operating in the mid and high-level precision GPS receiver Trimble Inc. (US), Topcon (Japan), Hexagon AB (Sweden), Hemisphere GNSS Inc. (US), Javad GNSS (US), Geneq (Canada), South Surveying & Mapping Technology Co. Ltd. (China), Septentrio (Belgium), CNH Industrial N.V. (UK), Comnav Technology Ltd. (China). These companies have reliable manufacturing facilities and strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. These companies have built a strong reputation for their products and services, with a well-established portfolio reflecting their industry expertise. Their market presence is robust, backed by solid business strategies that have enabled them to maintain a significant market share.

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