Albany, NY -- (SBWIRE) -- 01/23/2018 -- GNSS allows users to find out the position of other people or objects and also determine their position. Hence they are finding application in security, humanitarian services, and emergency services such as locating stolen property, person, or pets.
The global navigational satellite system chip market at present is a fragmented one where no player has clear majority. Driving their market forward is the increasing use of GNSS devices in security applications and various new applications in roadways, railways, aviation, marine industry and defense.
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A report by Transparency Market Research projects the global GNSS chip market to rise at a 7.7% CAGR, in terms of value, from 2017 to 2025. Expanding at this pace, the market is expected to become worth US$34.71 bn by 2025 from US$ 17.90 bn in 2016. In terms of volume, the report forecasts the market to expand at a CAGR of 8.7% to become worth 9.16 billion units by 2025 from 4.31 billion units in 2016.
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The different types of devices in the global GNSS chip market are in-vehicle networking systems, smart phones, personal navigational devices, and others such as smart wearable devices, including smart watches, smart glasses, smart rings, etc.
The smart phones segment, at present, holds a dominant share in the market and in the years ahead is predicted to maintain that dominant share. This is mainly on account of the rising use of smartphones for navigational purpose, tracking people and object, and finding a place.
In terms of growth rate, however, the in-vehicle networking systems is predicted to surpass all other segments by registering a CAGR of 10.5% vis-à-vis value from 2017 to 2025 on the back of growing connectivity in vehicles to accord better safety and driving experience.
Geography-wise, the leading region in the global GNSS chip market is North America. The region dominates both in terms of value and volume and by clocking a CAGR of 6.4% is predicted to become worth US$10.22 bn by 2025. Europe is another key region in terms of market share, but it is Asia Pacific that is expected to grow its share the most in the next couple of years by clocking maximum CAGR of 10.0%.