Northbrook, IL -- (SBWIRE) -- 06/18/2019 -- According to a new market research report "GNSS Simulators Market by Component, Type (Single Channel, Multichannel), GNSS Receiver (GPS, Galileo, GLONASS, BeiDou), Application (Vehicle Assistance Systems, Location-based Services), Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global GNSS simulators market size is expected to grow from USD 100 million in 2019 to USD 157 million by 2024, at a Compound Annual Growth Rate (CAGR) of 9.4% during the forecast period. The major factors fueling the market growth include the growing penetration of consumer IoT products, unmanned aerial vehicles (UAVs), and IoT applications.

For making market estimates and forecasting the GNSS simulators market and the other dependent submarkets, top-down and bottom-up approaches were used. The bottom-up procedure was used to arrive at the overall market size of the global market using the revenue of key companies and their offerings in the market.

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Hardware component segment to hold the largest market size during forecast period

Vendors offer hardware, software, and services in the GNSS simulators market. The hardware segment is estimated to hold the largest market size, driven by the advent of 5G and advancements in consumer IoT. GNSS simulation hardware enable users to test their GNSS equipment by creating virtual test scenarios.

Automotive vertical to grow at the highest CAGR during forecast period

The use of GNSS technology is increasing rapidly in the automotive vertical. The technology finds applications in connected cars and in-vehicle systems. Applications of GNSS in automotive vertical comprise smart mobility, safety-critical applications, liability-critical applications, and regulated applications. The need for modern automotive connectivity solutions in connected vehicles is expected to drive the adoption of GNSS simulators in the automotive vertical.

North America to hold the largest market size during forecast period

North America is the major revenue generating region for the GNSS simulators market. The region is witnessing major developments in the GNSS simulators space. Many GNSS technology providers in North America are experimenting by integrating simulation capabilities in their existing GNSS hardware and software. They are also adopting various growth strategies to strengthen their position in the GNSS simulators market.

Major vendors in the global GNSS simulators market include Spirent Communications (US), Rohde & Schwarz (Germany), Syntony GNSS (France), Orolia (France), CAST Navigation (US), Accord Software & Systems (India), IFEN (Germany), RACELOGIC (England), TeleOrbit (Germany), Jackson Labs Technologies (US), iP Solutions (Japan), Hyper Tech (US), WORK Microwave (Germany), Qascom (Italy), M3Systems (France), and Galileo Satellite Navigation (Israel).

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