Global OEM GNSS Receiver Market is projected to reach the value of USD 358.69 Million by 2030

(IT-NEWSWIRE.COM, January 18, 2024 ) According to the latest analysis by the virtue market research the OEM GNSS Receiver Market was valued at USD 227.8 Million and is projected to reach a market size of USD 358.69 Million by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 6.7%.

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One of the enduring forces propelling the Global OEM GNSS Receiver Market is the ever-growing demand for precise and accurate location-based services across diverse industries. The integration of GNSS (Global Navigation Satellite System) technology has become indispensable for applications such as transportation, agriculture, and surveying. The long-term market driver stems from the increasing reliance on GNSS receivers for real-time positioning and navigation, fostering efficiency and safety.

However, the COVID-19 pandemic introduced a temporary disruption, challenging the market's resilience. The initial phase witnessed supply chain disruptions, affecting manufacturing and distribution processes. Lockdowns and restrictions also led to a slowdown in various industries, impacting the adoption of GNSS technology. Despite these challenges, the market exhibited resilience, adapting to the new normal and leveraging technology to overcome hurdles. The increased demand for contactless solutions and the importance of location-based services in pandemic response strategies have ultimately contributed to the market's recovery and growth.

In the short term, the market is being driven by the increasing demand for precision agriculture. The agricultural sector is leveraging GNSS receivers to enhance farming practices, optimize resource utilization, and improve overall productivity. Precision agriculture involves the use of accurate location data for tasks such as crop monitoring, variable rate application, and autonomous farming equipment. This surge in demand for precision agriculture solutions acts as a short-term driver, fueling the adoption of GNSS receivers in the market.

An emerging opportunity within the Global OEM GNSS Receiver Market lies in the rising demand for autonomous vehicles. As the automotive industry continues its shift towards autonomous driving, GNSS technology becomes crucial for precise navigation and positioning. OEMs (Original Equipment Manufacturers) are capitalizing on this trend by integrating advanced GNSS receivers into autonomous vehicles. The opportunity for growth in this segment is substantial, with potential applications in transportation, logistics, and smart cities.

A notable trend in the industry is the increasing focus on multi-constellation GNSS receivers. To enhance accuracy and reliability, manufacturers are incorporating receivers that can simultaneously receive signals from multiple satellite constellations, such as GPS, GLONASS, and Galileo. This trend is driven by the desire to mitigate signal disruptions and improve performance, especially in challenging environments like urban canyons or dense foliage. The adoption of multi-constellation GNSS receivers aligns with the industry's commitment to providing robust and dependable solutions for diverse applications.

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Market Segmentation:
By Product Type: Single Frequency, Dual Frequency, Multi-Frequency, Real Time Kinematic, Dead Reckoning, and Others.
Among the product types, the multi-frequency GNSS receivers stand out as the largest contributor in this segment. Their ability to receive signals from various satellite constellations enhances accuracy and reliability, making them a preferred choice for applications demanding precision. In parallel, the real-time kinematics (RTK) technology emerges as the fastest-growing product type during the forecast period. RTK brings real-time centimeter-level positioning accuracy, finding increased adoption in applications where precise navigation is critical.

By Form Factor: OEM Receiver Chipset, OEM Boards, OEM Antenna, OEM Modules, and Others
Within the realm of form factors, the OEM Receiver Chipset takes the lead as the largest contributor to the market. These chipsets serve as the brains of GNSS receivers, facilitating the processing and interpretation of satellite signals. As industries continue to demand compact and efficient solutions, OEM Receiver Chipsets play a pivotal role in meeting these requirements. Concurrently, the fastest-growing form factor in this segment is the OEM Antenna. The increased emphasis on compact and integrated solutions is driving the demand for antennas embedded within OEM GNSS receivers, making them a notable player in the market's growth.

By End-User: Aerospace & Defense, Automotive, Transportation, Geology, Construction, Agriculture, Surveying & Mapping, and Others
Automotive emerges as the largest end-user segment, showcasing the market's pivotal role in the automotive industry's technological advancements. The integration of GNSS receivers in vehicles enhances navigation systems, enabling functionalities such as autonomous driving and advanced driver-assistance systems.

On the other hand, the Surveying & Mapping sector emerges as the fastest-growing end-user segment. The increasing demand for accurate geographic data for urban planning, infrastructure development, and environmental monitoring is propelling the adoption of GNSS receivers in surveying and mapping applications. This trend underscores the technology's versatility in meeting the evolving needs of diverse industries.

Regional Analysis:
In the regional landscape, North America takes the lead as the largest market segment for OEM GNSS receivers. The region's advanced technological infrastructure, coupled with the widespread adoption of GNSS technology across various industries, contributes to its dominance. The North American market serves as a hub for innovation, driving the development of cutting-edge GNSS receiver solutions.

In contrast, the Asia-Pacific region emerges as the fastest-growing market during the forecast period. The increasing adoption of GNSS technology in sectors such as agriculture, transportation, and construction propels the market's growth in this region. Governments and industries in Asia-Pacific are recognizing the benefits of precise navigation and positioning, contributing to the region's ascent as a key player in the Global OEM GNSS Receiver Market.

Latest Industry Developments:
• Integration of Advanced Connectivity Features: Companies operating in the Global OEM GNSS Receiver Market are increasingly focusing on integrating advanced connectivity features into their products. Recent developments highlight a trend where GNSS receivers are not only providing precise location data but also seamlessly connecting with other devices and systems. This integration enhances the overall functionality of GNSS receivers, catering to the growing demand for interoperability in various industries. The incorporation of Bluetooth, Wi-Fi, and cellular connectivity has become a notable strategy, enabling GNSS receivers to communicate and share data efficiently, thereby elevating their market share.

• Development of Compact and Power-Efficient Solutions: Another trend shaping the market involves the development of compact and power-efficient GNSS receiver solutions. Recent advancements showcase a shift towards miniaturization without compromising performance. Companies are investing in research and development to create smaller and more energy-efficient GNSS receivers, catering to industries where space and power constraints are crucial considerations. This trend aligns with the broader industry demand for streamlined and sustainable solutions, positioning companies to gain a competitive edge by offering products that meet both performance and resource efficiency criteria.

• Emphasis on Software and Firmware Enhancements: Companies are increasingly recognizing the significance of software and firmware enhancements as a strategy to enhance their market share. Recent developments underscore a trend where GNSS receiver manufacturers are investing in software updates and firmware improvements to provide added functionalities and performance optimizations. This approach allows companies to offer continuous improvements to their products without necessitating hardware changes. By focusing on software-driven enhancements, companies can adapt to evolving industry standards, address security concerns, and deliver a more dynamic and adaptable GNSS receiver solution, thereby solidifying their position in the competitive landscape.

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Global OEM GNSS Receiver Market is projected to reach the value of USD 358.69 Million by 2030