Satellite PNT Technology Market May See a Big Move
The satellite position, navigation, and timing (PNT) technology is a combination of three different capabilities, i.e., positioning, navigation, and timing. In the PNT technology, positioning refers to the capability of determining the accurate and precise location. Navigation is the capability to ascertain the current and required position, and timing refers to the capacity to obtain and maintain precise time from coordinated universal time (UTC) worldwide as well as within user-defined timeliness parameters.
Read Report Overview: Satellite PNT Technology Market
The primary function of PNT Satellite technology is to improve the performance of the global navigation satellite system (GNSS) by providing information about the accuracy, integrity, continuity, and availability of its signals for navigation, precision timing, geo-location, and other similar applications. The combination of position, navigation, and timing via GNSS creates a robust capability to support defense, government, and commercial applications such as emergency communications, military operations, mining, agriculture, financial operations, transportation, and air, land, and naval traffic management.
Navigation Segment to Have the Highest Growth Rate During the Forecast Period
Extensive digitalization has increased the demand for PNT Satellite technology for different applications such as accurate navigation, positioning, precision timing, geo-location, and GNSS correction. According to the analysis growing at a CAGR of XX%, the navigation application will dominate the satellite PNT technology market over the forecast period 2021-2031 due to the increasing demand for resilient navigation applications in the defense, commercial, and automotive industries. While in the defense industry, robust navigation applications are in demand to carry out critical operations in difficult terrains with slow signal availability. The commercial industry is utilizing satellite PNT technology for transportation, goods delivery, and related services. The increasing demand for unmanned aerial vehicles and the rising development of self-drive cars has made resilient navigation data and application crucial for the automotive industry.
Commercial User to Lead the Satellite Position, Navigation, and Timing Technology Market
The report has classified the satellite PNT technology end user into defense, commercial, and government and civil, which are further classified into various segments. The analysis shows that for the 2021-2031 forecast period, the commercial end user will lead the satellite position, navigation, and timing technology market, recording a CARG of XX%. These commercial end users include transport and logistics, aviation, agriculture, marine, surveying, and mobile mapping, and others.
Competitive Landscape
The competitive landscape of the satellite PNT technology market consists of different business and corporate strategies conducted by major players across the industry to gain market presence. Some strategies adopted by satellite PNT technology providers include long-term contracts, acquisitions, agreements, new product launches, business expansion, and partnerships, and collaborations. The most prominent strategy that has been adopted by the players in the satellite PNT technology market includes long-term government contracts, acquisitions, and collaborations.
The global navigation satellite system market providers also indulge in numerous tie-ups with international and national space agencies as well as commercial space players. For instance, the OneWeb company was selected by the U.K. in 2020 to develop its navigation satellite system following the Brexit. Moreover, in May 2021, OneWeb and U.K. Space Agency announced a collaboration to develop a new beam-hopping satellite that would allow satellites to change what area of the planet they cover owing to increasing commercial demand for responding to emergencies such as natural disasters.
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The satellite PNT technology providers are also growing their businesses by entering strategic partnerships with smaller enterprises and start-ups for a global footprint in the satellite position, navigation, and timing technology market. The market players are also investing in emerging economies and underdeveloped countries to increase their customer base and offer digitized navigation, timing, and locating services.
