_Solution_Market.JPG)
The Position, Navigation, and Timing (PNT) Solution Market Size is valued at 1.24 Bn in 2022 and is predicted to reach 2.97 Bn by the year 2031 at a 10.4% CAGR during the forecast period for 2023-2031.
A system that offers precise and trustworthy information about the position, velocity, and time for different applications is known as a Position, Navigation, and Timing (PNT) solution. It is crucial in a variety of sectors, including telecommunications, surveying, aerospace, and transportation.
The demand for precise and dependable PNT solutions has increased as location-based services are being used in a variety of sectors, consisting transportation, logistics, and mobile apps. Real-time tracking, navigation, geofencing, and asset management are some of these services. There is an international need for PNT solutions. The market for PNT solutions is expanding due to the globalization of sectors requiring precise positioning, navigation, and timing services.
However, budgets and investments in several areas were cut back during the pandemic because of economic uncertainty, which had an impact on the uptake of PNT solutions. Due to financial limitations, organizations and corporations may have delayed or scaled back their ambitions to deploy PNT technologies.
Competitive Landscape:
Some major key players in the Position, Navigation, and Timing (PNT) Solution Market:
- NextNav Inc.
- BAE Systems, Inc.
- Qualcomm Technologies, Inc.
- NovAtel (Hexagon AB)
- Raytheon Technologies Corporation
- Safran
- Booz Allen Hamilton Inc.
- Garmin Ltd.
- Northrop Grumman Corporation
- Saab Ab
- Telespazio S.p.A.
- Thales Group
- Amazon Web Services, Inc.
- L3Harris Technologies, Inc.
Market Segmentation:
The Position, Navigation, and Timing (PNT) Solution Market is divided on the basis of application, end-user, type and component. As per the application, the market is divided into navigation, positioning, precision timing, and geo-location. By end-user, the market is segmented into defense, commercial, government and civil. As per the components, the market is segmented into satellite and ground. By type, the market is Precise Point Positioning (PPP), Real-time Kinematic (RTK), PPP-RTK, and WARTK. The end-user segment includes defense, commercial, government and civil.
Based On Application, The Navigation Segment Is Accounted As A Major Contributor In The Position, Navigation, And Timing (PNT) Solution Market
The passenger vehicles category is expected to hold a major share in the global Position, Navigation, and Timing (PNT) Solution Market in 2022. Due to the increasing use of autonomous technologies, such as drones and self-driving cars, navigation solutions are positioned to dominate the industry.
To identify precise coordinates and enable navigation in a variety of situations, they make use of satellite-based positioning technologies like global navigation satellite systems (GNSS). Personal navigation devices, automobile navigation systems, maritime navigation systems, and aviation navigation systems are other navigation applications. As a result, new navigation technologies are being developed to accommodate the need for these systems.
Defense Witness Growth At A Rapid Rate
The defense segment is projected to grow at a rapid rate in the global Position, Navigation, and Timing (PNT) Solution Market due to PNT solutions are highly sought-after in contemporary military operations. In order to target and attack specific targets with precision, precision-guided systems like guided missiles, smart bombs, and artillery systems need very accurate PNT data. Demand is growing as a result of the defense industry's investments in cutting-edge PNT solutions to improve the efficiency & accuracy of these systems.
In The Region, The North America Position, Navigation, And Timing (PNT) Solution Market Hold A Significant Revenue Share
The North America Position, Navigation, and Timing (PNT) Solution Market is expected to register the highest market revenue share in the near future. The market in the area is being driven by the presence of more reputable position, navigation, and timing (PNT) solution providers.
The market potential is being paved by the presence of significant industry players like Northrop Grumman, Raytheon Technologies Corporation, NovAtel, and Qualcomm Technologies, Inc. in the area with growth strategies, including partnerships. Additionally, the region now has a greater need for precise and dependable PNT solutions thanks to the development of new technologies like machine learning (ML), artificial intelligence (AI), and Internet of Things (IoT) gadgets. Asia Pacific is expected to grow at a significant rate. The demand for PNT solutions in building, transit, and smart city projects has expanded as a result of the region's significant industrial and infrastructure growth.
Position, Navigation, and Timing (PNT) Solution Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 1.24 Bn |
|
Revenue forecast in 2031 |
USD 2.97 Bn |
|
Growth rate CAGR |
CAGR of 10.4% from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
By Application, Component, Type, End-User |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
NextNav Inc., BAE Systems, Inc., Qualcomm Technologies, Inc., NovAtel (Hexagon AB), Raytheon Technologies Corporation, Safran, Booz Allen Hamilton Inc., Garmin Ltd., Northrop Grumman Corporation, Saab Ab, Telespazio S.p.A., Thales Group, Amazon Web Services, Inc., and L3Harris Technologies, Inc. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Corporate
Office :
Office No.5170, 5th Floor Marvel Fuego, Magarpatta Rd, Pune, 411028
info@insightaceanalytic.com
