Exploring the Competitive Landscape of Mid-and High-Level Precision GPS Receivers Market Manufacturers
Over the next five years, it is anticipated that the Mid-and High-Level Precision GPS Receiver Market will expand significantly, growing from USD 2.7 billion in 2021 to USD 4.0 billion in 2026, representing a compound yearly growth rate (CAGR) of 8.6%.
The increased demand for precise positioning and navigation technology across a variety of industries, including agriculture, construction, transportation, and defence, is responsible for this expansion. The market for mid- and high-level precision GPS receivers is poised for significant growth as these industries depend more and more on reliable GPS data for increased effectiveness and productivity.
Several important aspects are the main drivers of the global Mid-and High-Level Precision GPS Receiver Market. First, GPS receivers are being adopted by the construction industry more frequently, enabling precise positioning and increased project efficiency. Second, the market is being driven forward by technology developments and the use of GPS augmentation systems, which offer improved functionality and accuracy. Additionally, the industry is growing as a result of continual improvements to the GPS system as a whole. The market is also developing as a result of the expanding accessibility of affordable GPS solutions across a larger variety of sectors.
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Mining Industry is estimated to hold the largest growth rate of the Mid-and High-Level Precision GPS Receiver Market during the forecast period.
Within the Mid-and High-Level Precision GPS Receiver Market over the forecast period, the mining sector is anticipated to develop at the fastest rate. In mining operations, GPS technology is essential since it offers tools for equipment tracking, blasthole drilling, and land surveying and mapping. The mining industry uses differential GPS or real-time kinematics (RTK) systems to increase accuracy and productivity across a range of tasks. The adoption of mid- and high-level precision GPS receivers is expected to soar as a result of the rising demand for accurate positioning and monitoring in mining operations, which will significantly contribute to the market's growth within the mining sector.
Mid-and High-Level Precision GPS Receiver for survey grade type to grow at highest CAGR from 2021 to 2026
From 2021 to 2026, the survey-grade class of mid- and high-level precision GPS receivers is expected to expand at the fastest rate (compound annual growth rate, or CAGR). These receivers deliver consistent network accuracy in real-time or static mode and are specifically made for applications like road construction, surveying markers, and building location. The necessity for precise location is what is causing survey-grade receivers to be used more frequently in sectors like construction and agriculture. The survey-grade segment is anticipated to generate high demand in the upcoming years due to the increase in construction activities around the world. Although more expensive, these GPS receivers offer greater accuracy when compared to differential-grade GPS receivers, which has helped them gain market share.
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The Mid-and High-Level Precision GPS Receiver Market in APAC is expected to grow at the highest CAGR from 2021 to 2026
From 2021 to 2026, the Mid-and High-Level Precision GPS Receiver Market is anticipated to grow at the greatest compound annual growth rate (CAGR) in the Asia-Pacific (APAC) region. The booming agriculture sector, notably in precision farming applications, and the expanding infrastructure development in the area are responsible for APAC's rise. Because they are so widely used in farming and construction, GPS receiver demand is high. The COVID-19 epidemic, however, has hampered supply chains, resulted in revenue losses, and slowed down manufacturing operations, all of which have had a substantial influence on market expansion and the state of the economy as a whole. Due to rising populations and greater air and train travel, GPS receiver demand is soaring in nations like China and Japan. Due to Australia's leadership in the adoption of precision agriculture methods, the country uses precision GPS receivers mostly for farming. Precision agriculture (PA), often known as satellite farming, has been widely used in Australia, giving farmers the capacity to better manage the diversity of their lands.
Key Players
Major companies operating in this Mid-and High-Level Precision GPS Receiver Market include Trimble Navigation Ltd. (US), Hexagon AB (Sweden), Topcon Positioning Systems Inc. (US), Hemisphere GNSS, Inc. (US), and Javad GNSS, Inc. (US).
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