Precision Farming Unleashed: The Impact of Mid-and High-Level Precision GPS Receiver Market in Agriculture
The Mid-and High-Level Precision GPS Receiver Market worldwide is expected to develop at a robust compound annual growth rate (CAGR) of 8.6%, from USD 2.7 billion in 2021 to USD 4.0 billion by 2026.
This prediction highlights the growing need for precision GPS receivers across a range of industries, as detailed in a recent market research analysis by MarketsandMarketsTM. The research identifies the major industries propelling this expansion, including mining, construction, oil and gas, and agricultural. It also classifies the market according to kinds, such as Differential Grade and Survey Grade. The projected growth highlights the vital role that cutting-edge GPS technology plays in a variety of industries, and it points to a trend of higher adoption of mid-and high-end precision GPS receivers in the years to come.
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The Mid-and High-Level Precision GPS Receiver Market is expanding rapidly due to a number of important considerations. One main indicator of an increasing reliance on precise position data for construction-related operations is the construction industry's growing usage of GPS devices. Innovations in technology and the use of GPS augmentation systems lead to improved functionality and accuracy, which drives market growth. Continuous improvements to the GPS infrastructure as a whole are essential, demonstrating the industry's dedication to enhancing location-based services and navigation. The industry also gains from the increasing number of affordable GPS solutions available, which open up superior precision technology to a wider variety of sectors and applications.
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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.
During the forecast period, the mining industry is expected to display the highest Compound Annual Growth Rate (CAGR) and play a major role in the Mid-and High-Level Precision GPS Receiver Market. GPS technology is essential for many mining operations, including blasthole drilling, land mapping, surveying, and using large equipment like graders, dozers, loaders, and shovels. GPS is also used in mining operations for GNSS surveying, dispatch systems, fleet management, and vehicle tracking. The application of differential GPS or real-time kinematics (RTK) improves location-based data accuracy and satisfies the precise needs of various mining operations. Mining operations are more efficient and safe as a result of this greater accuracy.
Mid-and high-level precision GPS receiver for survey grade type to grow at highest CAGR from 2021 to 2026
Survey-grade GPS receivers are essential for precisely placing important infrastructure components, such as buildings, survey markers, and roads. These receivers are essential in situations where accuracy is critical since they are designed to continuously attain high levels of accuracy in both static and real-time modes. Survey-grade GPS receivers are becoming more and more popular, especially in fields like construction and agriculture where precise location is crucial for best outcomes. There will be a substantial increase in demand for survey-grade GPS receivers due to the worldwide construction boom. Even though these receivers are more expensive, their improved accuracy sets them apart from the more affordable differential-grade GPS receivers and makes them indispensable instruments for applications that demand precise positioning.
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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
Over the course of the projection period, the global market for mid- and high-level precision GPS receivers is expected to develop at the fastest rate in the Asia-Pacific (APAC) region. The region's growing infrastructure development and the growing agriculture sector, especially with the use of precision farming techniques, are the main drivers of this growth. The growing demand for GPS receivers is attributed to their widespread application in both agricultural and construction. But the region has not been exempt from the difficulties brought on by the worldwide pandemic. The market has suffered greatly as a result of supply chain disruptions, income losses, and a halt in output, placing pressure on the local economy. Notwithstanding these obstacles, APAC is positioned to play a significant role in the market's growth trajectory due to the fundamental reasons propelling the adoption of GPS receivers.
The Asia-Pacific (APAC) region, particularly China and Japan, is seeing a sharp increase in the demand for GPS receivers. The need for GPS receivers in navigation and tracking applications is being driven by the growing aviation and rail traffic in the APAC countries due to their growing populations. One of the major countries in the region, Australia, has a remarkable uptake of mid- and high-level precision GPS receivers, especially for precision farming applications. With the use of satellite farming and Precision Agriculture (PA), which allows farmers to successfully manage the variability of their lands, Australia has become a leader in this field. This adoption demonstrates the region's dedication to using cutting-edge technologies to improve a number of industries, including transportation and agriculture.
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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