Plotting Progress: Mid and High-Level Precision GPS Receiver Market on the Rise
The Mid and High-Level Precision GPS Receiver Market is expected to grow at a robust rate of 8.8% CAGR from 2024 to 2029, with a projected valuation of USD 5.2 billion. This estimate is predicated on an extensive analysis provided by MarketsandMarketsTM. One of the main factors driving the market's rise is the rising need for precise location-based information across a variety of industries, including building, surveying, and agriculture. The market is expected to develop at a healthy rate in the next years due in part to the integration of high-precision GPS receivers in a variety of applications and the use of sophisticated technology.
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The surge in urban development activities in emerging nations is the main driver of the robust growth observed in the Mid and High-Level Precision GPS Receiver Market. The market's upward trajectory is further supported by the growing awareness of and implementation of precision agriculture practices as well as automation trends in a variety of industries. The market's expansion is, however, limited by issues like security apprehensions in crucial applications and a slow adoption of new technology. Notwithstanding these obstacles, the market is expected to grow because to the growing need in a variety of industries for precise location-based data.
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Mid and High-Level Precision GPS Receiver Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 3.4 billion |
Estimated Value by 2029 | $ 5.2 billion |
Growth Rate | Poised to grow at a CAGR of 8.8% |
Market Size Available for | 2020–2029 |
Forecast Period | 2024–2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, Functional Deployment, Frequency Type, End-user Industry and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Interference and signal degradation in urban areas |
Key Market Opportunities | Expanding adoption of GPS receivers in autonomous driving |
Key Market Drivers | Rising demand for geographic information systems |
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The surveying and mapping segment is expected to dominate in the forecasted period.
It is expected that the mid- and high-level precision GPS receiver market's surveying and mapping segment will continue to rise in the near future. The emphasis being placed globally on the building of vast infrastructure, which includes transportation, urban planning, and environmental monitoring, is driving this trend. The need for precision surveying and mapping instruments is growing, and GPS receivers are essential for gathering correct geospatial data. This helps the large-scale infrastructure projects that are planned and carried out, which in turn keeps the surveying and mapping market segment growing steadily.
The construction segment is anticipated to dominate during the forecast period.
Due to a number of important considerations, the construction industry is expected to continue dominating the mid- and high-level precision GPS receiver market. Among these include the increasing use of self-driving technologies, increased urbanisation, and significant infrastructure development expenditures made by many nations. The need for precise geospatial data in construction activities has significantly increased as urbanisation and infrastructure developments spread throughout the world. Accurate GPS receivers are essential for critical operations like grading, surveying, and site planning, which contributes to the construction industry's market dominance.
North America to dominate the mid and high-level precision GPS receiver industry during the forecast period.
Key participants in the mid- and high-level precision GPS receiver market, including Trimble, Inc., Hemisphere GNSS, Inc., Javad GNSS Inc., and Geneq, Inc., have their headquarters in North America. The region's varied industrial landscape, which includes construction and oil and gas, makes it an ideal place to use mid- and high-precision GPS devices. Furthermore, the growing need for GPS receivers in precision agricultural applications is propelling the market's expansion in North America. Applications including as yield monitoring, field mapping, and auto-steering are included, demonstrating the technology's critical role in promoting precision agriculture. The market for mid- and high-level precision GPS receivers in North America is also growing as a result of the widespread use of autonomous systems in a variety of industries, such as mining, agriculture, and construction.
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