The global satellite-based augmentation system market size was valued at USD 1.28 billion in 2022. The market is projected to grow from USD 1.54 billion in 2023 to USD 2.13 billion by 2030, exhibiting a CAGR of 4.74% over the forecast timeframe. Leading companies in the global market are focusing on developing new products and adopting advanced technologies to improve system integrity. The increasing use of several ground stations and multiple satellites to get more reliable and accurate positioning information will further elevate market progression. This information is provided by Fortune Business Insights, in its report titled, “Satellite Based Augmentation System Market, 2023-2030.”
List of Key Players Mentioned in the Report:
Thales Group (France)
Raytheon Technologies Corporation (U.S.)
Airbus S.E (Netherlands)
Lockheed Martin Corporation (U.S.)
Northrop Grumman (U.S)
Leidos Holdings, Inc. (U.S.)
Honeywell International Inc. (U.S.)
L3Harris Technologies Inc. (U.S.)
Universal Avionics Systems Corporation (U.S.)
Grintex India Limited (India)
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/satellite-based-augmentation-system-market-107490
COVID-19 Impacts:
Increasing Application of SBAS to Improve GPS Accuracy to Drive Market Expansion Amid the Pandemic
The spread of COVID-19 significantly impacted several industries across the world as travel restrictions were imposed and manufacturing facilities were closed. This affected the global market to some extent; however, remote monitoring and maintenance of stations minimized the overall impact on market expansion. Contrastingly, the market showcased positive trends as SBAS technology was used to fight the challenges faced amid the pandemic. SBAS technology played a crucial role in improving GPS accuracy for contact tracing of essential goods and medical supplies. It also improved navigation precision for emergency medical responders and other personnel. These applications attributed to the global market growth.
Segments:
BDSBAS Segment to Lead Owing to Increasing Investments by Chinese Private Companies
As per platform, the market is divided into WAAS, EGNOS, BDSBAS and others. Among these, the BDSBAS segment dominated the market in 2022 and is likely to grow substantially due to rising investment activities by Chinese companies and the government. Chinese startups, such as Geespace and Weilai Daohang, are focused on manufacturing GNSS-enhancing satellite constellations to meet rising consumer demand.
Development of New SBAS Payloads to Drive Segment Growth
According to solution, the market is arrayed into SBAS payload, reference stations, uplink station, and others. Among these, the SBAS payload segment held a major market share in 2022 and is projected to register the highest CAGR over the forecast timeframe. The development of SBAS payloads such as southpan, EGNOS, BDSBAS, GAGAN, and others is attributing to the market growth.
Road & Rail Segment to Capture Largest Share Backed by Development of Modern Rail Infrastructure
Based on application, the market is segmented into aviation, maritime, road & rail, and others. Among these, the road & rail segment held the largest satellite-based augmentation system market share in 2022 owing to the development of modern rail infrastructure using satellite communication and increasing system application in various sectors such as signaling and rail signaling.
Geographically, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage:
The report provides in-depth information regarding drivers and opportunities aiding market growth. It also discusses the challenges and threats faced by industry leaders and suggests measures that can be taken to overcome them. Key players are listed along with strategic decisions undertaken by them such as partnerships, mergers, and acquisitions. The impact of COVID-19 on the global market growth and valuation is also analyzed.
Drivers and Restraints:
Growing Demand for Increased Reliability and Accuracy During Aviation Operations to Drive Market Growth
The aviation industry is heavily reliant on GPS technology for flight planning, air traffic control, and navigation. Any disturbances or technical issues with GPS can have a severe impact on the global market. The satellite-based augmentation system helps in mitigating interference in GPS signals by providing correction information and additional navigation data to GPS receivers. This enhances the reliability and accuracy of GPS in areas with signal blockages or interferences. It also protects against spoofing, provides cyber security, and ensures continuity of service. These advantages will elevate the satellite-based augmentation system market growth.
On the other hand, supply chain disturbances, lack of skilled labor, and shortage of raw materials will hamper market augmentation.
Regional Insights:
North America to Dominate Backed by Rising R&D Spending for WAAS System Development
North America dominated the global market in 2021 owing to increasing R&D spending for WAAS system development. Additionally, in September 2022, Federal Aviation Administration (FAA) awarded a contract to Raytheon intelligence to provide Dual Frequency Operation (DFO) upgrade to the FAA's Wide-Area Augmentation System, or WAAS, for 10 years.
The Europe market is projected to grow substantially over the forecast period due to increasing geostationary satellite launches during the study period, which will contribute to the demand for SBAS EGNOS, thus aiding market proliferation.
Competitive Landscape:
Lucrative Agreements and Contracts Between Governments and Leading Players to Propel Market Proliferation
Satellite based augmentation system players make many efforts to increase their market share, profits, and valuation. Government support and funds are the key contributors to their growth as well. For instance, in February 2021, GSA awarded a USD 121 million contract to Eutelsat Communications to develop and operate the agency’s next-generation EGNOS satellite navigation overlay service. The European Geostationary Navigation Overlay Service (EGNOS) is primarily used to enhance the accuracy and performance of the U.S. GPS signals. These signals can then be used for safety critical applications for maritime, aviation, and land-based customers such as road and railway management agencies.
Key Industry Development:
December 2022: Airbus S.E, a Netherlands-based aerospace company, has passed the System Critical Design Review (CDR) for the satellite based enhanced system EGNOS V3 (European Geostationary Navigation Overlay Service), which is developed to add critical safety features to the most safety-critical applications, including aircraft navigation and landing and to provide sea and land users with entirely new services. EGNOS V3 is the 2nd generation of the overlay system and improves the performance of GPS and Galileo.