The Satellite navigation system Market is projected to grow from USD 61.1 Billion in 2023 to USD 75.5 Billion by 2028, at a CAGR of 4.4% during the forecast period. The growing demand for space-based services and the continuous development of new technologies that make Satellite navigation systems more competent and affordable are projected to propel the Satellite navigation system market in the upcoming years.
Major manufacturers in this market are based in North America and Europe. General Dynamics Corporation (US), Raytheon Technologies Corporation (US), Kongsberg Gruppen ASA (Norway), Lockheed Martin Corporation (US), and Airbus SE (Netherlands) are among a few leading players operating in the Satellite navigation system market. A major focus was given to the development of new technologies due to the changing requirements of Satellite navigation system customers across the world. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to further expand their presence in the Satellite navigation system market.
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Northrop Grumman is a US-based multinational aerospace and defense technology company. The company’s strength lies in continuously improving its processes and methods. In May 2021, the Defense Advanced Research Projects Agency (DARPA) (US) awarded the company a USD 13.3-million worth contract to provide positioning, navigation, and timing (PNT) payloads for the Blackjack program. Blackjack is a DARPA project to develop and demonstrate the military utility of small satellites in lower-Earth orbit to provide communications, missile warning, and PNT. Northrop Grumman satellite services conduct remote sensing, earth observation, logistics, cybersecurity, and military communication applications. It also strives to increase its market share in the aerospace & defense market by securing aerospace, defense, and government contracts and agreements globally.
Raytheon technologies corporation
Raytheon Technologies Corporation (US) is among the world’s leading aerospace, defense, and intelligence service companies in terms of revenue and market capitalization with four segments: Raytheon Intelligence & Space, Raytheon Missiles & Defense, Pratt & Whitney, and Collins Aerospace. The company provides satellite navigation systems through Raytheon Intelligence & Space. It conducts R&D and manufactures high-tech products such as drones, satellites, guided missiles, air defense systems, aircraft engines, aircraft flight control systems, and aerostructure.
Qualcomm Technologies is one of the leading companies in semiconductor and wireless technology solutions. The company operates in three business segments: Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI). The QCT segment provides satellite navigation systems globally. It is also one of the leading companies in satellite navigation systems and provides various positioning solutions along with other systems and services globally.
Lockheed martin corporation
Lockheed Martin Corporation (US) specializes in the research, design, development, manufacture, and integration of advanced technology systems and related products and services in the aerospace, defense, security, and advanced technologies market. The company operates through four business segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. The company provides satellite navigation system solutions with satellite software and innovative space navigation solutions. It is listed on the New York Stock Exchange with the LMT ticker. Some of the subsidiaries of Lockheed Martin Corporation are Lockheed Martin Australia (Australia), Lockheed Martin UK Limited (UK), Lockheed Martin Canada Inc. (Canada), Lockheed Martin Global, Inc. (US), and Lockheed Martin Logistics Management, Inc. (US).
L3Harris Technologies is one of the global leaders in the aerospace and defense market. L3 Harris Technologies provides a wide range of solutions in the satellite navigation systems market through its Space and Airborne segment. The other company segments are Communication Systems, Space and Airborne Systems, Integrated Mission Systems, Aviation Systems, and Marine Systems. The company is building the GPS III satellite constellation by developing and integrating advanced navigation and timing payload technologies, and this new GPS III will be more accurate and precise than the current GPS. Since 1970, L3Harris Technologies components have been onboarded in every US GPS satellite for more than 70 missions.
Satellite Navigation System Market by Constellation (Global Navigation Satellite, Regional Navigation Satellite, and Augmented Satellite), Solution (Service and System) and Orbit (Geostationary Earth Orbit, Medium Earth Orbit) and Global Forecast to 2028
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