Satellite Based Augmentation Systems Market Business Trends Shaping Revenue Growth in the Industry by 2032

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The Satellite-Based Augmentation Systems market industry is projected to grow from USD 165.2 Billion in 2023 to USD 407.9 Billion by 2032

Satellite based Augmentation Systems Market

Satellite Based Augmentation Systems Market Is Anticipated to Reach a Revised Size of USD 740.01 Bn 2030, Growing at a CAGR Of 4.3% 2020-2030

According to a recent study report published by Market Research Future, the global market for satellite-based augmentation systems (SBAS) will grow at a rapid pace over the forecast period. The market is expected to witness slow but steady growth until 2023, which will be a growing fast at a moderate CAGR during the forecast period (2020 -2030).

The high demand for Satellite Based Augmentation Systems Market Insights is due to the growing development of ATC infrastructure, need for authentic and accurate information to avoid errors, and rise in the development of airport construction and modernization, thus increasing the participation of manufacturers. Rapid technology advancement, along with increased focus of OEMs on providing accurate and precise navigation system, is expected to result in an increase in aircraft expenses and add to the growth of the market. However, the cost associated with Air Traffic Management (ATM) infrastructure modernization and retrofitting older aircraft with upgraded systems act as a barrier to the growth of Satellite based Augmentation Systems Market. The revolution of modern electronic systems results in many aircraft manufacturers upgrading technologies with new avionics.

The Satellite based Augmentation Systems Market is completely dependent on the expansion of air passenger traffic. Thus, the increasing or decreasing demand for air passenger traffic directly has an impact on the market. Moreover, other factors responsible for the growth of the Satellite based Augmentation Systems Market are demand for avionics system with gen-next aircraft, demand for accurate flight navigation, capability of handling more air traffic, collision avoidance systems, gyroscopes, and integration of early warning radar. This is the primary factor that drives the growth of the global Market and has gained prevalence in the recent times, with the usage of best-in-class technologies in the aircraft industry. Thus, the growth of the Satellite based Augmentation Systems Market is expected to go hand in hand with the growth of investment in the aircraft sector.

The main objective of developing satellite-based augmentation systems is to produce an accuracy of the position of the navigation system, integrity of information, reliability of the system throughout the flight operation, and availability of GPS system. SBAS offers an economic opportunity for airports, while not putting in ground-based navigation aids. SBAS consists of a network of stations to receive and process satellite signals. The SBAS systems consist of Wide Area Augmentation System (WAAS), European Geostationary Navigation Overlay Service (EGNOS), Multi-functional Satellite Augmentation System (MSAS), and GPS-Aided Geo-Augmentation Navigation (GAGAN), which are designed in compliance with regulatory norms in satellite-based navigation.

Key Players:

Garmin International Inc. (U.S.), Raytheon (U.S.), Rockwell Collins (U.S.), Thales Group (France), Universal Avionics (U.S.), Advanced Navigation and Positioning Corporation (U.S.), Copperchase Ltd. (U.K.), Intelcan Techno systems (Canada), Honeywell International (U.S.), Lockheed Martin (U.S.), Northrop Grumman (U.S.), and Saab AB (Sweden) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Satellite based Augmentation Systems Market Players.

Segmentation

The global Satellite Based Augmentation Systems Market Outlook is segmented into 4 key dynamics for the convenience of the report and enhanced understanding.

Segmentation by Elements: Comprises SATCOM, Radar, Electric Optic/ Infrared

Segmentation by Product: Comprises Fixed Wing and Rotary Wing

Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia-Pacific, Middle East Africa and South America.

Regional Analysis

Asia Pacific region is dominating the market of the global Satellite based Augmentation Systems Market due to high demand for civil aviation. The market in the Asia Pacific countries is largely driven by new routes, ventures, and business models, which helps in the growth of global Satellite based Augmentation Systems Market.

North America market is referred to as the second-largest satellite-based augmentation market due to factors such as growing investment in airport infrastructure have fuelled the demand for global Satellite based Augmentation Systems Market.

Industry/ Innovation/ Related News:

February 2017 Lockheed Martin signed a contract with Geoscience Australia to research the development of a satellite-based augmentation system testbed.

October 2016 Thales signed a contract with Korean Aerospace to develop a satellite-based augmentation system for GPS.

October 2014 Raytheon signed a contract with United States Satellite-Based Augmentation System to promote air traffic safety.

Satellite Based Augmentation Systems Market Research Report: By Elements (SATCOM, Radar and Electric Optic/ Infrared), Aircraft Type (Fixed-Wing and Rotary Wing) and Region (North America, Europe, Asia-Pacific, Middle East Africa and Latin America) - Forecast till 2030

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