Mid-and High-Level Precision GPS Receiver Market with COVID-19 Impact, by Type (Differential Grade, Survey Grade), Industry (Agriculture, Mining, Construction, Oil & Gas) and Geography - Global Forecast to 2026
The global mid-and high-level precision GPS receiver market size is expected to grow from USD 2.7 billion in 2021 to USD 4.0 billion by 2026, at a CAGR of 8.6%. The growth of this market is mainly driven by ongoing developments to improve overall GPS infrastructure, increasing adoption of GPS receivers in construction industry, rising technological advancements and GPS augmentation systems, and growing availability of more cost-effective GPS solutions. However, factors such as slow market acceptance for new technologies, heavy reliance on availability of satellites, and decreasing demand of GPS receiver due to novel COVID-19 are restraining the market growth.
Survey grade to grow at highest CAGR during the forecast period
The increasing usage of survey-grade GPS receivers by professional surveyors to get high accuracy measurements of fixed locations leads to the significant segment growth in the coming years. Survey-grade GPS receivers are designed to achieve constant network accuracy in real time or static mode. These receivers are capable of generating network accuracies of more than 0.1 m with post processing and more than 1 m with real-time differential correction. There is an increasing adoption of survey grade in industries such as agriculture and construction as it provides accurate positioning. Rising construction activities across the world is estimated to fuel the demand for the survey-grade segment during the forecast period.
“Construction industry dominated the mid-and high-level precision GPS receiver market in 2020.”
The rise in population in emerging countries leads to the increasing infrastructure development, which is driving the growth of the construction industry. This is responsible for high adoption of high-precision receiver in construction industry. GPS technology is adopted in large-scale construction projects such as civil construction sites and megaprojects for equipment tracking. Besides, mining industry is estimated to hold largest CAGR over the forecast period. GPS receivers are broadly adopted by various applications of mining industry, which include surveying and mapping land and discovering suitable locations for agriculture, construction, mining, and other location-based services.
“Market in APAC to grow at highest CAGR during the forecast period”
The expansion of the urban population and rising industrialization are responsible for infrastructure development which leads to an increase in the adoption of GPS receivers, especially in emerging economies. In addition, the increasing focus on the rising agriculture production in various countries of APAC is also responsible for the growth of the mid-and high-level precision GPS receiver market in the region. However, the rapid spread of the novel COVID-19 has resulted in disruptions in supply chain activities, revenue losses, and slowdown in production activities which have highly impacted the growth of the market in the region, eventually impacting the economy.
Breakdown of the profiles of primary participants:
By Company Type: Tier 1 - 52%, Tier 2 - 31%, and Tier 3 - 17%
By Designation: C-level Executives - 47%, Directors - 31%, and others - 22%
By Region: North America - 44%, Europe - 25%, APAC - 21%, and RoW - 10%
Major players profiled in this report are as follows: Trimble, Inc. (US), Topcon Positioning Systems, Inc. (Japan), Hexagon AB (Sweden), Javad GNSS, Inc. (US), Hemisphere GNSS, Inc. (US), Septentrio N.V. (Belgium), Geneq Inc. (Canada), and others.
In this report, the mid-and high-level precision GPS receiver market has been segmented based on frequency type, type, industry, and region. The mid-and high-level precision GPS receiver market based on frequency type has been segmented into single frequency and dual frequency. Based on the type, the market has been segmented into differential grade and survey grade. Based on the industry, the market has been segregated into agriculture (precision farming), mining, construction, oil & gas, and other industries. The study also forecasts the size of the market in four main regions—North America, Europe, APAC, and RoW.
Key Benefits of Buying the Report:
The report would help market leaders/new entrants in this market in the following ways:
This report segments of the mid-and high-level precision GPS receiver market comprehensively and provides the closest approximation of the overall market size and subsegments that include type, industry, and region.
The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities pertaining to the mid-and high-level precision GPS receiver market.
This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business.
The competitive landscape section includes the competitor ecosystem, as well as growth strategies such as product launches, acquisitions, and expansions carried out by major market players.
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