Navigation Systems Market By Key Players, Deployment Type, Applications, Vertical, and Region – Forecast
A navigation system can act as a guide map. Generally, the navigation systems are relied on the source the signal frequency is produced. It primarily includes radio, electronic, and satellite emitted frequencies. More often, this system helps in enhancing the traffic flow, directs users and also aids in tracing shipment and parcels. It also helps in tracing weather alerts based on the type of device. The use of navigation systems proves to be cost effective for fleet management companies. In automotive applications, the navigation systems provide safety and security for vehicles, which has promoted its adoption throughout the world. Moreover, the rise in application of navigation systems in aviation and defense sector for security reasons has aided the market growth significantly in the past few years. For instance, in 2018, the Airport Authority of India, in collaboration with, Indian Space Research Organization (ISRO) has deployed the GPS assisted geo augmented navigation systems, namely GAGAN project. This collaboration is probable to help many stakeholders employed in the Indian Airspace. Similarly, China's satellite navigation system known as BeiDu is likely to create USD 298 billion services market by the year 2020. Also, it has planned to introduce 300 satellites to rival GPS with its BeiDou-3 Navigation Satellite System (BDS). Such initiative will likely to drive the growth of navigation system market. Apart from this, surging demand for real-time information in industrial applications, along with increasing world trade and marine traffic are the few other factors responsible for the high CAGR of the market during the forecast period. However, the lack of local knowledge, coupled with privacy issues and security concerns are the few factors limiting the market growth over the forecast period of 2020-2027.
