The GNSS chip market size is projected to cross $5.5 billion by 2023, growing at a CAGR of 7.3% during 2018-2023. The market is growing mainly due to the growing popularity of augmented reality, high penetration of consumer electronic devices, surging demand for precise real-time data and growing focus towards the development of smart cities.
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In terms of device, the global GNSS chip market is categorized into smartphones, tablets, PNDs, IVS and others, where others include phablets, digital camera and wearable devices. Smartphones accounted for 75% of the market for GNSS chip with $2.4 billion in 2016, which is projected to reach $4.0 billion million by 2023, rising at a CAGR of 7.2% during the forecast period. Technological advancement in consumer electronic devices leads to the emergence of connected devices. Increasing adoption of connected devices such as smartphones, smart tablet and wearable devices has increased the demand for more sophisticated and more precise LBS applications. LBS covers a wide spectrum of applications, including fleet management, travel aids, location identification, emergency services and vehicle navigation. Owing to that, these devices are increasingly coming fortified with GNSS-complementary technologies that enable them to deliver optimised positioning solutions based on the situation.
Researchers and technologists are looking forward to expand the location capabilities in urban and indoor environments. Increasing penetration of GNSS chipsets to attain better positioning experience in consumer electronic devices is propelling the demand of GNSS chip market, across consumer electronics vertical. During the forecast period, mapping is expected to witness the fastest growth. Increasing demand for accurate real-time data for cartographic, environmental and urban planning purposes along with reduction of GNSS receiver prices are some of the key factors propelling the demand of GNSS chips for mapping.
Geographically, the GNSS chip industry is expected to witness the fastest growth in Asia-Pacific during the forecast period. Rise in demand of electronic, wearable and connecting devices, growing need for precise and real-time data along with the growing popularity of IoT are some of the major factors to have a significant positive impact on the industry. In terms of application, in 2016, LBS accounted for the largest share of the Asia -Pacific GNSS chip market. LBS is projected to reach $1,084.0 million by 2023 from $655.8 million in 2016, at a CAGR of 7.1% during the forecast period.
Some of the major players in the industry are Koninklijke Philips N.V., AeroFarms LLC, Sky Greens Pte. Ltd, Illumitex Inc, Everlight Electronics Co. Ltd, Hort Americas, Agrilution GmbH, American Hydroponics Systems Inc., Urban Crop Solutions Inc., and Vertical Farm Systems.
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