SBAS systems are geosynchronous satellite systems that provide services for improving the accuracy, integrity and availability of basic SBAS signals.
SBAS assist existing global navigation satellite systems (GNSS) by improving their performance and compensating their drawbacks. They provide accuracy, integrity, reliability, and availability. Higher performance of GNSS assures aircrafts better flight navigation, furthering utmost travel safety. Due to this, SBAS are classified as primary navigation equipment, thus propelling the market. Many countries have launched their own SBAS to increase aviation-safety.
Over the past few years, Satellite Based Augmentation Systems have evolved rapidly. Evidently, the prominent players (mentioned above) are their driving force and bring about technological innovations to enhance their performance.
Accrediting the seminal work of key vendors and market traction, SBAS display multiple prospects worldwide. ‘Market Research Future’ recently published a report, according to which the global satellite based augmentation systems market is estimated to ascend enormously by 2023, recording a CAGR of 5% during 2018 to 2023.
The increase in airport development and modernization projects is the key driver for the growth of this market. The recent growth in air traffic, both passenger, and cargo has resulted in the expansion and modernization of existing airports. The expansion and modernization of existing airports are expected to bolster the demand for an effective satellite-based augmentation system, which will aid in managing traffic and aircraft movement.
Other driving factors of the SBAS industry are higher demand for efficient systems to improve aviation security coupled with expansion across airports and ATC infrastructure. Simultaneously, renovation of airports worldwide along with the bootstrapping of systems has escorted the SBAS market in ascending further. Governmental initiatives & investments also foster market growth.
Satellite based augmentation systems also widen the scope of GNSS in geodetic engineering, precision farming, and on road vehicle fleet management. This extended area of application provides impetus to the demand for SBAS, raising the market size.
Upcoming trends such as the growing implementation of satellite-based navigation system are rapidly gaining popularity as they help to shorten the route taken by aircrafts. A satellite-based navigation system uses GPS technology to shorten routes and allows aircrafts to fly closer together with greater safety margins. Advantages like high fuel savings, fewer traffic delays, and its ability to reduce the flight time are envisaged to result in its augmented adoption during the forecast period.
According to this study, over the next five years the Satellite Based Augmentation Systems (SBAS) market will register a 5.0% CAGR in terms of revenue, the global market size will reach US$ 650 million by 2024, from US$ 480 million in 2019. In particular, this report presents the global revenue market share of key companies in Satellite Based Augmentation Systems (SBAS) business, shared in Chapter 3.
This report presents a comprehensive overview, market shares and growth opportunities of Satellite Based Augmentation Systems (SBAS) market by product type, application, key companies and key regions.
This study considers the Satellite Based Augmentation Systems (SBAS) value generated from the sales of the following segments:
Segmentation by product type: breakdown data from 2014 to 2019 in Section 2.3; and forecast to 2024 in section 10.7.
Segmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 10.8.
Road & Rail
This report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.
Middle East & Africa
The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report: Breakdown data in in Chapter 3.
Space Systems Loral
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.
To study and analyze the global Satellite Based Augmentation Systems (SBAS) market size by key regions/countries, product type and application, history data from 2014 to 2018, and forecast to 2024.
To understand the structure of Satellite Based Augmentation Systems (SBAS) market by identifying its various subsegments.
Focuses on the key global Satellite Based Augmentation Systems (SBAS) players, to define, describe and analyze the value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Satellite Based Augmentation Systems (SBAS) with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the size of Satellite Based Augmentation Systems (SBAS) submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.