NEW YORK, May 28, 2018 (GLOBE NEWSWIRE) -- The global GNSS chip market is projected to grow at a CAGR of 7.3% between 2017-2023, to reach $5.5 billion by 2023. Some of the key factors driving the growth of the market include 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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One of the major trends observed in the GNSS chip market is the miniaturization of devices and decreasing cost of connected devices to accelerate their adoption. The push for miniaturization of devices comes from the demand for smaller assemblies in specific applications and the need to cut material costs through smaller parts that function similar to larger ones. Miniaturization is leading towards the emergence of very small devices that enable the tracking of the vehicle’s position throughout the transport chain. In addition, miniaturization of electronic devices leads to the manufacturing of flexible electronics that allows penetration of GNSS receivers in clothing and other personal items that necessitate locating lost and stolen items.
Surging demand for precise real-time data is driving the growth of the global GNSS chip market. The landscape and the value of data have also been changed to a great extent because of technological progress and easy internet access. Due to intense competition, every company is looking forward to taking quick action by utilizing real-time data to attain better outcomes. Real-time data also helps in decision making and opens an innovative world of optimization possibilities. Surging demand for precise real-time data is facilitating the uptake of GNSS chipsets, across the globe.
The market of wearable consumer electronics has been steadily growing in recent years. The vendors operating in the global GNSS chip market have a golden chance to tap this market space with the development of sophisticated and advanced wearable appliances and applications through GNSS chips. With increasing consumer preference for sophisticated gadgets, increasing growth prospects of next-generation displays in wearable devices, and growing popularity of IoT and connected devices, market for wearable electronics is expected to gain momentum during the forecast period. Rapid developments and advancements in GNSS chips, such as micro-electro-mechanical systems (MEMS) based inertial sensors, along with inexpensive, compact and powerful computing resources are expected to further escalate this market opportunity and provide significant space for the growth of global GNSS chip market, during the forecast period.
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Some of the key companies in the GNSS chip market includes Broadcom Limited, Qualcomm Incorporated, Furuno Electric Co. Ltd., Intel Corporation, Quectel Wireless Solutions Co. Ltd., Skyworks Solutions Inc., NXP Semiconductors, Navika Electronics, U-blox and MediaTek Inc.
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