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(IndustryNews247.Com, March 16, 2023 ) The Assured PNT Market has been segmented by component, platform, end user, and region. The global market is projected to grow from an estimated USD 0.4 billion in 2022 to USD 1.7 billion by 2027, at a CAGR of 29.8% during the forecast period. Assured positioning, navigation, and timing (PNT) is a way to provide a reliable counterpart to GPS. Unlike the global positioning system (GPS) and global navigation satellite system (GNSS), it works under all conditions. GPS/GNSS interference is becoming increasingly threatening as jamming and spoofing technologies evolve. Emerging economies are increasing their defense expenditure to procure highly advanced defense equipment to help strengthen their combat capabilities.
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The high demand in the assured PNT market can be attributed to the growing regional tensions across the globe and increasing incidences of armed conflicts, violence, and terrorism. For instance, the Middle East, North Africa, and South Asian regions have been identified as high-potential markets for smart weapons owing to the increasing demand for smart weapons from these regions in recent years. Terrorist activities across the globe have been on the rise, and their attacks are shifting from country borders to crowded public places, mainly cities; there have been rising incidences of attacks by terrorists in public places, such as airports and restaurants. To handle such situations, security agencies use smart weapons with advanced military navigation to reduce collateral damage and provide greater accuracy and lower circular error probability (CEP) to neutralize terrorists. In addition, the availability of low-cost military navigation components and ongoing military modernization programs in various countries across the globe are further driving the market growth. However, the operational complexity involved in assembling and maintaining military systems is a key restraint to market growth. The assured PNT market is expected to grow in the next few years due to the advent of advanced technologies, such as artificial intelligence (AI), machine learning (ML), and 5G.
The assured PNT market is segmented into defense and homeland security based on the end user. The defense segment is estimated to account for the largest share of the assured PNT market in 2021. Assured PNT systems help countries gain an advantage in GPS/GNSS contested areas to mitigate the risks associated with spoofing and jamming and identify a precise location. The increasing demand for advanced fighter aircraft in the defense forces of countries such as the US, India, and Japan is expected to drive the assured PNT market.
Based on the platform, the assured PNT market has been segmented into air, land, and naval. The rapid growth in government defense budgets in countries such as China and Saudi Arabia is leading to the increasing implementation of navigation systems in the abovementioned platforms. This, in turn, is expected to drive the market for advanced navigation in defense applications.
The regions considered for the assured PNT market are North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America Factors responsible for the growth of the assured PNT market in North America include the growing demand for new UAVs and aircraft. As most aircraft navigation equipment manufacturing companies are based in the US, North America is a mature region in terms of adopting assured PNT solutions and services.
The major market driver for this region is the high penetration rate of solutions in the government & defense and manufacturing industry verticals. The deployment of advanced navigation systems on aircraft, naval ships, UAVs, etc., is high in terms of technology and services offered by manufacturers, which is the key driver for the demand for assured PNT systems in this region. The market is also driven by factors such as extensive investments by the US government in the defense sector and the implementation of advanced GPS infrastructure in the region.
The growing demand for new UAVs and aircraft is another prominent factor contributing to the growth of the military navigation market here. A large production base and high production capacity of companies are other major driving factors for the growth of this market. The growth of the military navigation market is eventually expected to fuel the growth of the GPS anti-jamming market in this region. The defense and transportation sectors in North America are also adopting GPS anti-jamming solutions, which has also led to the growth of the assured PNT market in this region.
Key Market Players
Some of the well-established and prominent manufacturers of airborne ISR systems present in this region include Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), General Dynamics Corporation (US), Leonardo DRS(US), L3Harris Technologies, Inc. (US), and Raytheon Technologies Corporation (US).
News Also Covered: https://www.prnewswire.com/news-releases/assured-pnt-market-worth-1-7-billion-by-2027---exclusive-report-by-marketsandmarkets-301770013.html
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