The satellite position, navigation, and timing (PNT) technology market is projected to reach $8.81 billion by 2031, reveals the premium market intelligence study by BIS Research. The study also highlights that the market is set to witness a CAGR of 22.45% during the period 2021-2031.
Satellite PNT technology determines precise geographical location or position, navigates the route, and accurately tracks exact time. The position, navigation, and timing is derived from the global navigation satellite system (GNSS) onboard the communication satellite.
The primary function of PNT is to improve the performance of GNSS by providing information about the accuracy, integrity, continuity, and availability of its signals for geo-location and navigation applications.
Analyst’s Take on the Market
According to Nilopal Ojha, Team Lead at BIS Research, “Digitalization of the global defense, commercial, government, and civil sectors has increased reliance on resilient and accurate position, navigation, and timing data for routine operations leading to substantial growth of the global PNT technology market. Moreover, the introduction of LEO satellites for PNT technology and the miniaturization of atomic clocks is expected to make the existing PNT technologies more affordable and accurate near future, propelling the growth of the global satellite position, navigation, and timing technology market during the forecast period 2021-2031.”
Market Segmentation of Satellite Position, Navigation, and Timing Technology
Application: The navigation application is expected to dominate the global satellite position, navigation, and timing (PNT) technology market as receiving accurate navigation data has become the backbone of the automotive, e-commerce, and transport and logistics industries on air, land, and sea.
End User: The commercial end user segment is anticipated to dominate the global satellite position, navigation, and timing (PNT) technology market. For the automotive, commercial aviation, financial industries, e-commerce businesses, the PNT technology is critical for everyday operations.
Product: The hardware solution segment is expected to lead the global satellite position, navigation, and timing (PNT) technology market. The growth of this segment is attributed to the critical hardware components such as atomic clocks and oscillators.
Region: During the forecast period, North America is expected to dominate the global satellite position, navigation, and timing (PNT) technology market. The significant presence of key companies highly engaged in developing and providing global satellite position, navigation, and timing technology solutions is a major factor attributing to the region’s growth.