Satellite-Based Augmentation Systems Market Is Anticipated To Reach A Revised Size Of USD 740.01 By 2030, Growing at a CAGR Of 4.3% 2022-2030
Satellite Based Augmentation Systems Market Is Anticipated To Reach A Revised Size Of USD 740.01 Bn 2030, Growing at a CAGR Of 4.3% 2020-2030
Satellite-based augmentation systems (SBAS) are aviation safety systems that offer services for enhancing the availability and integrity of standard SBAS signals. The global SBAS market is driven by factors such as increasing development of ATC infrastructure and the growing need for authentic and accurate information to avoid errors by the aviation authorities. For instance, in June 2019, The Airports Authority of India (AAI) and Boeing signed a contract with an aim at developing an air traffic management roadmap that will enhance airspace utilization and improve aircraft operations in India.
Furthermore, increasing air passenger traffic and growing investments by developing economies such as China and India in developing and modernizing airport infrastructure is driving the SBAS market. However, high initial investment, stringent aviation regulations, and cost associated with Air Traffic Management (ATM) infrastructure modernization might hamper the market growth.
Based on elements, the SBAS market has been divided into SATCOM, radar, and Electric Optic/ Infrared (EO/IR). The SATCOM segment accounted for the largest market share in 2018 and is expected to witness the highest CAGR during the forecast period, 2022 to 2030. The growing demand for satellite-based communication is driving the growth of the segment.
Based on aircraft type, the global market has been segregated into fixed-wing and rotary-wing. The fixed-wing segment accounted for a larger market share in 2018 and is expected to witness a higher CAGR during the forecast period. The increasing number of aircraft manufactured is expected to drive the segment growth during the forecast period from 2022 to 2030
Based on the region, the market has been categorized as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America is estimated to acquire the most significant market share in 2018. However, Asia-Pacific is expected to grow with the highest CAGR during the forecast period. The increasing air passenger traffic in countries such as India and China and growing investment made by airline companies in the region is expected to drive the market growth in Asia-Pacific.
The key players in the global Satellite Based augmentation systems (SBAS) market are Northrop Grumman Corporation (US), Advanced Navigation And Positioning Corporation (US), Raytheon Company (US), Garmin International Inc. (US), Saab AB (Sweden), INTELCAN TECHNOSYSTEMS Inc. (Canada), Honeywell International, Inc.(US), Thales Group (France), Lockheed Martin Corporation (US), and Universal Avionics (US).
The Satellite Based Augmentation Systems Market values and forecasts are derived using MRFR research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
MRFR offers report customization to valued customers. Below are the options available for customization:
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|Market Size||USD 740.01 Billion by 2030|
|Forecast Units||Billion ( Value)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Elements, Aircraft Type|
|Geographies Covered||North America|
|Key Vendors||Northrop Grumman Corporation (US), Advanced Navigation And Positioning Corporation (US), Raytheon Company (US), Garmin International Inc. (US), Saab AB (Sweden), INTELCAN TECHNOSYSTEMS Inc. (Canada), Honeywell International, Inc.(US), Thales Group (France), Lockheed Martin Corporation (US), and Universal Avionics (US).|
|Key Market Opportunities||increasing air passenger traffic and growing investments by developing economies|
|Key Market Drivers||growing investment made by airline companies in the region is expected to drive the market growth in Asia-Pacific.|
Satellite Based Augmentation Systems Market is projected to register a moderate 4.3% CAGR By 2020-2030
The massive demand for satellite based augmentation systems due to increasing passenger traffic is the primary growth inducer of the market.
The SATCOM segment is expected to observe substantial demand over the review period.
The fixed-wing segment is expected to secure the highest CAGR.
The APAC segment is slated to expand as the fastest-growing segment.
A few emminent market players operating in the global satellite based augmentation systems market are Northrop Grumman Corporation (US), Raytheon Company (US), Advanced Navigation And Positioning Corporation (US), among others.