The satellite PNT technology has gained significant importance over the last decade. The increase in the requirement of the resilient and secure position, navigation, location, and timing data across the globe for various defense, commercial, and civilian applications without interruption has generated the demand for a robust PNT ecosystem consisting of hi-tech antennas, receivers, and atomic clocks. The research study is based on extensive primary interviews (in-house industry players, market leaders, and experts) and secondary research along with analytical tools to predict the forecast analysis for the study period. With the help of these, the global satellite PNT technology study provides a broader perspective of the industry.
The demand for resilient and reliable satellite PNT technology provided by GNSS has increased significantly over the years owing to innovation in the defense, commercial, automobile, and transport sectors. The increasing use of smartphones and similar smart devices has also increased the scope of growth and modernization in the position, navigation, and timing technology market. At present, national security, critical government infrastructure, military operations, financial operations, and other major industries such as agriculture and mining rely on the precision satellite PNT technology to conduct their operations and will continue to depend on this technology for development in the future.
Application such as squadron coordinates for military missions, precise location data for search and rescue operations, disaster monitoring, and efficiency in areas such as construction, oil and gas, and mining are dependent on satellite PNT technology. The value of these services is growing rapidly, but the position, navigation, and timing technology are susceptible to disruptions, interruptions, and manipulations which can cause socio-economic challenges. Therefore, the demand for operational efficiency of satellite PNT technology is increasing substantially.
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The competitive landscape of the satellite PNT technology market consists of different business and corporate strategies conducted by major players across the industry to gain market presence. Some strategies adopted by satellite PNT technology providers include long-term contracts, acquisitions, agreements, new product launches, business expansion, and partnerships, and collaborations. The most prominent strategy that has been adopted by the players in the satellite PNT technology market includes long-term government contracts, acquisitions, and collaborations.
The satellite PNT technology providers also indulge in numerous tie-ups with international and national space agencies as well as commercial space players. For instance, the OneWeb company was selected by the U.K. in 2020 to develop its navigation satellite system following the Brexit. Moreover, in May 2021, OneWeb and U.K. Space Agency announced a collaboration to develop a new beam-hopping satellite that would allow satellites to change what area of the planet they cover owing to increasing commercial demand for responding to emergencies such as natural disasters.
