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How Big Is the Satellite Based Augmentation Systems Market?
The global Satellite Based Augmentation Systems (SBAS) market is valued at approximately USD 559.1 million in 2022 and is expected to grow at a rate exceeding 5.0% during the forecast period of 2023-2030.
SBAS are systems that enhance the accuracy, integrity, and availability of Global Navigation Satellite System (GNSS) signals. These systems rely on ground-based reference stations and geostationary satellites to deliver correction messages to GNSS users, improving navigation and positioning precision.
The demand for SBAS technology is growing with the rise of unmanned aerial vehicles (UAVs) and autonomous vehicles. As autonomous vehicles become more prevalent, precise positioning becomes crucial, and SBAS technology ensures reliability and safety. Companies like General Motors, in partnership with Cruise, are integrating SBAS technology into self-driving vehicles to enable safe autonomous driving.
The European Space Agency has introduced the European Geostationary Navigation Overlay Service (EGNOS), an SBAS system designed to enhance navigational accuracy and reliability for driverless vehicles in Europe. EGNOS steps in when GPS signals falter, ensuring dependable navigation.
The SBAS market is also driven by advancements in satellite technology and increased investments from governments and private enterprises. This has led to the development of SBAS infrastructure and a period of significant growth.
However, the high implementation and maintenance costs pose challenges for the SBAS market. These costs can inhibit market growth.
In terms of regional dominance, North America leads the SBAS market in 2022 due to the presence of market players, technological advancements, and industry adoption. The Asia Pacific region is experiencing rapid growth, fueled by the increasing adoption of autonomous vehicles and government support.
Key players in the market include Raytheon Technologies Corporation, Hexagon AB, Thales Group, Airbus Group, Honeywell International Inc., SkyTraq Technology, Inc., Broadcom, GMV Innovating Solutions S.L., Garmin Ltd., and the Federal Aviation Administration.
The SBAS market is constantly evolving, and its future holds promise for continued growth and technological advancements.
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