SBAS systems are geosynchronous satellite systems that provide services for improving the accuracy, integrity and availability of basic SBAS signals. SBAS assist existing global navigation satellite systems (GNSS) by improving their performance and compensating their drawbacks. They provide accuracy, integrity, reliability, and availability. Higher performance of GNSS assures aircrafts better flight navigation, furthering utmost travel safety. Due to this, SBAS are classified as primary navigation equipment, thus propelling the market. Many countries have launched their own SBAS to increase aviation-safety.
Over the past few years, Satellite Based Augmentation Systems have evolved rapidly. Evidently, the prominent players (mentioned above) are their driving force and bring about technological innovations to enhance their performance.
Accrediting the seminal work of key vendors and market traction, SBAS display multiple prospects worldwide. ‘Market Research Future’ recently published a report, according to which the global satellite based augmentation systems market is estimated to ascend enormously by 2023, recording a CAGR of 5% during 2018 to 2023.
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Top Key Vendors in Satellite Based Augmentation Systems (SBAS) Market are Raytheon Company, Mitsubishi, Thales, Airbus, SES, Space Systems Loral
The increase in airport development and modernization projects is the key driver for the growth of this market. The recent growth in air traffic, both passenger, and cargo has resulted in the expansion and modernization of existing airports. The expansion and modernization of existing airports are expected to bolster the demand for an effective satellite-based augmentation system, which will aid in managing traffic and aircraft movement.
Other driving factors of the SBAS industry are higher demand for efficient systems to improve aviation security coupled with expansion across airports and ATC infrastructure. Simultaneously, renovation of airports worldwide along with the bootstrapping of systems has escorted the SBAS market in ascending further. Governmental initiatives & investments also foster market growth.
Satellite based augmentation systems also widen the scope of GNSS in geodetic engineering, precision farming, and on road vehicle fleet management. This extended area of application provides impetus to the demand for SBAS, raising the market size.
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Upcoming trends such as the growing implementation of satellite-based navigation system are rapidly gaining popularity as they help to shorten the route taken by aircrafts. A satellite-based navigation system uses GPS technology to shorten routes and allows aircrafts to fly closer together with greater safety margins. Advantages like high fuel savings, fewer traffic delays, and its ability to reduce the flight time are envisaged to result in its augmented adoption during the forecast period.
According to this study, over the next five years the Satellite Based Augmentation Systems (SBAS) market will register a 5.0% CAGR in terms of revenue, the global market size will reach US$ 650 million by 2024, from US$ 480 million in 2019. In particular, this report presents the global revenue market share of key companies in Satellite Based Augmentation Systems (SBAS) business, shared in Chapter 3.
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Table of Content:
Chapter 1 Satellite Based Augmentation Systems (SBAS) Market Overview
Chapter 2 Satellite Based Augmentation Systems (SBAS) Market Global Economic Impact
Chapter 3 Competition by Manufacturer
Chapter 4 Production, Revenue (Value) by Region
Chapter 5 Supply (Production), Consumption, Export, Import by Regions
Chapter 6 Production, Revenue (Value), Price Trend by Type
Chapter 7 Analysis by Application
Chapter 8 Satellite Based Augmentation Systems (SBAS) Market Manufacturing Cost Analysis
Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10 Satellite Based Augmentation Systems (SBAS) Market Marketing Strategy Analysis, Distributors/Traders
Chapter 11 Satellite Based Augmentation Systems (SBAS) Market Effect Factors Analysis
Chapter 12 Satellite Based Augmentation Systems (SBAS) Market Forecast