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The positioning systems market has seen substantial growth recently, with projections indicating continued expansion. From $80.29 billion in 2023, the market is expected to rise to $93.34 billion in 2024, at a compound annual growth rate (CAGR) of 16.3%. This growth is fueled by urbanization, the development of smart cities, GPS-enabled vehicles, social media proliferation, and the increasing adoption of e-hailing services.

Projected Growth and Influential Factors

By 2028, the market is anticipated to reach $171.16 billion, growing at a CAGR of 16.4%. This surge is driven by the growing demand for location-based services (LBS), autonomous vehicle adoption, the need for positioning systems in precision agriculture, 5G integration, and smartphone penetration. Key trends include the use of Internet of Things (IoT) devices, technological advancements, driver-assistance technologies, connected cars, infrastructure development, and GPS technology integration.

Autonomous Vehicles: A Key Driver

The rise in autonomous vehicles significantly boosts the positioning systems market. These vehicles rely on advanced sensors, AI, and positioning systems for navigation without human intervention. According to the National Association of Insurance Commissioners, the number of autonomous vehicles in the US is expected to hit 3.5 million by 2025 and 4.5 million by 2030. This trend underscores the critical role of positioning systems in ensuring safety and reliability for self-driving cars.

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Leading Players in the Market

Prominent companies in the positioning systems market include General Electric, A.B Volvo, Qualcomm, Broadcom, ABB, L3 Harris Technologies, Rolls Royce, Wartsila, Hexagon, Trimble Navigation, Kongsberg Gruppen, MiTAC Digital Technology, Royal IHC, Norr Systems, RH Marine, Twin Disc, Moxa, Alphatron Marine, Sonardyne, Reygar, Thrustmaster of Texas, Marine Technologies, Navis Engineering, Raytheon Anschutz, and Praxis Automation.

Advancements in Positioning Technology

Companies are pushing the boundaries of positioning technology, particularly with visual positioning systems (VPS). For instance, Immersal Oy launched the Immersal City-Scale Visual Positioning System in February 2023. This system leverages computer vision and machine learning for precise indoor and outdoor positioning, enhancing augmented reality (AR) experiences with features like 3D mapping, real-time localization, and multi-device support.

Strategic Acquisitions Enhancing Technology

In September 2023, HAV Group ASA acquired Undheim Systems AS to bolster its smart navigation and vessel safety solutions. This acquisition aims to integrate Undheim Systems’ dynamic positioning technology with HAV Group’s navigation systems, enhancing vessel control and safety while promoting sustainable and efficient operations. Undheim Systems is renowned for its dynamic positioning systems.

Market Segmentation

The positioning systems market is segmented by component (hardware, software, services), technology (satellite-based, non-satellite based), application (navigation, surveying, fleet management, geotagging, others), and end-user (transportation, defense, healthcare, aerospace, agriculture, consumer electronics, others). North America led the market in 2023, showcasing its dominance in this sector.

Conclusion

The positioning systems market is poised for significant growth, driven by technological advancements, increasing demand for autonomous vehicles, and the integration of cutting-edge technologies like 5G and IoT. Companies are investing heavily in developing innovative solutions to enhance navigation, safety, and efficiency across various sectors.

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The Positioning Systems Global Market Report 2024  provides comprehensive insights on the positioning systems market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the positioning systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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