Albany, NY -- (SBWIRE) -- 01/18/2018 -- The global market for global navigational satellite system (GNSS) chip features a largely fragmented and a highly competitive vendor landscape, observes Transparency Market Research in a recent report. With no player having a stronghold on the lucrative market, companies are investing their efforts in introducing innovative products and expanding across new application areas and regional markets. Recently, Broadcom Corporation has launched a new GNSS chip for wearable devices and internet-of-things (IoT) that could simplify the integration of the GNSS technology in economical products. Such innovations are necessary for companies to establish their stronghold on the market.

Some of the leading companies in the market are Mediatek Inc., ST Microelectronics N.V., Furuno Electric Co., Ltd., Broadcom Corporation, Skyworks Solutions Inc., Intel Corporation, U-Blox Holdings AG, Qualcomm Incorporated, Quectel Wireless Solutions Co., Ltd., and Navika Electronics.

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TMR analysts project that the global GNSS chip market will expand at a 7.7% CAGR over the period between 2017 and 2025, rising from a valuation of US$ 17.90 bn in 2016 to US$34.71 bn by 2025. Volume-wise, the market will exhibit an 8.7% CAGR over the said period.

gnss chip marketStrong Manufacturing Sector to Drive Market in North America to the Fore

Of the key varieties of devices that use GNSS chips, the segment of in-vehicle networking systems is expected to account for a promising share in the global market, exhibiting a CAGR of 10.5% over the report's forecast period. The rising demand for connectivity technologies in vehicles for upping the quality and safety of driving will drive the market for in-vehicle networking systems over the forecast period.

Geographically, the market in North America is presently one of the most promising regional market in terms of revenue generation and growth opportunities. Accounting for a significant share in the global market, the market for GNSS chips in North America is also likely to account for a large part of the overall market in terms of revenue as well as volume-wise opportunity. The strong position of the market in terms of manufacturing capacity will be chiefly attributable to the promising growth opportunity of the regional market over the report's forecast period.

Increased Demand for Location Tracking Services to Drive Market Growth

The rising use of location tracking services and their rising set of applications have proved to be highly beneficial for the GNSS market. The increased demand for location tracking services is expected to remain one of the key drivers of the market in the next few years as well. The market is expected to witness steady rise in demand from industries such as automotive, consumer electronics, transportation, and military and defense.

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In the transportation sector, the railway industry is expected to majorly fuel the demand for GNSS chips as GNSS-enabled devices help improve driver advisory systems, railways passenger information systems, low-density and main line command and control systems. The use of GNSS chips to improve the working of these systems enable the proper management of fleet, optimize traffic maintenance, and help track the real-time location of trains through maps. The thriving railway industries across a number of emerging economies in regions such as Asia Pacific and Middle East and Africa will lead to the increased demand for GNSS chips, thus driving the global market in turn.

This review of the worldwide global navigational satellite system (GNSS) market is based on a recent market research report by Transparency Market Research, titled "GNSS Chip Market (Devices Type - Smart Phones, In-Vehicle Networking Systems, and Personal Navigational Devices; End-use Industry - Consumer Electronics, Agriculture, Automotive, Defense, and Marine Industry) - Global Industry Analysis, Trend, Size, Share, and Forecast 2017 - 2025."