In a world where space technology plays an ever-increasing role in our daily lives, the race to develop cutting-edge positioning, navigation, and timing (PNT) solutions for satellites is reaching unprecedented heights.
As we look toward the future, one question looms large, i.e., what strategies will propel the terrestrial-based PNT Solution Market?
As per the BIS Research report, the global position, navigation, and timing solution market for satellites is projected to reach $5.24 billion by 2033 from $1.23 billion in 2022 and $1.87 billion in 2023, growing at a CAGR of 10.85% during the forecast period 2023-2033.
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This blog will uncover the driving forces behind this remarkable growth, unlocking the secrets that will pave the way for satellites to become the ultimate global PNT enablers.
Prominent stakeholders in the PNT solution industry strive to offer extensive data concerning the precision, reliability, uninterrupted transmission, and accessibility of global navigation satellite system (GNSS) signals for diverse applications, including navigation, precise timing, geographical positioning, and various related purposes.
Furthermore, the expansion of the worldwide position, navigation, and timing (PNT) solution market is fueled by the rising need for artificial intelligence (AI), machine learning (ML), quantum-driven PNT advancements, and PNT services delivered through cloud-based platforms.
TrustPoint secured $2 million in funding in 2021 for satellite-based PNT services. This launch marked the culmination of years of dedicated efforts to demonstrate the feasibility of advanced PNT technologies.
Xona Space Systems and Safran Collaborate on GNSS Simulation Solutions for High-Precision Navigation Signals
On April 4, 2023, Orolia, a Safran Electronics & Defense company, disclosed a collaboration with Xona Space Systems to integrate support for Xona's low Earth orbit (LEO) constellation and navigation signals into its Skydel-powered simulation and testing products.
By incorporating Xona's PULSAR service, Orolia aims to enhance global PNT security, resilience, and accuracy by complementing existing GNSS systems while also functioning as an independent PNT constellation. Xona's advanced high-power signals utilize modern signal structures and security techniques.
Numerous endeavors are emerging to expand the scope of space services, encompassing in-orbit and lunar applications through terrestrial-based PNT systems.
One such initiative is being pursued by the European Space Agency (ESA), involving the development of a supplementary satellite navigation constellation to complement Europe's Galileo satellite system.
Known as LEO-PNT satellites, spacecraft will operate at altitudes only a few hundred kilometers above the Earth's surface. The goal is to provide highly precise and universally accessible PNT data that surpasses the current accuracy levels.
According to the projections, satellite-based PNT services have the potential to generate significant revenue for the satellite industry, estimating a cumulative total of $66.8 billion over a 10-year forecast period.
BIS Research firm holds expertise in the satellite communications industry, projects an optimistic outlook on satellite-to-cellular connectivity, and considers it a substantial opportunity for satellite companies to tap into a vast customer base.
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