At 4.9% CAGR, South & Central America GNSS Chip Market is Projected to be Worth US$ 314.80 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the South & Central America GNSS chip market was valued at US$ 213.95 million in 2022 and is expected to reach US$ 314.80 million by 2030, registering a CAGR of 4.9% from 2022 to 2030. Rising adoption of technological advancements such as big data and augmented reality and GNSS in UGVs and UAVs are among the critical factors attributed to the South & Central America GNSS chip market expansion.

Big data analytics can be used to analyze vast amounts of GNSS data, leading to a better understanding of user behavior, signal propagation, and error correction. This can inform the development of more accurate, efficient, and reliable GNSS chips. Also, big data can be used to personalize location-based services, making them relevant and valuable to users. This could boost demand for GNSS chips in various applications such as navigation, asset tracking, and geospatial mapping. In September 2022, a project named real-time integrity for GNSS using opportunistic receivers (RIGOUR) was started. This project demonstrates the feasibility and quantification of the benefits (with respect to existing Integrity systems) of "Real-time big data processing for GNSS Integrity" using large-scale simulations. It proposed activities aimed to assess new GNSS integrity concepts, namely:

• Satellite integrity: Massive use of general GNSS user terminals as a main source of input data to generate satellite integrity information from a GNSS Integrity Processor, with no or a reduced number of System reference stations.
  
  Augmented reality (AR) applications rely heavily on accurate and real-time location data, which GNSS chips provide. As AR adoption grows across various sectors such as gaming, retail, and manufacturing, the demand for GNSS chips is likely to upsurge. In addition, AR is transforming GNSS surveying stakeouts through real-time visualization, improved accuracy, and increased efficiency. Also, through the intuitive and immersive experience that augmented reality offers, surveyors can better understand the context and layout of the surveying site. During stakeout activities, this enhanced spatial awareness helps facilitate more informed decision-making. Thus, the combined influence of big data, augmented reality, and other factors is likely to propel the South & Central America GNSS chip market growth in the coming years.
  
  On the contrary, low accuracy of signals in underground and indoor environments hampers the growth of South & Central America GNSS chip market.
  
  Based on device, the South & Central America GNSS chip market is segmented into smartphones, tablets, personal navigation devices, in-vehicle systems, and others. The smartphones segment held 55.0% share of the South & Central America GNSS chip market in 2022, amassing US$ 117.59 million. It is estimated to garner US$ 163.87 million by 2030 to expand at 4.2% CAGR during 2022-2030.
  
  In terms of application, the South & Central America GNSS chip market is segmented into navigation and location-based services, mapping and surveying, telematics, timing and synchronization, and others. The navigation and location-based services segment held 59.0% share of the South & Central America GNSS chip market in 2022, amassing US$ 126.23 million. It is estimated to garner US$ 185.51 million by 2030 to expand at 4.9% CAGR during 2022-2030.
  
  By vertical, the South & Central America GNSS chip market is segmented into consumer electronics, automotive & transportation, military & defense, marine, and others. The consumer electronics segment held 42.9% share of South & Central America GNSS chip market in 2022, amassing US$ 91.72 million. It is predicted to garner US$ 136.26 million by 2030 to expand at 5.1% CAGR during 2022-2030.
  
  Based on country, the South & Central America GNSS chip market is categorized into Brazil, Argentina, and the Rest of South & Central America. Brazil held 46.5% share of South & Central America GNSS chip market in 2022, amassing US$ 99.53 million. It is projected to garner US$ 157.18 million by 2030 to expand at 5.9% CAGR during 2022-2030.
  
  Key players operating in the South & Central America GNSS chip market are Qualcomm Inc, Broadcom Inc, Trimble Inc, Furuno Electric Co Ltd, MediaTek Inc, STMicroelectronics NV, and u-blox Holding AG, among others.
  
  

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