New York, March 21, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “GPS Equipment Global Market Report 2022” – https://www.reportlinker.com/p06246543/?utm_source=GNW
, Shenzhen Concox Information Technology Co. Ltd., and Maestro Wireless Solutions.
The global GPS equipment market is expected to grow from $2.20 billion in 2021 to $2.38 billion in 2022 at a compound annual growth rate (CAGR) of 8.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3.18 billion in 2026 at a CAGR of 7.5%.
The global positioning system (GPS) equipment market consists of sales of global positioning systems equipment and related services by entities that are used for determining the ground position of an object through GPS satellites. GPS is a satellite navigation system that transmits specific signals that allow GPS equipment to decode and measure the exact location of the satellite.
The main product types of GPS equipment are data loggers, data pushers, data pullers, covert GPS trackers.Data loggers are electronic devices that monitor and record environmental parameters automatically over time, allowing conditions to be measured, documented, analysed, and validated.
The various applications of GPS equipment include road, aviation, marine, location-based services, surveying and mapping and others that are used by transportation and logistics, construction, oil and gas, metals and mining, government, among others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increased use of GPS tracking devices in commercial vehicles contributed to the growth of the GPS equipment market.GPS tracking devices help in monitoring commercial vehicles such as trucks, buses, heavy commercial vehicles, and construction vehicles.
Through monitoring and handling these vehicles in real time with GPS trackers, companies can get real time updates, optimize routes, increase efficiency, and improve fuel efficiency among others.Businesses are increasingly using GPS for tracking vehicles and will have an edge over their competitors in giving a better customer experience.
Therefore, the use of GPS equipment in commercial vehicles is a key factor leading to the growth of the GPS equipment market.
Security threat in GPS tracking applications is expected to hinder the growth of the market.Hackers can interfere with the signals from GPS equipment and take advantage of the vehicle in ways unimaginable.
The signals could be jammed during the transmission.The vulnerability of GPS will allow a hacker to track the positions of thousands of vehicles and even switching the engines off while they are in motion causing a complication.
For instance, in 2019, a hacker named L&M reportedly hacked into thousands of accounts belonging to users of the iTrack and ProTrack GPS tracker devices.The hacker claimed that he could track vehicles in many countries, including South Africa, Morocco, India, and the Philippines.
The vulnerabilities in GPS equipment causing complications in smooth operations restrict the growth of the market.
The software integrated with GPS trackers has developed rapidly.The use of advanced software can deliver real time data on a specific location.
The advanced software has helped improve mapping capabilities and the ability to integrate with resources such as Google Earth and predictive diagnosis.For instance, in 2019, National Kidney Registry and Newgate Security have upgraded to new GPS technology-based GPS tracking devices for real-time monitoring of human organ shipments in real time.
The development of an enhanced GPS tracker is gaining traction and contributes to the growth of the market.
In January 2020, BAE Systems, Inc., a UK based aerospace and security company, acquired Collins Aerospace’s military global positioning system (GPS) business for $1.925 billion and Raytheon’s Airborne Tactical Radios (ATR) business for cash of $275 million. The acquisitions of GPS and ATR business is aimed to strengthen BAE Systems, Inc. in defense electronics and communication systems business. Collins Aerospace, a USA based company, specialized in avionics and information technology systems business. Raytheon, a USA based company, specialized in the manufacturing of military and commercial electronics.
The countries covered in the GPS equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06246543/?utm_source=GNW
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