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The global mid-and high-level precision GPS receiver market size is expected to grow from USD 2.7 billion in 2021 to USD 4.0 billion by 2026, at a CAGR of 8.6%.
The growth of this market is mainly driven by ongoing developments to improve overall GPS infrastructure, increasing adoption of GPS receivers in construction industry, rising technological advancements and GPS augmentation systems, and growing availability of more cost-effective GPS solutions. However, factors such as slow market acceptance for new technologies, heavy reliance on availability of satellites, and decreasing demand of GPS receiver due to novel COVID-19 are restraining the market growth.
Credit: Jimmy Westenberg / Android Authority
GPS is a fact of life for most of us these days. For many, the idea of getting somewhere new without GPS is anxiety-inducing! But do you really know how GPS works? And how is it different from Glonass? What the heck is a BeiDou? And how does this affect your GPS-enabled wearable? By understanding these terms a little better, we can make smarter choices when buying tech while also ensuring said tech keeps running smoothly. Read on and all shall be explained.
What is GPS and how does it work?
Credit: Jimmy Westenberg / Android Authority