According to a new market research report published by Transparency Market Research titled ‘Nano GPS Chipset Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,’ the global Nano GPS chipset market
was valued at US$ 452.7 Mn in 2017 and is expected to expand at a CAGR
of 12.02% from 2018 to 2026, to reach value of US 1,221.3 Mn by the end
of the forecast period.
Rising popularity of GPS tracking devices across the globe to fuel the Nano GPS chipset market
Recently, GPS tracking devices are
increasingly becoming popular, as they are being used for asset
tracking. GPS trackers are being used to track assets by their owners;
to track vehicles by fleet operators; and also to track individuals and
other tracking objects. Various chipset manufacturers are investing
significantly in R&D activities for development of miniature GPS
chipsets, as they consume low power.
They can be used for applications wherein
space is a constraint, for example, wearable devices. Also, various
manufacturers of GPS trackers are introducing innovative miniature
products. For instance, in February 2017, a startup introduced a GPS
tracking device called ‘Ping,’ which is meant for tracking of vehicles,
kids, pets, and other assets.
Over the last few years, wearable
technologies have been evolving in various fields including health care,
sports & fitness, and military & defense. Wearable devices are
witnessing increasing demand, particularly from the military sector.
With greater accuracy and precision, the wearable technology is being
used to track soldiers. Soldiers can be tracked in real time, which
ensures their safety and diminishes risk of failure in high-risked
operations.
Various products are being developed for
protection of soldiers, which provide information pertaining to their
location. For instance, in October 2018, Orolia, a prominent provider of
navigation and timing solutions, introduced the SecureFind combat
rescue beacon, which contains miniature GPS chipsets. This device
enables military personnel to execute combat, search, and rescue (CSAR)
missions with the help of optional assured PNT technology that prevents
GPS signal interference, spoofing, and jamming.
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