Nano GPS Chipset Market: Rising Popularity of GPS Tracking Devices Worldwide to Drive Market
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.
Increasing demand for wearables from the military sector to propel the global Nano GPS chipset market
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.