Assured PNT market to be worth $1.7 billion by 2027: reportNews
March 13, 2023
CHICAGO, Illinois. The assured position, navigation, and timing (PNT) market will grow from $400 million in 2022 to $1.7 billion by 2027 for a compound annual growth rate of 29.8% over that period, a new report predicts.
The report, from Markets and Markets, states that an "increasing focus on enhancing advanced navigating capabilities for the reduction of casualties, the rising need for modernization programs, and increasing incidences of asymmetric warfare" are major factors driving growth in the market.
Also, the development of ballistic and cruise missiles worldwide require assured positioning systems for guidance.
As a result, the defense segment of the market is expected to be the largest growing segment over the next five years, the report states.