China’s satellite navigation and positioning services industry has reached a milestone, with its value soaring to 536.2 billion yuan ($74.2 billion) in 2023, marking a 7.09% increase from the previous year, according to a white paper released on Saturday by the GNSS and LBS Association of China.
At the heart of this growth is China’s homegrown BeiDou Navigation Satellite System (BDS), which has witnessed stable expansion in recent years. The BDS is now a cornerstone supporting the development of both the industry chain and the supply chain within the satellite navigation sector.
The white paper highlighted that the associated value generated by satellite navigation applications and services reached 375.1 billion yuan, underscoring the expanding influence of satellite technology across various industries.
By the end of 2023, nearly 20,000 enterprises and institutions in China were engaged in satellite navigation and location services, reflecting a robust and dynamic ecosystem that is fostering innovation and economic growth.
The continuous growth of China’s satellite navigation industry not only signifies technological advancement but also presents vast opportunities for business professionals, investors, and academics interested in the Asian markets. The expansion of BDS and its applications is enhancing connectivity and providing new avenues for development across sectors such as transportation, agriculture, and telecommunications.
As China’s satellite navigation capabilities continue to evolve, the nation’s role in the global satellite navigation landscape is increasingly prominent, offering insights into future trends and potential collaborations.
Reference(s):
China's navigation satellite services industry hits 536 billion yuan
cgtn.com
