The Chinese mainland's satellite navigation and positioning services industry has surged to 536.2 billion yuan ($74.2 billion) in 2023, marking a 7.09% year-on-year increase, according to a recent white paper released by the GNSS and LBS Association of China.
The white paper highlights that the value generated from satellite navigation applications and services alone reached 375.1 billion yuan, underscoring the significant economic impact of this sector.
At the heart of this growth is China's homegrown BeiDou Navigation Satellite System (BDS), which has maintained stable growth in recent years. The BeiDou system is instrumental in supporting the development of both the industry and supply chains, fostering innovation and expanding the reach of satellite technology.
By the end of 2023, the number of enterprises and institutions involved in satellite navigation and location services in the Chinese mainland had approached 20,000, reflecting the industry's expansive growth and the increasing demand for advanced navigation solutions globally.
This robust expansion not only highlights China's advancements in satellite technology but also its commitment to driving forward the global navigation services landscape, making it a pivotal player in the industry.
Reference(s):
China's navigation satellite services industry hits 536 billion yuan
cgtn.com
