Home » Business » New GPS rival Beidou to hit $155bn by 2025
Beidou

New GPS rival Beidou to hit $155bn by 2025

The value of China’s BeiDou satellite navigation industry is estimated to exceed $155 billion by 2025, taking up 20 to 25 percent of the global share amidstsAmerica’s GPS, EU’s Galileo, and Russia’s GlONASS  

Advertisement

IT News Nigeria:

A scientists has revealed that the value of China’s BeiDou satellite navigation industry is estimated to exceed $155 billion by 2025, taking up 20 to 25 percent of the global share.

Cao Chong, chief scientist of the GNSS (Global Navigation Satellite System) and LBS (Location Based Service) Association of China, told CGTN that the year 2020 was a major turning point for BeiDou, as the construction of the system was completed and the focus shifted to its industrialization and large-scale applications, reports CGTN.

BeiDou satellite  was commissioned July 31, 2020. The system allows global users to access its high-accuracy positioning, navigation and timing services.

BeiDou has made significant progress, Cao said, adding that BeiDou services have been applied to multiple scenarios in various industries and it’s time to see its full potential.

The value of BeiDou satellite has been growing at an average annual rate of over 20 percent.

“In fact, how we fight against the epidemic has truly reflected the importance of time and location services, through which we can get an overall picture of the epidemic situation and achieve real-time tracking of any changes,” Cao said.

“For example, with the health code, big data from China’s three major telecom carriers – China Mobile, China Unicom and China Telecom – has been connected, which has a profound effect,” he explained.

READ ALSO  Inclusive Growth: Airtel CEO Urges Nigerian Govt To Prioritize Digitization

Health code is a software on smartphones that evaluates people’s exposure risks to COVID-19 based on factors including their travel history and duration of time spent in risky areas. It has played a vital role in tracking and stopping the chains of virus transmission.

China’s BeiDou, America’s GPS, Russia’s GlONASS and Europe’s Galileo are the four major global navigation systems, with the GPS in a dominating position.

As a latecomer, BeiDou’s industrialization just began. But China has its advantages – a huge domestic market with a large number of users, the expert said.

“Several years ago, the value of China’s navigation industry only took up less than 10 percent of the world’s total. Now the share is 15 percent. The goal is to expand it to 20 percent and even 25 percent by 2025,” he said.

“As long as BeiDou-related applications and services are well developed in China, they will be competitive globally,” he added.

According to CGTN, China only started to build its BeiDou system in 1994 from scratch. For a long time, the country relied heavily on imported products.

After years of effort, a complete BeiDou industrial chain consisting of chips, modules, boards, antennas and terminals has formed in the country.

A few years ago, Chinese chips still lagged behind their foreign counterparts in terms of performance. The production volume was also low, driving up the prices, Cao said.

However, through their hard work, Chinese companies have made breakthroughs in some key technologies, and the production volume has also significantly increased.

“Chinese chips and modules now have comparable performance with foreign products, but with lower prices,” he noted.

READ ALSO  Paxful aims to offer easy and affordable global payment solutions

“For example, in the past, we had to import a large number of high-end receivers. Now the imported amount has dropped a lot, and we mainly rely on domestic supplies. Besides, our high-end receivers have been exported to other countries,” he added.

BeiDou-related products have been exported to over 120 countries and regions, according to Ran Chengqi, Director General of China Satellite Navigation Office. 

Share This:

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Treepz

Treepz acquires Ugabus, seals new $2.8m funding

Treepz says its acquisition of a ...

china

New report says China overtakes US in global wealth race

China has overtaken the US as ...

Innovectives

Innovectives to empower 1 million SMEs in 5-year plan

Innovectives has launched a 5-year mandate ...

Konga, Access Bank announce 30-day free delivery of essential food

Konga and Access Bank Plc. are ...

Chinese new program to promote Mandarin in Nigeria

Chinese company has launched a new ...

Skip to toolbar