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China’s Satellite Navigation and Positioning Service Industry Reaches $74.2 Billion in 2023

Beijing, May 18, 2024, The Europe Today: The total output value of China’s satellite navigation and positioning service industry reached 536.2 billion yuan (approximately 74.2 billion U.S. dollars) in 2023, marking a 7.09 percent increase year-on-year, according to a white paper published on Saturday by the Global Navigation Satellite System (GNSS) and Location Based Services (LBS) Association of China.

The white paper highlights that the industry’s growth rate in 2023 surpassed that of 2022. This surge is attributed to the digital transformation and intelligent upgrades across various sectors, which have spurred demand for satellite navigation equipment and spatio-temporal data. These advancements have revitalized the BeiDou spatio-temporal information application and service market.

By the end of 2023, China had nearly 20,000 enterprises and institutions involved in satellite navigation and positioning services, employing close to one million people. The industry also saw 90 companies listed within the country, according to association president Yu Xiancheng.

Yu further noted that the cumulative number of satellite navigation patent applications in China had exceeded 119,000 by the end of 2023, representing a 4.84 percent year-on-year increase. This growth underscores the industry’s robust expansion and innovation potential.