Home News Business ”Chinese satellite navigation industry to touch USD 60 bn”

”Chinese satellite navigation industry to touch USD 60 bn”

China: China”s satellite-navigation industry and location-based services are set to play an important economic role in the next decade as the nation invests further in the emerging industries. The Beidou satellite system, which is scheduled to come into commercial use by the end of the year, will help boost demand, industry insiders said.

The turnovers of China”s satellite navigation industry reached CNY 70 billion (USD 11 billion) last year, and the figure is expected to hit CNY 400 billion (approx USD 60 billion) by 2020, said Miao Qianjun, secretary-general of the Global Navigation Satellite System and Location-based Service Association of China.

“Because the satellite navigation service is more and more related to people””s daily lives, China””s civil navigation providers are likely to experience rapid growth during the 12th-Five Year Plan (2011-15) period,” said Miao, adding that the government should implement more policies to support the emerging industry.

In 2011, China put the geoinformation industry on a list of strategic emerging industries.

Earlier this month, Wang Chunfeng, deputy director-general of the National Administration of Surveying, Mapping and Geoinformation, said the government is likely to introduce policies to help the geoinformation industry grow.

In addition, the nation””s self-developed satellite navigation network, the Beidou Navigation System, will come into commercial use by the end of this year, a move that may stimulate the development of the geoinformation industry in China.

The 16-satellite system, which will cover the Asia-Pacific region initially, plans to have 30 satellites to complete the system by 2020.

Source: China Daily