The Application of China's Beidou System reached a market size of $62.7 Billion in 2020

ZHENGZHOU, China, Oct. 14, 2021 /PRNewswire/ -- A news report by haiwainet.cn:

"In 2020, the overall output value of China's Beidou GNSS & LBS industry reached 62.7 billion U.S. dollars (403.3 billion Yuan), an increase of about 16.9% over 2019, showing a positive development trend", said Yu Xiancheng, Chairman of the GNSS & LBS Association of China, at the Application of China's Beidou System Conference and the 10th Annual Conference of GNSS & LBS Association of China. The conference was held at the Zhengzhou International Convention and Exhibition Centre on Oct. 10th.

Yu further introduced the achievements of Beidou system that are fully served in the field of transportation, public safety, disaster relief and mitigation, agriculture, forestry, animal husbandry and fishery, urban governance and other industries. By integrating into infrastructure such as electricity, finance, and communications, widely applied in the fields of mass consumption, sharing economy and people's livelihood, Beidou system is profoundly changing the way people live and work, producing significant economic and social benefits.

By 2025, Beidou system is expected to drive the creation of a space-time information service market with a scale of $124.5 - $155.6 Billion. By 2035, the total output value, directly generated and driven by Beidou system, will exceed $467 Billion.